Ep. 5 - Jungfraubahn Holdings AG

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:

Jungfraubahn Holding AG

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!