FTSE COMPANY REPORT Share price analysis relative to sector and index performance

Trainline TRN Travel & Leisure — GBP 4.538 at close 30 November 2020

Absolute Relative to FTSE UK All-Share Sector Relative to FTSE UK All-Share Index PERFORMANCE 30-Nov-2020 30-Nov-2020 30-Nov-2020

6 180 140 1D WTD MTD YTD

170 Absolute -0.1 -0.1 65.0 -10.5 5.5 130 Rel.Sector 3.2 3.2 33.2 18.8 160 Rel.Market 1.3 1.3 46.8 6.0 5 120 150 4.5 110 140 VALUATION

4 130 100

Trailing Relative Price Relative Relative Price Relative 120 3.5 90 PE -ve

110 Absolute Price (local currency) (local Price Absolute 3 80 EV/EBITDA 26.1 100 PB 3.5 2.5 70 90 PCF 26.6 2 80 60 Div Yield - Nov-2019 Feb-2020 May-2020 Aug-2020 Nov-2020 Nov-2019 Feb-2020 May-2020 Aug-2020 Nov-2020 Nov-2019 Feb-2020 May-2020 Aug-2020 Nov-2020 Price/Sales 5.1 Absolute Price 4-wk mov.avg. 13-wk mov.avg. Relative Price 4-wk mov.avg. 13-wk mov.avg. Relative Price 4-wk mov.avg. 13-wk mov.avg. Net Debt/Equity 0.4

100 100 100 Div Payout 0.0 90 90 90 ROE -ve

80 80 80

70 Index) Share

Share Sector) Share - - 70 70 60 DESCRIPTION 60 60 50 50 50 The Company is the an ndependent rail and coach 40 RSI RSI (Absolute) 40 40 travel platform selling rail and coach tickets to millions 30 of travellers worldwide, enabling them to seamlessly 20 30 30 search, book and manage their journeys all in one 10 20 20 place via its highly rated website and mobile app.

RSI (Relative to FTSE UKFTSE All to RSI (Relative RSI (Relative to FTSE UKFTSE All to RSI (Relative 0 10 10 Nov-2019 Feb-2020 May-2020 Aug-2020 Nov-2020 Nov-2019 Feb-2020 May-2020 Aug-2020 Nov-2020 Nov-2019 Feb-2020 May-2020 Aug-2020 Nov-2020

Past performance is no guarantee of future results. Please see the final page for important legal disclosures. 1 of 4 FTSE COMPANY REPORT: Trainline 30 November 2020

Valuation Metrics

Price to Earnings (PE) EV to EBITDA Price to Book (PB)

30-Oct-2020 30-Oct-2020 30-Oct-2020 1 60 7 0.9 55 +1SD 6 +1SD 0.8 0.7 50 5 0.6 Avg 45 4 Avg 0.5 0.4 40 3 -1SD 0.3 35 2 0.2 -1SD 30 1 0.1 0 ‖ ‖ 25 0 ‖ ‖ Nov-2015 Nov-2016 Nov-2017 Nov-2018 Nov-2019 Nov-2015 Nov-2016 Nov-2017 Nov-2018 Nov-2019 Nov-2015 Nov-2016 Nov-2017 Nov-2018 Nov-2019

Gamesys Group 120.0 Flutter Entertainment 47.7 William Hill 9.2 Flutter Entertainment 120.0 Trainline 26.1 888 Holdings 8.0 Dominos Pizza Group 116.9 Fuller Smith & Turner 21.4 Compass Group 5.6 The Gym Group 63.7 Wetherspoon(J D) 16.7 Flutter Entertainment 4.9 Rank Group 35.9 Gamesys Group 14.7 Trainline 3.5 Travel & Leisure 21.0 Travel & Leisure 6.1 Travel & Leisure 2.1 Trainline -16.3 Easyjet 2.7 Saga 0.3 Marstons -17.0 Hostelworld Group 2.5 Cineworld Group 0.2 GVC Holdings -35.5 TUI AG 2.4 Stagecoach Group 0.0 Playtech -60.2 International Consolidated Airlines Group 2.3 InterContinental Hotels Group 0.0 William Hill -107.0 Go-Ahead Group 1.5 Dominos Pizza Group 0.0 -150 -100 -50 0 50 100 150 0 10 20 30 40 50 60 0 1 2 3 4 5 6 7 8 9 10

Price to Cash Flow (PCF) Dividend Yield % Price to Sales (PS)

30-Oct-2020 30-Oct-2020 50 12

11 45 +1SD 10 +1SD 40 9 Avg Data unavailable Avg 35 8 7 -1SD 30 -1SD 6

25 5 Nov-2015 Nov-2016 Nov-2017 Nov-2018 Nov-2019 Nov-2015 Nov-2016 Nov-2017 Nov-2018 Nov-2019

Fuller Smith & Turner 80.0 Carnival 19.5 Flutter Entertainment 9.4 Wetherspoon(J D) 61.9 TUI AG 16.1 Trainline 5.1 Flutter Entertainment 48.5 Marstons 15.5 Gamesys Group 3.0 Dominos Pizza Group 28.1 Stagecoach Group 10.0 Dominos Pizza Group 3.0 Trainline 26.6 InterContinental Hotels Group 2.6 Travel & Leisure 2.6 Travel & Leisure 5.9 Travel & Leisure 0.7 Wizz Air Holdings 0.0 Carnival 1.3 Stagecoach Group 0.1 Stagecoach Group 1.3 Wetherspoon(J D) 0.0 Cineworld Group 0.1 Go-Ahead Group 0.6 Go-Ahead Group 0.0 TUI AG 0.1 FirstGroup 0.5 FirstGroup 0.0 Go-Ahead Group 0.1 Cineworld Group 0.4 Trainline 0.0 FirstGroup 0.1 0 10 20 30 40 50 60 70 80 90 0 5 10 15 20 25 0 1 2 3 4 5 6 7 8 9 10 Note: bar chart reflects the top and bottom five current values for the valuation ratio in question for FTSE All Shares stocks in the same sector as the stock concerned. All valuation metrics are trailing.

2 of 4 FTSE COMPANY REPORT: Trainline 30 November 2020

Valuation Metrics

Net Debt to Equity Dividend Payout (DP) Return on Equity (RoE)

30-Oct-2020 30-Oct-2020 30-Oct-2020 1 1 1 0.9 0.9 0.8 0.8 0.7 0.7 0.6 0.6 0.5 0.5 0.4 0.4 0.3 0.3 0.2 0.2 0.1 0.1 0 0 0 ‖ ‖ Nov-2015 Nov-2016 Nov-2017 Nov-2018 Nov-2019 Nov-2015 Nov-2016 Nov-2017 Nov-2018 Nov-2019 Nov-2015 Nov-2016 Nov-2017 Nov-2018 Nov-2019

Wetherspoon(J D) 4.9 TUI AG 100.0 Fuller Smith & Turner 42.3 Go-Ahead Group 4.6 Cineworld Group 100.0 Compass Group 37.3 FirstGroup 3.5 SSP Group 100.0 SSP Group 36.0 William Hill 3.4 Dominos Pizza Group 100.0 888 Holdings 26.0 Cineworld Group Rank Group 2.7 100.0 International Consolidated Airlines Group 25.6 Travel & Leisure 1.0 Travel & Leisure 72.2 Travel & Leisure 9.5 Trainline 0.4 Trainline 0.0 Go-Ahead Group 888 Holdings 0.3 Restaurant Group 0.0 -10.6 Hollywood Bowl Group 0.3 Go-Ahead Group 0.0 FirstGroup -23.7 Flutter Entertainment 0.1 GVC Holdings 0.0 Wetherspoon(J D) -30.8 Hostelworld Group 0.0 Playtech 0.0 Saga -40.3 On The Beach Group 0.0 Marstons 0.0 Trainline -50.0 0 1 2 3 4 5 6 0 20 40 60 80 100 120 -60 -40 -20 0 20 40 60

ROE vs. PB — sector Du Pont Analysis

10 6 1

9 WMH 4 0.9

0.8 8 888 2 0.7 7 0 0.6 6 -2

CPG 0.5 PB 5 FLTR -4 0.4 4 -6 TRN 0.3 JDW 3 SSPG -8 GYS 0.2 OTB WIZZ 2 Travel & Leisure BOWL GVC FSTA -10 0.1 GYM TEG WTB PPH 1 GOGPTEC RNK EZJ NEX IAG -12 0 RTN HSW TUI ‖ FGPMARSSAGA MAB CCL 2016 2017 2018 2019 2020 0 CINE 0 5 10 15 20 25 30 35 40 45 Net Margin Asset Turnover Gearing ROE (rhs) ‖ ROE Note: bar chart reflects the top and bottom five current values for the valuation ratio in question for FTSE All Shares stocks in the same sector as the stock concerned. All valuation metrics are trailing.

3 of 4 FTSE COMPANY REPORT: Trainline 30 November 2020

Brief description Brief description

Price to Earnings Price to Earnings (PE) is price over earnings per share. Earnings are based on the latest Gearing Gearing is Total Assets divided by Common Equity. Total Assets and Common Equity are (PE) available fiscal year earnings. each averaged over two years, that is, t and (t-1). Price to Sales (PS) Price to Sales (PS) is price divided by sales per share. It is based on sales from continuing Asset Turnover Asset turnover is Sales divided by Total Assets. Total Assets is averaged over two years, operations for the fiscal year. that is, t and (t-1). Price to Book (PB) Price to Book (PB) is price at the indicated date divided by common equity per share. Dupont Breakdown Return on Equity (RoE) = Net Margin * Gearing * Asset Turnover Common/ordinary equity is generally as reported at the most recent fiscal year-end but is Analysis adjusted to exclude minority interest, preferred stock and selected items as appropriate. RoE vs PB Plot of RoE versus PB at last month end for all FTSE UK All Share stocks in the sector Price to Cash Flow Price to Cash Flow (PCF) is price at the indicated date divided by cash flow per share. relative to the stock in question. Data may be limited to the stock in question if there are (PCF) currently no stocks in the corresponding FTSE UK All Share sector. Net Debt Equity Net Debt Equity is Net Debt as a percentage of common equity. Not calculated if Absolute Absolute graphs reflect performance for the stock in question for up to 366 days adjusted denominator (common equity) is negative for intervening corporate actions. EV to EBITDA EV to EBITDA is Enterprise Value divided by EBITDA (Earnings before Interest and Taxes, Relative Relative charts reflect the performance for the stock in question relative to the depreciation and amortisation). EV is full company Market Capitalisation at the data date corresponding sector of the FTSE All Share Index for up to 366 days, rebased to the start plus last annual net debt and Preferred Stock. Net Debt is total financial debt less cash date. Note that the stock itself may not be a FTSE All share constituent. Relative Chart and short-term investments. EBITDA is operating income plus depreciation and may be null if there are no stocks in the corresponding FTSE UK All Share sector. amortisation. RSI Relative Strength Index. Calculated as 100 minus (100 divided by (1+ratio of positive Dividend Yield % Dividend Yield reflects the dividend declared per share and/or paid for the security in versus negative time weighted returns)). Reflects 14 day average gains/losses question for the most recent fiscal year, divided by the share price. Valuation History Outlier valuation data is not shown to scale as these would distort the chart. Instead, ∥ Return on Equity Return on Equity is net income over average common equity. Not calculated if Charts denotes valuation data which falls outside display truncation limits. (RoE) denominator (average common equity) is negative Top/Bottom Reflect data for up to five top and five bottom performers for the valuation metric in Dividend Payout Total dividends divided by Net Income expressed as a percentage. Valuation Bar question. Note data may be limited to the stock in question if there are currently no Charts stocks in the corresponding FTSE UK All Share sector. Net Margin Net Margin is Net Income divided by sales.

Trainline 30 Novem ber 2020 For further information visit www.ftse.com, email [email protected] or call your local FTSE office:

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