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Mobico(Baa2): Guidance Cut, FY23 Publication Delayed

TRANSPORTATION

• FY23 has been delayed for a second time. Mobico were due to report FY23 results tomorrow premarket.

• The issue relates to restatements of German statistical indices. The impact appears limited; around £15m to 2032.

• 7% cut to FY23 adj. EBIT guidance at mid-point.

• Onerous contract provision set to increase by around £70m.

• Never a good look and equity is getting hit in early trading. Credit has already unperformed YTD and we expect further weakness on this.

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