Getlink SE: Initiation of Coverage- Europe’s Rail Revolution Is Here—Is Getlink the Silent Winner?

The recently reported financial performance of Getlink SE for the year 2023 illustrates a complex landscape characterized by both exceptional achievements and underlying challenges. The company’s EBITDA reached an unprecedented level of EUR 979 million, marking an 11% growth from the previous year. This considerable increase is primarily attributed to the full-year operation of ElecLink, which significantly benefited from the ongoing energy market dynamics, contributing an EBITDA of EUR 368 million. Furthermore, Eurotunnel and Europorte, despite operating in a challenging market environment, showcased resilience with Eurotunnel maintaining strong cash generation and Europorte experiencing a 9% growth in revenue.