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MCG

Mobico Group PLC

Travel and Leisure First-pass screen £139m
350/1000 Overall fit
AI beneficiary 35% 18
Operating leverage 25% 58
Valuation 25% 30
Downside protection 15% 42

First-pass take

Zero AI exposure. Strong FCF generation (£210m) and margin expansion (5.3%→5.5%) show execution discipline, but £991m net debt at 2.8x gearing, mounting German Rail losses, and low 5.5% operating margins constrain opportunity.

Flags

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