UK automotive manufacturer, Jaguar Land Rover (JLR) reported another strong 3rd quarter 2023 results. On the back of a robust order book, management raised its FY24 outlook. The ongoing strong business execution was rewarded by both Moody’s and S&P who each raised ratings by one notch and left their respective outlooks as positive.
With an EBIT margin of +10% for the exercises 2024 to 2028, JLR’s medium- and longer-term financial objectives remain intact. The company is expected to reach a net-zero debt level by 2027.
Given the above, longer-term debt is particularly attractive for investors seeking income.