Based on our discussions with the sell-side analysts who publish research on Trainline' shares, our understanding of current market consensus is as follows:

  FY 2021A FY 2022F FY 2023F
Net ticket sales (£m)      
UK Consumer 473 1,871 2,679
Trainline Partner Solutions 75 289 578
Total UK 548 2,159 3,257
International 235 445 804
Total Group 783 2,605 4,061
Revenue (£m)      
UK Consumer 44 153 218
Trainline Partner Solutions 12 14 27
Total UK 56 168 245
International 11 22 41
Total Group 67 190 286
Adjusted EBITDA (£m)1 (25) 36 77


1 Adjusted EBITDA excludes exceptional items and share based payment charges

Last updated 14 December 2021. Based on the 10 analysts that have published numbers post the H1 FY2022 trading update.

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