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Mobico (Baa3 CR Neg/NR/BBB-) Reports 1H results (to June) - we are eyeing the perps

TRANSPORTATION

We'd ignore equities (+13%) - its market cap is smaller than the perps even.

Results are not horrible and neither is FY guidance. We still don't have any cash from NA School bus business sale - which continues to be pending/in the works.


We are less interested in the £28s/€31s and more focused on the £ perp's {BM658412 Corp} rated 2-notches lower at Ba2/BB. It has a harsh first reset coming up in Feb 2026 to UKT 5Y+4.135% (current coupon 4.25%) with no-call for another 5yrs after that.


Moody's in May, saw the co refi-ing the hybrid well before the first call date in Nov 25. Refi into snr unsecured looks cheap as well (4.24y £28s at T+190, 7Y €31s swap over to +280). As a aside we have flagged €31s looking flat on XCCY before/lacking value.

We will circle back on the numbers it has reported.

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