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Investing.com - Berenberg has reiterated its Buy rating and GBP4.90 price target on Trainline Plc. (LSE:TRN) (OTC:TNLIY), a company with a market capitalization of $1.6 billion, following the company’s H1 2026 trading update released on September 11. InvestingPro analysis suggests the stock is currently trading below its Fair Value.
The online rail ticketing platform reported net ticket sales, revenue, and adjusted EBITDA slightly ahead of market expectations in its half-year update. With impressive gross profit margins of nearly 80% and revenue growth of 11.4% over the last twelve months, Trainline maintained its fiscal year 2026 guidance for net ticket sales and revenue while upgrading its adjusted EBITDA growth forecast to the top end of the previously stated 6-9% year-over-year range.
Trainline also announced a £150 million share buyback program, which helped boost its stock price by 12% on the day of the announcement. The company’s shares are currently trading at 12.4x FY 2026 P/E.
Berenberg noted that operational challenges facing Trainline, including changes to Google search algorithms and Transport for London’s expansion of its contactless payment network, are already well-known to investors.
The research firm believes the current valuation "materially underprices a structural growth story with a history of beating market expectations."
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