Latest news with #Trainline
Daily Mail
a day ago
- Business
- Daily Mail
Train ticket website sues Transport Secretary after making claims about 'secret' £32million agreement involving state-owned firm
Trainline has sued Labour's Transport Secretary Heidi Alexander over allegations she snubbed them by offering a £32million contract elsewhere. State-owned London North Eastern Railway (LNER), which has been run by the Department for Transport (DfT) since 2018, was said to have recently extended a ticketing sales platform contract. But the company did not offer rivals like Trainline the chance to bid for the 10-year-deal, it is claimed. Trainline has alleged the failure to seek alternative bids means due process was ignored - as were the best interests of passengers and the taxpayer. LNER reportedly awarded the contract for the central booking engine that supports its digital ticket sales to Australia's Vix Technology. Trainline also alleges the publication of the award on the Government's website on December 23 was too opaque as it buried the news during Christmas week, limiting the ability of other parties to respond. It comes as Trainline, who would have expected to compete for the work, has its own rival division which provides a similar 'white label' service to train operators. The company is understood to be claiming that a direct award of the contract was not permissible under procurement law because the terms were varied in scope, duration and beneficiaries. Given the terms of the award, the ticketing platform used by LNER, which operates between London Kings Cross and Scotland via Leeds and Newcastle, could be extended across the rail network. However, both LNER and the DfT have denied a new contract exists saying the allegations are 'categorically untrue'. Rail Unions have previously raised concerns about third party ticket operators like Trainline, accusing the company of being engaged in 'relentless profiteering'. Despite the government's plans for simplification through the nationalisation of its railway, it has maintained there would still be a need for 'an innovative and competitive third-party retail market'. Labour also ruled out establishing a national website and app to promote to promote cheaper fares in competition with the firm. But in guidance from January it said a plan to bring together ticket websites of individual operators was now in the pipeline. An LNER spokesman said of Trainline's allegations: 'This is unequivocally untrue. No such contract exists. Trainline is aware this is the case as we explicitly advised them as much earlier this month.' A DfT spokesman added: 'This is completely and categorically untrue – not least because no such contract exists, which Trainline is well aware after being explicitly told as much by LNER earlier this month. 'The Department has been clear we are working industry to simplify ticketing for customers, as part of the biggest overhaul of our railways in a generation.' Trainline has suggested it is challenging the lack of opportunity for alternative providers to bid, regardless of whether a contract has been entered into at this point in time. The company has filed a claim at the Technology and Construction Court.
Telegraph
a day ago
- Business
- Telegraph
Trainline sues Transport Secretary over ‘secret' deal for state-owned rail operator
Trainline is suing Heidi Alexander, the Transport Secretary, over the alleged backdoor award of a £32m ticketing contract by state-owned operator LNER. LNER, which has been run by the Department for Transport (DfT) since 2018, recently extended a ticketing sales platform contract it uses without offering rivals such as Trainline the chance to bid for the 10-year deal. Trainline claims that the failure to seek alternative bids means that Ms Alexander and LNER ignored due process as well as the best interests of passengers and the taxpayer. It alleges that the publication of the award on the Government's procurement website on December 23 was also too opaque because it effectively buried the news during Christmas week, limiting the ability of other parties to respond. LNER awarded the contract for the central booking engine that supports its digital ticket sales to Australia's Vix Technology. Trainline has its own rival division providing a similar 'white label' service to train operators and would have expected to compete for the work had it been tendered. It is understood that the company, which has filed the claim at the Technology and Construction Court against LNER and the Transport Secretary, will claim that a direct award of the contract was not permissible under procurement law because the terms were being varied in scope, duration and beneficiaries. The terms of the award also mean that the ticketing platform used by LNER, which operates between London Kings Cross and Scotland via Leeds and Newcastle, could be extended across the rail network. Rail unions have pressed Labour to squeeze out third-party ticket bookers such as Trainline, with the RMT accusing the company of engaging in 'relentless profiteering.' While the Government plans to simplify fares and ticketing as part of its nationalisation of the railway, it has nevertheless said that there would still be a need for 'an innovative and competitive third-party retail market.' Trainline even hosted the launch of the nationalisation policy by Louise Haigh, the then-transport secretary, last year. Labour subsequently ruled out establishing a national website and app to promote cheaper fares in competition with the firm. However, it reversed that guidance in January to say that a plan to bring together the ticket websites of individual operators was now in the pipeline. Though the DfT maintained that private-sector retailers would be able to compete in an open and fair manner, shares of Trainline, which has 18m customers, have since fallen by almost one third.
Yahoo
2 days ago
- Business
- Yahoo
Is Trainline plc (LON:TRN) Trading At A 46% Discount?
Using the 2 Stage Free Cash Flow to Equity, Trainline fair value estimate is UK£5.16 Trainline is estimated to be 46% undervalued based on current share price of UK£2.79 The UK£4.08 analyst price target for TRN is 21% less than our estimate of fair value Today we will run through one way of estimating the intrinsic value of Trainline plc (LON:TRN) by projecting its future cash flows and then discounting them to today's value. One way to achieve this is by employing the Discounted Cash Flow (DCF) model. Models like these may appear beyond the comprehension of a lay person, but they're fairly easy to follow. We generally believe that a company's value is the present value of all of the cash it will generate in the future. However, a DCF is just one valuation metric among many, and it is not without flaws. Anyone interested in learning a bit more about intrinsic value should have a read of the Simply Wall St analysis model. This technology could replace computers: discover the 20 stocks are working to make quantum computing a reality. We're using the 2-stage growth model, which simply means we take in account two stages of company's growth. In the initial period the company may have a higher growth rate and the second stage is usually assumed to have a stable growth rate. To begin with, we have to get estimates of the next ten years of cash flows. Where possible we use analyst estimates, but when these aren't available we extrapolate the previous free cash flow (FCF) from the last estimate or reported value. We assume companies with shrinking free cash flow will slow their rate of shrinkage, and that companies with growing free cash flow will see their growth rate slow, over this period. We do this to reflect that growth tends to slow more in the early years than it does in later years. Generally we assume that a dollar today is more valuable than a dollar in the future, so we need to discount the sum of these future cash flows to arrive at a present value estimate: 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 Levered FCF (£, Millions) UK£99.9m UK£102.6m UK£121.5m UK£132.3m UK£140.5m UK£147.7m UK£154.1m UK£160.0m UK£165.4m UK£170.7m Growth Rate Estimate Source Analyst x8 Analyst x8 Analyst x8 Analyst x7 Est @ 6.22% Est @ 5.12% Est @ 4.34% Est @ 3.80% Est @ 3.42% Est @ 3.16% Present Value (£, Millions) Discounted @ 8.6% UK£92.0 UK£86.9 UK£94.8 UK£95.0 UK£92.9 UK£90.0 UK£86.4 UK£82.6 UK£78.6 UK£74.7 ("Est" = FCF growth rate estimated by Simply Wall St)Present Value of 10-year Cash Flow (PVCF) = UK£874m The second stage is also known as Terminal Value, this is the business's cash flow after the first stage. The Gordon Growth formula is used to calculate Terminal Value at a future annual growth rate equal to the 5-year average of the 10-year government bond yield of 2.5%. We discount the terminal cash flows to today's value at a cost of equity of 8.6%. Terminal Value (TV)= FCF2034 × (1 + g) ÷ (r – g) = UK£171m× (1 + 2.5%) ÷ (8.6%– 2.5%) = UK£2.9b Present Value of Terminal Value (PVTV)= TV / (1 + r)10= UK£2.9b÷ ( 1 + 8.6%)10= UK£1.3b The total value is the sum of cash flows for the next ten years plus the discounted terminal value, which results in the Total Equity Value, which in this case is UK£2.1b. In the final step we divide the equity value by the number of shares outstanding. Relative to the current share price of UK£2.8, the company appears quite undervalued at a 46% discount to where the stock price trades currently. Remember though, that this is just an approximate valuation, and like any complex formula - garbage in, garbage out. The calculation above is very dependent on two assumptions. The first is the discount rate and the other is the cash flows. If you don't agree with these result, have a go at the calculation yourself and play with the assumptions. The DCF also does not consider the possible cyclicality of an industry, or a company's future capital requirements, so it does not give a full picture of a company's potential performance. Given that we are looking at Trainline as potential shareholders, the cost of equity is used as the discount rate, rather than the cost of capital (or weighted average cost of capital, WACC) which accounts for debt. In this calculation we've used 8.6%, which is based on a levered beta of 1.184. Beta is a measure of a stock's volatility, compared to the market as a whole. We get our beta from the industry average beta of globally comparable companies, with an imposed limit between 0.8 and 2.0, which is a reasonable range for a stable business. Check out our latest analysis for Trainline Strength Earnings growth over the past year exceeded the industry. Debt is not viewed as a risk. Weakness No major weaknesses identified for TRN. Opportunity Annual revenue is forecast to grow faster than the British market. Good value based on P/E ratio and estimated fair value. Threat Annual earnings are forecast to grow slower than the British market. Although the valuation of a company is important, it is only one of many factors that you need to assess for a company. The DCF model is not a perfect stock valuation tool. Instead the best use for a DCF model is to test certain assumptions and theories to see if they would lead to the company being undervalued or overvalued. For example, changes in the company's cost of equity or the risk free rate can significantly impact the valuation. Can we work out why the company is trading at a discount to intrinsic value? For Trainline, we've put together three additional factors you should explore: Risks: To that end, you should be aware of the 1 warning sign we've spotted with Trainline . Management:Have insiders been ramping up their shares to take advantage of the market's sentiment for TRN's future outlook? Check out our management and board analysis with insights on CEO compensation and governance factors. Other Solid Businesses: Low debt, high returns on equity and good past performance are fundamental to a strong business. Why not explore our interactive list of stocks with solid business fundamentals to see if there are other companies you may not have considered! PS. The Simply Wall St app conducts a discounted cash flow valuation for every stock on the LSE every day. If you want to find the calculation for other stocks just search here. — Investing narratives with Fair Values Vita Life Sciences Set for a 12.72% Revenue Growth While Tackling Operational Challenges By Robbo – Community Contributor Fair Value Estimated: A$2.42 · 0.1% Overvalued Vossloh rides a €500 billion wave to boost growth and earnings in the next decade By Chris1 – Community Contributor Fair Value Estimated: €78.41 · 0.1% Overvalued Intuitive Surgical Will Transform Healthcare with 12% Revenue Growth By Unike – Community Contributor Fair Value Estimated: $325.55 · 0.6% Undervalued View more featured narratives — Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Daily Mirror
07-06-2025
- Entertainment
- Daily Mirror
Gemma Collins makes first appearance after admitting she feels like she's dying
Gemma Collins launched Trainline's 'SlayStation' pop-up at King's Cross station today, encouraging commuters and party-goers to step in to get their hair and makeup done Gemma Collins was glowing today as she made her first public appearance since admitting she feels like "dying" while battling pneumonia. The 44-year-old brought full glam to King's Cross station in London as she launched Trainline's "SlayStation" pop-up, helping commuters and concert-goers prepare for their night out - offering free hair, makeup and selfie-ready moments to those heading to Beyoncé's Cowboy Carter Tour as well as people passing by. It comes as former The Only Way is Essex (TOWIE) star Gemma, who is celebrated for her glamour, meme-worthy one-liners, and unapologetic self-confidence, was named the ultimate night out partner in a poll - receiving 27 per cent of votes by Gen Z - quickly followed by Katie Price (25 per cent) and Alison Hammond (22 per cent). The survey, commissioned by Trainline, also revealed that for three quarters of 18-34 year olds (75 per cent), the night out begins well before they step foot in the venue. With three quarters saying getting ready is one of the most important parts of the night, one in five Brits now plan their outfit and look up to one month in advance of their night out – with 70 per cent of Brits using time on the train to perfect their look. Speaking about her own experiences with nights out and looking back at the good old days, the GC said: "Listen, the best part of the night is the build-up. It's the getting glam, the playlist, the group chat chaos, and those deep, hilarious, 'why did we even start talking about this?' moments on the journey to the venue. SlayStation is all about bringing the glam – a bit of hair, a bit of makeup, and a whole lot of fabulous. If you're stepping out, step out ready to slay." Sarah Helppi, UK Country Director at Trainline, said: "At Trainline, we know that great nights out start long before you reach the venue – they start with the journey. Whether it's touching up your look up on the train, sharing music playlists, or those conversations that only happen en route, travel has become an essential part of the night. That's why we launched SlayStation – to celebrate the journey and make it as iconic as the destination." To help commuters and party-goers feel their best, SlayStation brought together professional hair, makeup and glam artists to King's Cross today. The free-of-charge event, held until 8pm on Saturday, is now sold out. Earlier this week, a bedridden Gemma took to Instagram to share an update about her health, revealing that she had been seriously unwell for a number of weeks. In her post, which included a photo of the reality TV star laying in bed, she wrote: "Hey guys sorry been quiet i have Pneumonia. I'm not as fast or on it as I usually am on the daily. I am still honouring my work commitments which is taking every bit of energy I have but will be back entertaining you all soon." In a further update on her Instagram Story, Gemma revealed she was receiving treatment via a drip and had been seen by a doctor. Pneumonia is an inflammation of the lungs typically caused by an infection and while most people recover within two to four weeks, infants, the elderly, and those with heart or lung conditions are at a higher risk of severe illness and may require hospitalisation. Luckily, Gemma has not had to go to hospital, but speaking to The Mirror, she admitted that she feels as though she is "dying" as she said: "Because the Pneumonia is viral, no antibiotic is going to help me. I've been really short of breath and obviously I have work commitments that I would never not turn up to. I'm old-school, I would always fulfill my work commitments. "It's shocking, I've had it now for over three weeks and I had steroids given to me by my doctor. It was DJ Fat Tony's wedding and I had to take them to get through that, but I'm off them now and the sickness is really kicking back in. It's so frustrating because I normally have so much energy and I'm always loving life, but now I get really breathless really quickly and I feel like I'm dying."
Scottish Sun
04-06-2025
- Entertainment
- Scottish Sun
Reality TV legend Gemma Collins voted celeb Brits most want to party with on a night out
Click to share on X/Twitter (Opens in new window) Click to share on Facebook (Opens in new window) REALITY TV legend Gemma Collins is the celebrity that most people want a night out with, a survey says. A new poll revealed Gen Z revellers want to paint the town red with The GC, as the 44-year-old claimed more than a quarter of the vote. Sign up for the Entertainment newsletter Sign up 3 The party queen is the number one celebrity most Brits want to join for a night out Credit: Getty 3 Gemma will front the 'SlayStation' at King's Cross on Saturday The ex-TOWIE star beat out This Morning's Alison Hammond and Katie Price to take the top spot. The study of 2,000 Brits by train ticket app Trainline also revealed that three in four 18 to 34-year-olds believe a night on the town begins at home. Some 80 per cent say the journey is one of the most important elements of going 'out out' and three in five use the train ride into town to do last-minute make-up. It comes as Gemma will launch a pop-up glam stop named 'SlayStation', after teaming up with Trainline. It will give women a glam touch-up at the packed King's Cross train station, in Central London, on Saturday. Those passing through the city or heading to Beyonce's Cowboy Carter concert will be able to get a free last-minute touch-up from professional hair stylists and makeup artists. Gemma said: "Listen, the best part of any night is the build-up. "It's the getting glam, the playlist, the group chat chaos, and all those deep, hilarious, 'why did we even start talking about this?' moments on the journey to the venue. "SlayStation is all about bringing the glam - a bit of hair, a bit of makeup, and a whole lot of fabulous. "If you're stepping out, step out ready to slay." Figures also showed one in five of 18-24-year-olds are prepared to travel a staggering 50 miles to get to their main event. Sarah Helppi, UK Country Director at Trainline, said: "At Trainline, we know that great nights out start long before you reach the venue - they start with the journey. "Whether it's touching up your look on the train, sharing music playlists, or those conversations that only happen en route, travel has become an essential part of the night. "That's why we launched SlayStation - to celebrate the journey and make it as iconic as the destination."
