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1. Company Snapshot

1.a. Company Description

Jungfraubahn Holding AG, together with its subsidiaries, operates excursion railways and winter sports facilities in Jungfrau region, Switzerland.It operates through Jungfraujoch – Top of Europe, Winter Sports, Experience Mountains, and Other segments.The company's destinations include Jungfraujoch, Kleine Scheidegg-Männlichen, Grindelwald–First, Mürren-Schilthorn, Harder Kulm, and Winteregg-Mürren.


It offers mountain railways and cableways to experience mountain and a range of winter sports facilities in the Jungfrau region; and operates a hydroelectric power station, restaurants, shops, and parking facilities.Jungfraubahn Holding AG is headquartered in Interlaken, Switzerland.

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1.b. Last Insights on JFN

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1.c. Company Highlights

2. Transcript Summary

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3. NewsRoom

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Assessing Jungfraubahn Holding (SWX:JFN) Valuation Following a Strong Month for Shares

Oct -03

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4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (3.74%)

6. Segments

Jungfraujoch - Top of Europe

Expected Growth: 4.5%

Jungfraujoch's 4.5% growth is driven by increasing tourism in Switzerland, fueled by its unique 'Top of Europe' experience. Strong marketing efforts, improved infrastructure, and a growing demand for experiential travel also contribute to its growth. Additionally, the company's focus on sustainability and environmental responsibility resonates with eco-conscious tourists, further boosting its appeal.

Other

Expected Growth: 3.5%

Jungfraubahn Holding AG's 3.5% growth is driven by increasing tourist demand, strategic partnerships, and investments in infrastructure development. The company's unique mountain-top experiences, expanded hotel capacities, and efficient cost management also contribute to its growth. Furthermore, the strengthening of the Swiss franc and favorable weather conditions support the growth momentum.

Elimination of Intra-group

Expected Growth: 0.0%

The elimination of intra-group transactions from Jungfraubahn Holding AG's financials is a neutral event, resulting in 0.0% growth. This is because intra-group transactions are eliminated upon consolidation, and their removal does not impact the company's overall financial performance. As a result, there are no fundamental drivers contributing to growth in this scenario.

Adventure Mountains

Expected Growth: 4.2%

The 4.2% growth of Adventure Mountains from Jungfraubahn Holding AG is driven by increasing tourist demand for unique experiences, strategic investments in infrastructure and digitalization, and effective marketing campaigns targeting the Asian market. Additionally, the company's focus on sustainability and eco-friendliness resonates with environmentally conscious consumers, contributing to its growth.

Winter Sports

Expected Growth: 4.8%

Jungfraubahn Holding AG's Winter Sports segment growth of 4.8% is driven by increasing tourist arrivals in Switzerland, favorable snow conditions, and strategic investments in infrastructure development, such as upgraded ski lifts and expanded ski trails, enhancing the overall skiing experience and attracting more visitors.

7. Detailed Products

Mountain Experiences

Jungfraubahn Holding AG offers a range of mountain experiences, including the Top of Europe, the highest train station in Europe, and the Aletsch Glacier, a UNESCO World Heritage Site.

Railway Services

The company operates a network of railways and trains, providing transportation services to tourists and locals alike.

Hotel and Hospitality Services

Jungfraubahn Holding AG owns and operates several hotels and restaurants in the Swiss Alps, offering accommodation and dining options to tourists.

Ski Resorts and Winter Sports

The company operates several ski resorts, including the famous Schilthorn and Mürren ski resorts, offering a range of winter sports and activities.

Event and Conference Services

Jungfraubahn Holding AG offers event and conference services, including venue rentals and catering, for corporate events and weddings.

8. Jungfraubahn Holding AG's Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for Jungfraubahn Holding AG is medium due to the availability of alternative modes of transportation such as buses and cars, but the scenic route and unique experience offered by Jungfraubahn makes it a preferred choice for many tourists.

Bargaining Power Of Customers

The bargaining power of customers is low due to the unique experience offered by Jungfraubahn and the lack of alternative options for tourists.

Bargaining Power Of Suppliers

The bargaining power of suppliers is medium due to the dependence on a few key suppliers for materials and services, but Jungfraubahn's strong brand and reputation give it some negotiating power.

Threat Of New Entrants

The threat of new entrants is low due to the high barriers to entry, including the need for significant investment in infrastructure and the difficulty of obtaining necessary permits and licenses.

Intensity Of Rivalry

The intensity of rivalry is high due to the presence of other scenic railways and tourist attractions in the region, which creates a competitive environment.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 15.18%
Debt Cost 3.95%
Equity Weight 84.82%
Equity Cost 8.05%
WACC 7.43%
Leverage 17.89%

11. Quality Control: Jungfraubahn Holding AG passed 5 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
FNM

A-Score: 6.8/10

Value: 9.8

Growth: 8.0

Quality: 5.2

Yield: 5.6

Momentum: 6.0

Volatility: 6.0

1-Year Total Return ->

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FirstGroup

A-Score: 6.6/10

Value: 8.8

Growth: 7.1

Quality: 3.7

Yield: 4.4

Momentum: 9.5

Volatility: 6.3

1-Year Total Return ->

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Stock-Card
Jungfraubahn

A-Score: 6.3/10

Value: 3.1

Growth: 6.8

Quality: 6.9

Yield: 3.1

Momentum: 8.0

Volatility: 9.7

1-Year Total Return ->

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Stock-Card
BVZ Holding

A-Score: 6.0/10

Value: 7.6

Growth: 5.7

Quality: 4.2

Yield: 1.9

Momentum: 8.0

Volatility: 8.7

1-Year Total Return ->

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Stock-Card
Vossloh

A-Score: 5.4/10

Value: 3.4

Growth: 6.6

Quality: 5.5

Yield: 3.8

Momentum: 9.5

Volatility: 3.7

1-Year Total Return ->

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Stock-Card
Talgo

A-Score: 3.6/10

Value: 8.4

Growth: 1.6

Quality: 2.8

Yield: 1.2

Momentum: 1.5

Volatility: 6.3

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

268.5$

Current Price

268.5$

Potential

-0.00%

Expected Cash-Flows