Based on our discussions with the sell-side analysts who publish research on Trainline shares, our understanding of current market consensus is as follows:
| FY2021A | FY2022F | FY2023F | |
|---|---|---|---|
| Net ticket sales (£m) | |||
| UK Consumer | 473 | 1,793 | 2,557 |
| Trainline Partner Solutions | 75 | 277 | 544 |
| Total UK | 548 | 2,071 | 3,101 |
| International | 235 | 416 | 717 |
| Total Group | 783 | 2,487 | 3,818 |
| Revenue (£m) | |||
| UK Consumer | 44 | 148 | 209 |
| Trainline Partner Solutions | 12 | 14 | 25 |
| Total UK | 56 | 162 | 234 |
| International | 11 | 21 | 37 |
| Total Group | 67 | 183 | 271 |
|
Adjusted EBITDA (£m)1 |
(25) |
34 |
69 |
1 Adjusted EBITDA excludes exceptional items and share-based payment charges.
Last updated 15 March 2022. Based on the eleven analysts that have published numbers post the H1 FY2022 results announcement.
The financial forecasts presented above have not been prepared by and are not endorsed in any way by Trainline plc (“Trainline”). Trainline has not verified or commented on any individual estimates, nor does it intend to do so in the future. Trainline assumes no responsibility to update, revise or otherwise comment on any of the information contained in these forecasts. It should be noted that financial forecasts are, by definition, forward looking, and are therefore subject to various risks and uncertainties which are subject to change at any time.
Analysts covering Trainline
| Sell-side house | Analyst |
|---|---|
| Barclays | Andrew Ross |
| Berenberg | Owen Shirley |
| Deutsche Bank | Simon Davies |
| JP Morgan | Marcus Diebel |
| Liberum | Ciaran Donnelly |
| Morgan Stanley | Miriam Adisa, Navina Rajan |
| Numis | Gareth Davies |
| Panmure Gordon | Alex Chatterton |
| Peel Hunt | James Lockyer |
| Stifel | Mark Irvine-Fortescue |
| UBS | Ivar Billfalk-Kelly |