This is a companion piece to the Equity Analysis I released last week about Jungfraubahn Holdings AG , if you haven’t read it yet, I recommend checking it out here:
This is a railway company that has been transforming itself into a fully integrated tourism business.
With an insurmountable moat, and effectively zero local competition, the company does have favorable economics, though the low returns on assets combined with a lack of leverage may disenchant some investors.
Let me know what you think!
Thanks for reading Tiago’s Newsletter! Subscribe for free to receive new posts and support my work.