The rating affirmation reflects Mobilbox’s sustained leadership position in the CEE container rental market combined with consistently high operating profitability driven by its high asset intensity, strong pricing power and lucrative used container sales and spare parts/services business. The rating continues to be strongly supported by its financial risk profile, which has further improved in terms of leverage and debt protection.

The rating is constrained by the company’s small size and high concentration with regard to customers, suppliers, products and geography. It is also restrained by cash flow volatility due to the company’s investment cycle.

The Stable Outlook reflects Scope’s expectation that Mobilbox will continue to execute its long-term strategy geared toward expanding its container fleet both domestically and internationally while maintaining a high EBITDA margin of around 40%. The Outlook also incorporates Scope’s anticipation that the group will maintain a prudent financial policy, notably in terms of dividend payments and discretionary capex (bolt-on acquisitions), keeping Scope-adjusted debt/EBITDA around 1x.

This monitoring note does not constitute a credit rating action, nor does it indicate the likelihood that Scope will conduct a credit rating action in the short term. On 6 February 2024, Scope affirmed the BB/Stable issuer rating and the BB+ senior unsecured debt rating.

Click here for the corresponding rating action release. The latest information on the credit ratings in this monitoring note along with the associated rating history can be found on www.scoperatings.com.

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