Moby Lines 2Q17 - Ostensibly stronger results do not increase confidence in the credit
Moby Lines (‘Onorato Armatori’), the Italian ferry operator, posted strong 2Q17 figures on a reported basis. In the company’s second-most important quarter of the year, revenues jumped by 19.2% to €144m while adjusted EBITDA doubled to €31m. However, the apparent improvement in performance has to be assessed with a degree of caution. Distorting annual comparisons is the fact that Easter landed in Q2 in 2017 against Q1 last year, likely boosting passenger volumes and the top-line.
Spread Research is France's first Rating Agency, registered by ESMA (European Securities and Markets Authority) and a leading European Independent Credit Research firm, founded in 2004 and based in Lyon, France. Our experienced team offer key research services using a wide range of investment strategies and research methodologies for the High Yield, Emerging Markets, Convertibles and Loan Markets.
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