- Trainline
- 11 May 2026 11:12:49
Source: Sharecast
Canaccord Genuity stated that while Trainline reported "broadly positive" full year results on 6 May, its mixed outlook left the shares lacking what it believes they need - "momentum in near‑term estimates".
The Canadian bank said continued headwinds in the UK have perpetuated a cycle of "modest downgrades" to revenue growth expectations, leading it to reduce its forecasts by 2.5% to 7% across FY27–FY28 as a result.
However, Canaccord also said it continues to consider most of these headwinds to be "temporary in nature" and should "largely roll off" within the next 12 months.
In addition, Canaccord noted that Trainline was seeing "very strong demand" for its B2B distribution offering, which grew 36% year-on-year, and highlighted that as the "more temporary headwinds" begin to fade, there was "a solid foundation" for medium‑term growth.
"Trainline trades on a 7.8% FCF yield (incl. SBC) and 8.9x P/E on FY27E estimates. We maintain our 'buy' rating but lower our DCF-based target price to 311p due to lower estimates," said Canaccord.
Reporting by Iain Gilbert at Sharecast.com