(BFM Stock Exchange) – The Swiss bank lowered its recommendation to “neutral” against “buy” previously on the title.

Getlink is struggling on the stock market this Monday, October 6. The operator of the concession of the Channel tunnel abandons 3% in the middle of the afternoon, penalized like the whole of the Parisian coast by the renewed political uncertainty which follows the resignation of the Prime Minister, Sébastien Lecornu.

The company led by Yann Leriche is also weighted by a lowering of recommendations from UBS. The Swiss Bank has gone to “buy” neutral “on the value and adjusted its price of courses to 17 euros against 18.

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Disappointing hopes

The lack of resumption of traffic truck traffic in the group’s shuttles is the main element that explains the bank’s decision.

UBS was, about a year ago, passed to the purchase on the action hoping that this traffic increases. However, over the first eight months of the year, truck traffic fell by 2% compared to the same period of 2024, where he had already dropped by 2% over a year.

UBS hoped that laws in France and the United Kingdom to combat social dumping in terms of sailors’ remuneration would result in an increase in costs of ferries (the main competitors of Getlink). And, ultimately, by an increase in market shares of the ex-Eurotunnel Group in front of these ferries operators.

The Swiss bank observes that more than a year after the introduction of these legislation, there was no resumption of volumes. “Getlink could not take advantage of this opportunity in terms of market share”, deduces the Swiss bank.

In addition, the French competition authority, which had been seized by Getlink, recently judged that a capacity sharing agreement between two ferry companies (in this case P & O Ferries and DFDS) did not take on an anti -competitive character.

Due to this decision, “we do not see a way to regain short-term market shares and see no clear catalyst for a resumption of market volume in the context of budgetary uncertainty in the United Kingdom and France,” write UBS analysts.

Consequently, the bank lowered its gross operating and profit -by -action forecasts. Even if the action is exchanged with a discount compared to its historic courses, the Swiss bank does not see, in the short term, a catalyst which could make it possible to reduce this discount.