Mobico - Rolling - Model Update

Armed with further divisional detail, we have built out our model driver to start quantifying the potential effects of the Spanish Sustainable Mobility Law and have refined assumptions across all segments for the next three years. However, the effect on valuation has ultimately been muted, and so we are also maintaining our positioning, even though the game theory around the treatment of the Perps has been shifting. Taking note of the inaction around the call date, we have altered our preferred route and timing for the company’s handling of its balance sheet.