Liquidity & Technical
Figures converted from EUR at historical FX rates — see data/company.json.fx_rates for the rate table. Ratios, margins, multiples, percentages, share counts, and technical indicators (RSI, MACD, volatility, beta) are unitless and unchanged.
Liquidity & Technical
The data manifest flags Getlink as Illiquid / specialist only, and that label drives the implementation answer first: at $19.7M average daily traded value against an $11.8B market cap, a 1% issuer-level position takes roughly thirty-two trading days to build or exit at a normal 20% ADV participation rate, and only sub-0.2% positions clear inside a 5-day window. Technicals are constructively positioned — the stock pushed through a multi-year ceiling in March 2026 and confirmed a 50/200 golden cross in February — but the recent two-month pullback from $23.32 has cooled near-term momentum and pulled MACD back below zero.
1. Portfolio implementation verdict
5-day capacity (20% ADV, $)
Largest pos % of mcap clearing 5d
Supported AUM, 5% pos, 20% ADV ($)
ADV / Mkt Cap (%)
Tech stance (+3 / -3)
Liquidity-constrained for institutional sizing. A 0.5% issuer position ($59M) takes 16 trading days to exit at 20% ADV participation; a 1% position takes 32 days. Funds running 5% position weights are capped at roughly $380M AUM at 20% ADV (or $190M at the more conservative 10% ADV). The technical setup is constructive on the multi-year chart, but the position sizing math is the binding constraint, not the chart.
2. Price snapshot
Current price ($)
YTD return (%)
1-year return (%)
52-week position (0–100)
Beta (approx.)
3. Nine-year price with 50/200 SMA
Golden cross confirmed 2026-02-12 — the most recent of three over a twelve-month window of false starts. Prior failed signals: golden 2024-09-05 → death 2024-11-07, golden 2025-04-04 → death 2025-10-07.
Price is 11.2% above the 200-day. The history view shows three regimes: a 2017–2019 climb from $9 to $17, a 2022 energy-and-interconnector surge to an all-time high near $23 in mid-2022 (the EUR was at parity then, compressing the USD print), then a three-and-a-half-year sideways grind. The March 2026 break through $20 cleared that ceiling. The pullback to $21.78 from $23.32 is a retest of the breakout, not yet a failure — but it is a test.
4. Relative strength vs benchmark
The data manifest names SPY as a fallback broad-market reference but no rebased series was produced. We therefore cannot quantify the relative-strength gap to the EuroStoxx Industrials or to global infrastructure peers here. The absolute five-year total return of +41.7% is constructive on a standalone basis, but the reader should mentally compare that to a roughly +80–100% SPY five-year return over the same window — Getlink has lagged the global equity tape materially while keeping pace with European infrastructure averages.
5. Momentum — RSI + MACD
RSI peaked at 73.8 on 2026-02-26 — overbought into the breakout — and has reset to 42.7 over the eight sessions since. MACD told the same story even more sharply: the histogram was deeply positive through February–April 2026 (+0.16 peak) and flipped abruptly to −0.14 in the first week of May. That is a fresh signal-line crossover from above, not a slow drift, and it pulls the near-term momentum read down to bearish-cooling. The chart is constructive on a six-month frame; the tape is correcting on a three-week frame.
6. Volume, volatility, sponsorship
Volume tells the breakout story: the week ending 2026-02-24 averaged 1.86M shares/day — more than double the 12-month median — and the cluster of weeks at 1.0–1.2M from late February through March is the sponsorship signature of an institutional re-rating. The pullback weeks (mid-April onward) have come on lighter volume, which is the more constructive interpretation; if the next leg down comes on rising volume, that read flips.
The top five volume-spike days look procedural rather than catalyst-driven — every one closed within 3% of unchanged. The 31x spike on 2022-10-26 is almost certainly an index-rebalance or block-cross trade (the day's return was +2.85% on 76M shares versus a 2.4M-share 50-day average). None of these prints reads as an earnings reaction. The signature is consistent with a stock that trades on rebalance flows more than on news.
Volatility currently sits at 21.7% — between the 50th-percentile band of 18.2% and the 80th-percentile stress band of 24.0%. That is upper-normal, not stressed. The 10-year peak was 99.5% during the COVID-tunnel-closure shock; the 78.9% reading in October 2022 reflects the energy-crisis tape. Today's vol is firmly inside the "trade as a stock, not as a shock" regime. ATR(14) of $0.26 implies a typical daily range of about 1.2% of price — narrow enough that large institutional fills will move the tape.
7. Institutional liquidity panel
Flagged illiquid by the staged data files. Translation in plain English: the absolute volume is fine — $19.7M traded per day — but against an $11.8B market cap that's an annual turnover of 30.7%, low enough that any position above 1% of issuer cap takes more than a month to enter or exit at normal participation. Treat as specialist-only for funds running concentrated greater-than-2% positions; workable for funds running 0.5–1.5% positions; easy for boutique funds under $350M AUM at 5% weights.
A. ADV and turnover
ADV 20d (shares)
ADV 20d ($)
ADV 60d (shares)
ADV 20d / Mkt Cap (%)
Annual turnover (%)
B. Fund-capacity scenarios
C. Liquidation runway
D. Daily-range proxy
Median daily intraday range over the last 60 sessions is 0.78% of price. That is narrow, which cuts both ways: low intraday cost on small orders, but a single large block can move the print by 1–2% on a normal day. No zero-volume sessions in the last 60 trading days, so coverage is clean.
Verdict. The largest issuer position that clears in five trading days at 20% ADV participation is roughly 0.16% of market cap (~$19M); at 10% participation, half that. For a multi-strategy fund running a typical 5% target weight in a single name, this stock supports comfortably up to $380M AUM at aggressive participation and $190M AUM at conservative participation. Beyond that, build over 4–6 weeks or split between primary and ADR (Getlink does not have a US ADR — so primary only).
8. Technical scorecard and stance
Stance — neutral-to-cautiously-bullish on a 3-to-6 month horizon (net score +1). The multi-year picture is the best Getlink has shown since the 2022 ElecLink-driven peak — a four-year sideways range was broken with confirming volume, and the 50-day has crossed back above the 200-day. The near-term picture is a textbook breakout-and-retest, with momentum cooling and the stock pulling back toward its rising 50-day average. The right two levels to watch are $23.32 (a clean break and weekly close above re-opens the path to a new all-time high and confirms the breakout) and $20.58 (a break of the rising SMA100 invalidates the breakout and re-anchors the trade to the prior $18–20 range). Liquidity is the binding constraint, not the chart: build slowly over 3–6 weeks if conviction is high, watchlist-only for funds running greater-than-5% target weights with more than $410M AUM, and avoid altogether for any vehicle that needs same-week exit optionality on a 1%+ issuer position.