Tom Winnifrith Bonus Bearcast: can anyone interpret my new nightmare, a Saint (Vin) and a sinner (Lucian) and his toxic 4
Thanks to Covid, Trainline (TRN) is pretty screwed and will stay so for a good while. Indeed with leading law firms and others today announcing that 50% of staff days post any lockdown would be at home, the amount of business travel post lockdown is going to crater. The face to face business meeting is like the horse drawn taxi or funny BBC comedies using words like frog, things of the past. Even in pre Covid times, Trainline generated sod all cash. But how did it make that cash?
There was a telling exchange in a Downing Street press Conference this week between Jonathan Van Tam and the deputy PM Boris Johnson. The real PM, Princess Nut Nuts, was elsewhere plotting the Long march to a full green revolution. Van Tam suggested that Covid restrictions such as face nappy wearing and social distancing might need to stay in place, essentially, forever. The deputy PM said that he was not so sure about that and it might be good to get back to normal at some point. Cue frosty glances.
Today, Trainline (TRN) has served up utterly dismal results for the six months to August 31. They are shocking and indicate that things will get worse and need to be taking in the context of the scandalous behaviour of soon to be ex CEO Claire Gilmartin.
I have been on the case of Trainline (TRN) for some time but events this week now mark this stock out as a compelling short. The deadwood press will not say so because they concern a female CEO, a poster girl for woke corporatism. But since I don’t hold with this PC shite I simply look at the facts.
The deadwood press gives Ms Gilmarrtin an easy ride because she is a female CEO so will not call her out for bullshit and her convenient share trading. But, having no truck with such woke niceties being a gender blind meritocrat, let’s tell it as it is on the day Claire has announced that she is to step down as Trainline (TRN) CEO in six months time. For starters, her company has not delivered for investors, is in crisis and clearly never will deliver.
I am not a great train traveller so cannot boast vast first hand experience of using the online booking service Trainline (TRN). However that does not stop me noting that at 415p the just under £2 billion market cap is quite utterly absurd...
Normally a positive experience with a company makes me much more likely to want to buy its shares. Back in the day when I used to jump on trains and go places, I used to use Trainline (TRN) quite a lot to book tickets. At the end of last year it even told me how much money I had saved booking through it. Well - as regular readers will know - I do love a bargain - and I find the website quite useful in spotting when there is one to be had, especially if I am booking a few weeks in advance.
Most of the shares I cover here are from a longer term investment perspective, or ones which I think will go a lot lower and are best avoided.
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