Jaguar LandRover - comment

Operational leverage comes to the fore in JLR’s preliminary Q4 numbers with sales of c.15k higher resulting in free cashflow exceeding guidance by c.£400m.  Net debt ended the year at £3.0bn with cash of £3.7bn.  It will be interesting to see if JLR take a less prudent approach to pre-funding their CAPEX due to the increase in interest rate/cost of debt.  JLR will present their full year numbers in May.  These numbers are positive, including the confirmation of c. 200,000 order book, but any investment is based on the success or otherwise of the transformation to electrification,