4x Ebitda and the domestic business at 6x September 2015e Ebitda.
Downside risks to our view: A higher-than-expected increase in incentives could dent JLR margins. Strengthening of the EUR and weakening of the USD relative to GBP. Risk of design faults in new launches may hurt brand perception. Higher-than-expected investments in their upcoming hybrid vehicles or new electric vehicles is a risk to cash flows.