Added to YB: 2026-07-17
Pitch date: 2026-07-15
TRN.L [bullish]
Trainline plc
+1.71%
current return
Author Info
No bio for this author
Company Info
Trainline plc engages in the operation of an independent rail and coach travel platform that sells rail and coach tickets worldwide.
Market Cap
GBP 778.8M
Pitch Price
GBP 2.22
Price Target
N/A
Dividend
N/A
EV/EBITDA
7.41
P/E
11.70
EV/Sales
2.17
Sector
Hotels, Restaurants and Leisure
Category
value
Trainline: Dipping with abandon into the buyback cookie jar
TRN.L: UK/EU rail ticketing platform priced like legacy decline at single-digit EV multiples vs mid-teens for OTA peers. 21% ROIC, 33% ROE. Headwinds: Project Oval contactless, GBR state app (2027), commission cut to 4.5%, flat FY27 rev guide. Net ticket sales +7% but rev only +2%. Levered to 1.0x EBITDA to buy back 25%+ of shares; EPS soaring. EU liberalization (Spain share 5%→12%) key tailwind. Re-rating if rev re-accelerates.
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