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Research Tree provides access to ongoing research coverage, media content and regulatory news on GROUPE EUROTUNNEL SE - REGR. We currently have 10 research reports from 1 professional analysts.
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GROUPE EUROTUNNEL SE - REGR
GROUPE EUROTUNNEL SE - REGR
2016 trading update in line, brightened by the first signs of Eurostar’s recovery
24 Jan 17
Revenue Excluding the GBRf and MyFerryLink contributions, total revenue reached €1,023.5m, down 1.4% yoy on a reported basis and up 4% at constant exchange rates. At constant currency: Q4 was broadly in line with the past quarters’ trends, with total revenue up 5% (+4% during FY16) and shuttle services revenue up 10% (+10% during FY16). Railway Network revenue was flat (-3% during FY16) and Europorte was down 3% (-6% during FY16). Traffic Q4 car traffic was up 6%, while trucks were up 8% and coaches down 2%. Eurostar’s traffic was up 2% while the number of freight trains crossing the tunnel rose 10%. During the full year, car traffic was up 2%, trucks were up 11%, Eurostar traffic was down by 4% and the number of freight trains was down 26%. Other developments The company confirmed that the ElecLink project has commenced with Siemens and Balfour Beatty. The company is due to report its full-year results on 1 March 2017.
2016 Shuttle traffic in line
10 Jan 17
For the full year 2016, Truck Shuttle traffic was up 11% yoy, to 1.64m vehicles, while Passenger Shuttle traffic increased by +2%, to 2.66m. For the month of December, Truck Shuttle traffic was up 1% yoy, to 130.6k vehicles, while Passenger Shuttle traffic increased by +6%, to 219.1k.
Positive Shuttle traffic for the month of October
10 Nov 16
Eurotunnel released positive traffic figures for their Shuttle services. Truck traffic saw a 17% increase in October with 136,562 trucks transported, while there has been a 12% increase in traffic for the period January-October 2016. For passenger shuttles, traffic increased by 6% during October, with 195,351 vehicles transported, compared to +1% since the beginning of the year.
Q3 update: lower traffic at Eurostar offset by stronger Shuttle services
19 Oct 16
Eurotunnel released a mitigated set of third quarter results. Revenue During the quarter, total revenue was up 4% at constant currency (cc) and down 4% on a reported basis. The Q3 results were driven by a strong performance in shuttle services (+12%cc), although partly offset by a contraction in the Railway network activities (-5% cc) caused by a strong decline in Eurostar traffic (-10%cc). Lastly, the Europorte business was down 7% cc. For the 9-month period, Shuttle Services were up 10% cc, Railway Network down 4% cc and Europorte down 5% cc. Traffic For the quarter, truck shuttle traffic was up 14%, cars were up by 2% while coaches were down 6%. Eurostar traffic was down 10%. Lastly, Railfreight trains were down 10% on a weighted basis while the number of trains was flat. Outlook CEO Jacques Gounon confirmed the previous 2016 guidance and said he still sees a positive business environment for the group’s core business, despite Brexit.
Strong Shuttle traffic but lower train traffic, lower £/€ and revised guidance
20 Jul 16
H1 16 revenues (€582m; -€15m lfl or -2% reported and +€12m at cc or +2%); H1 16 EBITDA (€252m; +€9m at cc and -€5m reported) increased by 4% at cc and -2% reported; H1 16 net result from continuing operations down to €38m: -€6m reported and -€2m at cc. Eurotunnel has unsurprisingly revised down its EBITDA targets at cc due to the lower pound (£1 = €1.27 vs €1.37; AlphaValue’s forecasts are currently made with €1.11). - FY16 EBITDA €535m in line with our last forecast post the Brexit vote (€530m); - FY 17 EBITDA €579m above our last forecast post the Brexit vote (€530m).
Q1 16: Strong shuttle traffic, lower pound, migrant crisis, terrorist attacks, strikes, leap year...
21 Apr 16
Q1 16 revenues stagnated at €279.9m, with +4.1% vs Q1 15 at the average exchange rates for Q1 16 (£1 = €1.263). 1) Channel Tunnel Fixed Link Concession: revenues €207.3m (+2.5% reported and +6.1% at cc) - Shuttle (trucks and passenger vehicles on board) increased revenues by +13% to €135m. The Trucks Shuttle service saw 10% growth in traffic, an increase in yield (difference due to its premium service combining speed, ease of use, reliability and high frequency of departures) and a new all-time record. The market share was 40.5%, translating also Eurotunnel’s strategy of innovation, investment in three new Truck Shuttles and the extension of the terminals in Folkestone and Coquelles. - The Car Passenger Shuttle saw a traffic increase of 8%. – Railway network reached €69m (-4% cc). - Eurostar passenger traffic was 3% down partly due to terrorist attacks (Q4 15 in Paris and March in Belgium) and to strikes in France and Belgium. - The Cross-Channel Rail Freight traffic was -44% due to the migrant crisis. Half of its customers and services to other routes were lost during the autumn of 2015. 2) Rail freight operator’s growth was enhanced again with new contracts: Europorte and its subsidiaries saw revenues of €73m (-1% including 11% in the number of trains) and new contracts.
20 Feb 17
Hayward Tyler Group* (HAYT): Trading update and financial position (CORP) | Petra Diamonds (PDL): Interim results (BUY) | Gemfields* (GEM): Interim results (CORP) | Premaitha Health* (NIPT): Middle East momentum (CORP) | Sound Energy (SOU): Acquisition update and TE-8 well spud (HOLD) | Proactis* (PHD): Interim trading on track (CORP) | 7digital* (7DIG): Automotive contract win (CORP)
The Slide Rule
12 Jan 17
What is The Slide Rule? The Slide Rule has been designed to dramatically simplify the identification of the best companies in the UK small/mid-cap sector by making a quantitative assessment of the relative potential of each company. At its core, The Slide Rule aims to identify those companies that create genuine shareholder value through strong returns on capital and solid growth, but also present a value opportunity with the potential tailwind of earnings momentum. Companies are assessed within a Quality, Value, Growth and Momentum (QVGM) framework.
21 Feb 17
Lighthouse Group* (LGT): Middle Britain growth (CORP) | Utilitywise* (UTW): Double-digit sales growth (CORP) | Trakm8* (TRAK): Earnings expectations cut again (CORP) | dotDigital* (DOTC): Myriad growth opportunities (CORP) | Artilium* (ARTA): Five-year Telenet deal secured and prepaid (CORP) | Netcall* (NET): Cloud investment pays off (CORP)
Emerging from the clouds
16 Feb 17
Rolls-Royce’s underlying performance in FY16 was ahead of both its own and market expectations. Media focus on the non-cash £4.4bn headline FX loss is missing what looks to be the basis for optimism. As the civil model starts to move from investment in engines for the A350 and A330neo into the aftermarket delivery phase over the remainder of the decade, we think cash flow is likely to improve, particularly if supported by an eventual recovery in Marine.
N+1 Singer - Small-cap quantitative research - New quality style screen + 11 quality focus stocks
09 Feb 17
We introduce our fourth and final style screen representing “quality”. This screens for stocks with the best combination of high returns on capital/equity, EBIT margins and operating cash-flow conversion rates. These criteria should help us monitor how strong underlying returns translate into share price performance over time and under varying market conditions. The screen selects the “best” 25 stocks from our universe of just over 500 stocks and, as usual, we focus on a shorter list of stocks we cover or otherwise know and believe to be particularly interesting. We provide brief investment summaries on these focus stocks on pages 4 – 9. We will monitor performance and refresh the screen in approximately 3-4 months time.
Share & share alike
14 Feb 17
The rally in the last fortnight, highlighted in the table, reflects a continued flow of positive updates and economic news. The FTSE 250, Small cap and Fledgling indices have reached record highs. We are in the lull ahead of results for those companies with a December year end, a welter of economic data regarding the UK economy, the State of the Union address in the US on 28 February and the UK Budget on Wednesday 8 March. We will learn at that stage the latest forecasts from the Office of Budget Responsibility. As highlighted previously, the reaction to corporate updates will continue to set the tone.