Trainline had a successful IPO this year, and main shareholder KKR sold out during the IPO and two subsequent secondary offerings and more than doubled its investment in five years.
I expect Trainline to have a tough time to break into the Continental Europe train market as operators already have established online sales channels.
Trainline could be a useful challenger and a good tool to compare train fares, but this does not warrant a multiple of 26x EBITDA, even if aggressive growth is expected.
I like the concept but I'm not sure this is a good entry point. Seeing the main shareholders sell indicates they deem the stock to be (more than?) fairly valued.