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Mobico Equity Sells-Off, EUR 31s ~20bps Wider On Delay to FY Results

TRANSPORTATION
  • Mobico has announced a delay in the publication of FY23 results from 29 Feb to before end-March due to additional review concerning German Rail accounting judgments (they note German Rail is expected to be <6% of FY EBIT)
  • FY EBIT is expected within the GBP 175-185mn guidance range while they see covenant gearing in line with the half-year position and with significant headroom.
  • Strong performance in ASLA is noted with in-line performances in UK and North American businesses, while the German Rail business faced challenges due to driver shortages and energy price volatility resulting in an increase of GBP 40-70mn in the onerous contract provision for the German Rail business.
  • Publication FY23 results, initially expected on 29 February 2024, is now postponed to before the end of March 2024, with a specific date to be confirmed later.
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