Why Read?

• Understand potential external scenarios and impact for Jaguar Land Rover (JLR) – no-deal Brexit, US tariffs
• Understand valuation of JLR (including inference from recent impairment charge) and its key sensitivities
• Understand JLR’s cost structure and degree of operating leverage vs competitors 
• Understand JLR’s competitive positioning by nameplate and potential financial impact of new nameplates
• Understand JLR’s liquidity and where the major liquidity pressure points are likely to arise in time
• Understand recovery rate potential

What’s New?

• Valuation-based quantification of high (equity-like) risks facing senior unsecured bondholders
• Unit sales projections for key marques based on geographic mix and share of premium car market and run in / run out pattern of prior marque updates as well as new nameplates

Questions Answered

• How has JLR’s share of the premium market developed since coming to the High Yield market?
• What key drivers will deliver the sales, earnings and free cash flow growth needed to get JLR through a challenging period?
• How well is JLR positioned competitively?
• How does JLR’s cost base compare to peers?
• How can we model the impact of a no-deal Brexit or US tariffs?
• What do Q3 2019 impairment charge disclosures tell us about valuations?
• Why is JLR’s enterprise value so sensitive to assumption changes?
• What is the extent of potential priming and how does it impact recovery rate?