Liquidity & Technical
Liquidity & Technical
Figures converted from EUR at historical FX rates — see data/company.json.fx_rates. Ratios, margins, and multiples are unitless and unchanged.
An $11.8B Euronext Paris infrastructure name with $19.7M of average daily traded value — institutional positions are takeable but capacity-constrained, with a 5% portfolio weight only fitting in five trading days for funds up to roughly $380M AUM. The tape is constructive — price sits 11% above the 200-day with the most recent 50/200 cross being a golden cross from February 2026 — but the rally has cooled, with RSI rolling from 80 in mid-February to 43 today and the MACD histogram turning negative.
5-day capacity, 20% ADV ($M)
Largest 5-day position (% mkt cap)
Supported AUM, 5% weight ($M)
ADV 20d / mkt cap (%)
Technical stance (+3/−3)
Capacity-constrained, not specialist-only. A 0.5% market-cap position takes 16 trading days to exit at 20% ADV participation; a 1% position takes 32 days. Scale-up funds above ~$940M AUM running this at 2%+ weight should plan multi-week patient builds and monitor for upcoming index-rebalance flow. The tape itself is mildly constructive — bullish on a 6-month horizon, but stop the build below $19.58 (200-day).
Price snapshot
Last price ($)
YTD return (%)
1-year return (%)
52-week position (0–100)
30-day realized vol (%)
Beta vs CAC 40 was not staged in the technical dataset, so 30-day realized volatility (21.8%) is shown as the risk proxy — sitting between the 5-year p50 (18.2%) and p80 (24.0%) bands.
Lifetime price action with 50/200 SMA
Price is currently 11% above the 200-day simple moving average ($21.78 vs $19.58). The lifetime view shows three regimes: a 2016–2020 grind from $9 to $17 ahead of the 2021 ElecLink commissioning, a 2022–2025 sideways box between roughly $16 and $19, and a Q1 2026 breakout that took the stock to a new 5-year high near $22. The price has since pulled back into the prior range top around $21.80.
Most recent 50/200 cross — golden cross on 2026-02-12 ($18.55 SMA200). Eleven golden crosses and ten death crosses in the last three years make MA-cross signals individually noisy on this name; the durable read is that the longer 200-day has been quietly drifting higher since late 2024, which the current uptrend confirms.
Relative strength
The technical dataset for this run did not stage a French/European broad-market or sector benchmark series (benchmarks: {} in data/tech/relative_performance.json; only an SPY note exists, which is the wrong index for a Paris listing). Cross-listed peers Vinci (DG.PA) and Eiffage (FGR.PA) would be the right comparables — flagged for follow-up rather than fabricated here.
Momentum — RSI and MACD
RSI tagged 80 in mid-February 2026 at the breakout high and has rolled to 43 — a clean lower-high in momentum against a roughly flat price ($21.66 on 2026-02-27, $21.78 today), which is a textbook short-term bearish divergence. The MACD histogram had three flips through April but has now spent the last three readings deepening below zero, with line (0.04) below signal (0.17). Near-term tape is cooling.
Volume, sponsorship, and volatility
The 50-day average volume base nearly doubled from ~0.45M shares in Sep 2025 to ~0.98M today, with the step-up coinciding with the Q1 2026 breakout. Crucially, the recent three-week pullback has come on volume at, not above, the new average — distribution would look different. December's 3.7M-share spike (6.6× average) is the standout single day.
The 2022-10-26 print of 76M shares (31× normal) is an order of magnitude larger than any other day in the series — almost certainly a block crossing or index rebalance flow rather than catalyst-driven, given the muted +2.9% close. No news/transcript context has been staged in this run to attribute the other spikes.
The current 21.8% reading sits comfortably inside the "normal" band (p20 14.3% / p80 24.0%) but has lifted from a July 2025 trough of 7.5% — the calmest reading in five years. Combined with the rising volume base, the market is putting a wider risk premium back on the name; recent moves are not yet "stressed" but are no longer the sleepy single-digit-vol regime of mid-2025.
Institutional liquidity panel
This name is for buy-side firms that can run multi-week patient builds. The script-flagged "Illiquid / specialist only" verdict is too harsh given $11.8B market cap and zero zero-volume days, but the stock genuinely is capacity-constrained: a 0.5% market-cap position takes 16 trading days to clear at 20% ADV, and any whole percent of issuer market cap rounds to zero in the five-day window.
ADV 20-day (M shares)
ADV 20-day ($M)
ADV 60-day (M shares)
ADV / market cap (%)
Annual turnover (%)
Read this as: at 20% ADV participation a fund running GET at 5% portfolio weight needs to cap AUM at ~$380M to clear the position in five trading days; at 2% weight the same fund can scale to ~$949M. At a more conservative 10% participation those numbers halve. Funds materially above $1.2B AUM running this at index-comparable weights are looking at multi-week builds, not one-week trades.
The 60-day median intraday range is 0.78% — tight, well under the 2% threshold that flags elevated impact cost. So the bid-ask + range cost is benign per trade; the real friction is time, not slippage. The largest size that reliably clears in one trading week at 20% ADV is roughly 0.16% of issuer market cap (around $19M); a 0.5% ownership stake takes a full month at the more conservative 10% participation.
Technical scorecard and stance
Stance — modestly constructive on a 6-month horizon, score +2/6. Getlink sits in a constructive longer-term regime: above a rising 200-day, on a fresh golden cross, with a sponsorship base that doubled into the breakout. The rally has paused, RSI has put in a bearish divergence, and the MACD histogram has turned down — but the pullback is happening on lower volume (consolidation, not distribution). Watchpoints: a weekly close above $23.34 (52-week high) would confirm the breakout structurally; a weekly close below $19.58 (200-day SMA) would re-open the 2022–2025 $16–$19 range as the live regime. Liquidity, not tape, is the binding constraint: build over multiple weeks, size to the fund-capacity table above, and avoid running at greater than a 2% weight unless AUM is below $940M.