Key Moments
- JPMorgan added Fraport AG (ETR: FRAG) and Getlink SE (EPA: GETP) to its positive catalyst watch list ahead of Q4 results and an investor day.
- The bank expects Fraport to show stronger free cash flow prospects, a bullish 2026 outlook, and clearer capex and dividend plans.
- Zurich Airport (SIX: FHZN) was downgraded to Neutral after management raised capex guidance and warned of steeper tariff cuts.
JPMorgan Sees Near-Term Upside in Fraport and Getlink
JPMorgan moved Fraport and Getlink onto its positive catalyst watch list ahead of upcoming Q4 reports. At the same time, the bank downgraded Zurich Airport to Neutral. This change reflects JPMorgan’s view that higher capex and weaker cash flow now outweigh Zurich’s operational strength.
JPMorgan expects near-term upside for Fraport and Getlink. The bank points to company guidance, dividend clarity, and better medium-term visibility as key drivers.
Fraport: Stronger Cash Flow and 2026 Outlook Expected
Analyst Elodie Rall expects Fraport to reassure investors on cash flow delivery. She also anticipates a bullish 2026 outlook, clearer capex plans, and a longer-term dividend policy.
Rall sees Fraport reaching near breakeven free cash flow in 2025. She also expects the company to exceed current expectations for 2026, helped by traffic growth and slower opex.
“We see an improving setup,” Rall said, “with declining capex, rising cash flow, traffic momentum, and better ground-handling profits.”
Getlink: Positive Catalysts Ahead, But Rating Stays Neutral
Getlink is also on the positive catalyst watch list ahead of its investor day in February. Rall expects upbeat commentary on dividends, Eleclink, and the railway network.
However, she keeps a Neutral rating. She notes that the stock may struggle to outperform unless yields improve in the U.K. and France, or if U.K. growth boosts shuttle traffic.
Zurich Airport: Higher Capex and Tariff Cuts Hurt Cash Flow
JPMorgan downgraded Zurich Airport after the company raised its long-term capex outlook. Management now expects annual capex of CHF 350–400 million, up from around CHF 300 million. It also signaled steeper tariff reductions.
JPMorgan modeled an 8% tariff cut and reduced free cash flow forecasts by double-digit percentages over the next decade. As a result, the bank now views Zurich as less attractive until clarity improves.
Rating and Assumption Shifts at a Glance
| Company | Exchange Symbol | JPMorgan Stance | Key Analyst Expectations / Changes |
|---|---|---|---|
| Fraport AG | ETR: FRAG | Positive catalyst watch | Near breakeven FCF in 2025; upside in 2026 guidance; traffic growth and lower opex support the outlook. |
| Getlink SE | EPA: GETP | Positive catalyst watch; rating Neutral | Expect positive investor day commentary, but upside is limited by yield conditions and U.K. growth. |
| Zurich Airport | SIX: FHZN | Downgraded to Neutral | Higher capex guidance and tariff cuts reduce free cash flow, leading to a more cautious view. |
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