Land Rover: Tata Motors Share Trading At Big Discount: Reuters
LONDON: Tata Motors is in no rush to replace its CEO, who stepped down on Sept. 9. It is not the only gap at India's largest auto maker. Shares in the firm, which also owns Jaguar and Land Rover, trade at a big discount to peers. A new CEO might find value by integrating the business more fully. Tata Motors' market value has slumped 30 percent over the past six months. Its enterprise value sits at a paltry 3.2 times estimates of 2012 EBITDA, based on data from InFinancials. 13 billion if its value matched its peer group. 7 billion if it was put on a par with its other Indian automakers. True, it is easy to miss important differences of detail when drawing parallels such as this. But is Tata Motors really worth no more than half that which peer comparisons suggest it could be? Concerns over JLR's future sales in the UK and US in light of the current economic climate partly explain the share price discount. Given the level at which shares in the firm trade, a demerger can't be ruled out. There were rumors earlier this year that JLR might be listed separately in London. But the alternative is to work harder at finding real benefits of running the two units together. Costs shared in development of new engine technology and in building markets in other emerging economies -- especially China -- are a start, but no more than that. Tata acquired JLR in 2008. It deserves credit for returning the upmarket marques to profit. And the 1.15 billion pounds Tata paid Ford now looks like a bargain. But instead of soft peddling on replacing Forster and running the two units as parallel concerns, Tata ought to step up the search for a new CEO. And fight harder for the synergy benefits that underpinned the logic of the JLR purchase in the first place.
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The Land-Rover Forward Control 101 was built for a British Army requirement for an air-transportable heavy duty four wheel drive. The standard 101 is a soft-top although radio vans and ambulances came later. The radio vehicles had 24-volt electrical systems. Many 101s were built in left hand drive for British commitments to NATO in Europe and elsewhere. 1969: Prototype 101s were built. These had a (very) short bonnet and different front panels from the final design. They also used part-time four wheel drive transmission, ENV differentials (as in the SIIB civilian Forward Control Land-Rover) and a 3-litre 6-cylinder Rover engine. It is possible that an LT95 transmission without a centre differential may have been fitted. A powered trailer could be driven, but only in low ratio. At least one 101 prototype was brought to Australia for trials and fitted with an Australian Ford Falcon 3.6-litre 6-cylinder motor. This prototype, and its powered trailer, were used by a Tasmanian mining company.
