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Trainline shares 'unfairly discounted', says Shore Capital

Thu 11 Sep 2025 11:27

(Sharecast News) - Shore Capital has reiterated a 'buy' rating for ticketing platform Trainline, saying the stock is being "unfairly discounted" by the market at current levels. Trainline shares jumped on Thursday after the company provided a first-half update that showed trading was tracking ahead of full-year expectations.

While full-year guidance was unchanged - net ticket sales are expected to grow 6-9% and revenues by 0-3% - Trainline said that adjusted EBITDA growth should come in at the top end of the 6-9% guidance range due to operating leverage and work on costs.

The result, Shore Capital said, is a 2% upgraded to its adjusted EBITDA forecast from £170.8m to £173m.

Looking ahead, the broker said: "We believe TRN's equity is being unfairly discounted due to wider UK government noise. This leaves the Group trading on a 7x EV/EBITDA multiple (14x PER), despite improving margins and a low double-digit FCFY.

"TRN is well positioned, in our view, to take advantage of the growing digitalisation of the UK rail network, explore European TAM opportunities in line with planned increased carrier competition, whilst also leveraging the proprietary technology platform for further customer engagement and B2B potential."

Trainline shares were up 7.4% at 279.2p by 1202 BST.

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