334.30 -3.10 (-0.92%)
31.4M NSE+BSE Volume
NSEJun 21, 2021 03:31 PM
The 35 reports from 9 analysts offering long term price targets for Tata Motors Ltd. have an average target of 333.57. The consensus estimate represents a downside of -0.22% from the last price of 334.30.
|Summary||Date||Stock||Broker||Price at Reco.||Target||Price at reco|
Change since reco(%)
|2021-06-15||Tata Motors Ltd. +||Motilal Oswal||349.35||405.00||349.35 (-4.31%)||21.15||Buy|
Project Charge+ delivers margins, drives debt reduction Jaguar Land Rover (JLR)'s FY21 Annual Report focuses on the company's next phase of growth. The company has outlined its strategy for the transformation to electric...
|2021-06-06||Tata Motors Ltd. +||Edelweiss||345.50||372.00||345.50 (-3.24%)||11.28||Buy|
|2021-05-21||Tata Motors Ltd. +||Geojit BNP Paribas||313.10||349.00||313.10 (6.77%)||Target met||Buy|
Geojit BNP Paribas
Volume and demand is set to pick as the economy is expected to revive its Pre-COVID growth level post lockdown. Additionally, deleveraging, cash flow generation and improving margin provides support over the medium-term. Hence, we reiterate our BUY rating on the stock with a...
|2021-05-19||Tata Motors Ltd. +||HDFC Securities||314.45||380.00||314.45 (6.31%)||13.67||Buy|
Orient Cement: Orient Cement (ORCMNT) reported very strong performance in 4QFY21, as it ramped up utilisation to 93% (multi-year high) on healthy pricing in its markets. These more than offset the impact of fuel and freight inflation as unitary EBITDA soared to INR 1,095/MT (+38/9% YoY/QoQ). In 4Q, its net sales/EBITDA/APAT grew 38/48/85% QoQ to INR 8.3/2.0/1.0bn respectively. We continue to like ORCMNT for its operating efficiency and balance sheet focus. We retain the BUY rating with a revised target price of INR 155/share (7x Mar'23E EBITDA). Tata Motors: Tata Motors continues to report an improvement in its operational performance as EBITDA margin for the standalone entity expanded 130bps QoQ to 8.7% and the JLR margin sustained above 15%. However, the results were impacted by a write-off of GBP 1.48bn at JLR, related to a mark down of earlier project related investments. The luxury OEM continues to report improved cash flows, with a positive FCF of GBP 729mn in 4Q; the net automotive debt stands reduced to INR 40.9bn vs. INR 48.2bn YoY. We are increasing our SOTP-based FY23 target price to INR 380 to factor in the improved performance. Torrent Pharma: Torrents Q4 results were largely in line with estimates as strong trends in India (+10 YoY) and Germany (+23% YoY) offset weak US (-5% QoQ, price erosion, lack of new launches). While US business bottomed out in Q4, it is likely to witness only modest growth, given key plants of Dahej and Indrad remain impacted by OAI/WL issues with limited visibility on resolution timelines....
|2021-05-19||Tata Motors Ltd. +||Motilal Oswal||314.45||400.00||314.45 (6.31%)||19.65||Buy|
TTMT's performance in 4QFY21 was a mixed bag as the overall operating performance was in line. JLR's performance was restricted by an adverse mix, despite a sharp beat in volumes. In a seasonally strong quarter, consolidated net debt fell ~INR73b YoY (down INR138b QoQ) to INR409b. 1QFY22 would be challenging for both businesses, though the outlook beyond that is positive....
|2021-05-19||Tata Motors Ltd. +||SMC online||313.10||313.10 (6.77%)|
sustainability, and new automotive technologies to deliver a strong market performance, which shall create long-term shareholder value. Thierry Bollore, Chief Executive Officer, Jaguar Land Rover said, Despite the pandemic, this year has also seen significant positive change culminating in February with the launch of our Reimagine strategy focused on reimagining our iconic British brands. Although it is still early days, we have made significant progress in implementing it. Jaguar Land Rover is well placed to emerge from the pandemic as a stronger and more resilient company that is able to navigate and capitalise on the opportunities ahead....
|2021-05-19||Tata Motors Ltd. +||Prabhudas Lilladhar||315.25||279.00||315.25 (6.04%)||16.54||Sell|
TTMT's 4QFY21 results were operationally in-line, both for JLR and S/A. However, adjusted for one-offs, PAT came in lower at Rs27.5b (PLe Rs35.5b). S/A performance continues to improve led by 110bp QoQ expansion in PV/CV margins each at 4.9%/9.1%. Yet, JLR margins contracted by 50bp QoQ to 15.3% led by lower ASPs at GBP53.3k/unit (v/s 58.3k/unit in 3QFY21). China...
|2021-05-19||Tata Motors Ltd. +||ICICI Securities Limited||314.45||400.00||314.45 (6.31%)||19.65||Buy|
ICICI Securities Limited
Project Charge+ delivered on the outlined 6 billion cast, cost savings as per schedule while similar India programme overperformed by | 3,300 crore. Under Reimagine', Project Refocus seeks to deliver value of up to 1 billion across business areas in FY22E. At JLR, focus on efficiencies (cash flow breakeven reduced to ~FY14 levels), quality of sales (via lower variable marketing expenses and warranty costs) and better product mix (in favour of Land Rover) are seen leading a structural shift in margins towards a higher plane. The company is also targeting tighter control over fixed costs in India,...
|2021-03-18||Tata Motors Ltd. +||HDFC Securities||308.95||308.95 (8.21%)||Buy|
However, the pace of transition is expected to be gradual with ICE engines remaining dominant in the near to medium term, particularly in India. We hosted the HSIE Autos and Mobility Conference, which was attended by five auto OEMs, five parts suppliers, and three startups, amongst others. The key themes that emerged from the conference were electrification and diversification, as the industry is preparing to diversify beyond combustion engines. OEMs are increasingly investing in EV and hybrid technology while auto parts companies are seeking to de-risk their customer mix by foraying into the non-auto space including defence, aerospace, industrial and renewable segments.
|2021-03-01||Tata Motors Ltd. +||Prabhudas Lilladhar||325.15||255.00||325.15 (2.81%)||23.72||Sell|
Tata Motors (TTMT) hosted an Investors Day for the JLR business (Link for Change in Estimates | Target | Reco as 1) positive cash-flow from FY23 (v/s FY22 targeted earlier due to one-time...
|2021-02-27||Tata Motors Ltd. +||Motilal Oswal||345.75||400.00||345.75 (-3.31%)||19.65||Buy|
|2021-02-22||Tata Motors Ltd. +||Motilal Oswal||324.00||390.00||324.00 (3.18%)||16.66||Buy|
|2021-02-09||Tata Motors Ltd. +||SMC online||325.40||325.40 (2.74%)||Results Update|
Current tax expense for the quarter jumped 22.7% to Rs 675.45 crore as against Rs 550.33 crore in Q3 December 2019. For Jaguar Land Rover (JLR), the quarter reflected strong sequential recovery in retails in all the markets except UK where Q3 remains seasonally lower. The business achieved 6.7% EBIT margin and strong positive free cash flows of 0.6b reflecting...
|2021-02-03||Tata Motors Ltd. +||Geojit BNP Paribas||315.90||372.00||315.90 (5.82%)||11.28||Buy|
Geojit BNP Paribas
As supply chain issues in various markets get resolved, we expect JLR revenues to pick up gradually. Also, vaccination drive progress in India enabling re-opening of schools, offices could increase demand for commercial vehicles adding to overall demand. We reiterate our BUY...
|2021-02-01||Tata Motors Ltd. +||HDFC Securities||279.60||315.00||279.60 (19.56%)||Target met||Buy|
We are raising our sum of the parts-based FY23 target price to Rs 315 as we increase our FY23E estimates by 23%. We remain positive on Tata Motors (link to our upgrade note: With improving outlook, FCF to turn positive), post solid 3QFY21 results. The OEM reported consolidated PAT of Rs 29.4bn (vs. loss QoQ), driven by multi-quarter high margins both at JLR and India. The luxury OEM reported positive FCF of GBP 562mn (GBP 463mn in 2Q), which has resulted in the net automotive debt reducing from Rs 678bn (in 1Q) to Rs 547bn currently. The India PV business performance improved further with margins at 3.8% (vs. 1.6% QoQ).
|2021-02-01||Tata Motors Ltd. +||Prabhudas Lilladhar||331.00||231.00||331.00 (1.00%)||30.90||Sell|
We downgrade TTMT to reduce (from Hold) with TP of Rs231 (v/s Rs172) as we feel the sharp rally in stock recently factors in benefits expected from softer Brexit norms and consolidated entity turnaround to profits. This is captured by forward valuations reaching 10 year LPA. Also Looking at peer valuations, BMW and Daimler are trading at 0.2x EV/ Sales and 3-4x EV/EBIT with better growth and balance sheet. With the weak financial performance in...
|2021-01-31||Tata Motors Ltd. +||ICICI Securities Limited||262.70||301.00||262.70 (27.26%)||Target met||Buy|
ICICI Securities Limited
India PV performance in 9MFY21 has defied the industry (TML volumes up 39% vs. 16% industry decline) translating into 300 bps market share gain and healthy profitability at EBITDA level (Q3FY21 EBITDA was highest in 10 quarters). Excellent response to the Altroz, Harrier and New Forever' portfolio along with upcoming Safari, Hornbill launches places PV business in good stead. CV segment is also recovering fast, aided by return of infra and mining demand in trucks and LCV resilience. We believe the domestic CV industry has turned a corner (~2 years of cyclical downturn nearly...
|2020-12-16||Tata Motors Ltd. +||ICICI Securities Limited||182.55||210.00||182.55 (83.13%)||Target met||Buy|
ICICI Securities Limited
Domestic auto industry volumes have been on a steady mend in the months post lifting of lockdown restrictions. Manufacturing and distribution activities have been getting ramped up gradually since June 2020, in step with the rest of the economy. However, the impact of the pandemic on the supply chain continues to inhibit a complete return to production normalcy. Nevertheless, most automotive industry segments have reported successive improvement in offtake throughout June-November 2020 (Exhibit 1) on the back of (i) initial bounce provided by pent-up aspect,...
|2020-11-11||Tata Motors Ltd. +||HDFC Securities||150.95||175.00||150.95 (121.46%)||Target met||Buy|
The loss-making India PV business has turned the corner and reported a positive margin, driven by robust market share gains. This will improve domestic cash flows and make the PV business more attractive for potential partners We upgrade Tata Motors to BUY (ADD earlier) as the OEM will benefit from an improving demand outlook, cost-cutting initiatives, and better FCF generation. JLRs retail volumes are improving from COVID lows, and system inventories are normalising. We are building in double-digit volume growth at JLR over FY22/23E (12/11%). The luxury OEM has turned FCF positive (+GBP 463m in 2Q), a trend which we expect would sustain over FY22/23E.
|2020-11-03||Tata Motors Ltd. +||SMC online||139.00||139.00 (140.50%)|
Tata Motors records loss of Rs 314 cr in July-Sept quarter, misses' estimates Net sales during the quarter declined 18.4% year-on-year (YoY) to Rs 52,839.02 crore. Finance costs increased by Rs 114 crore to Rs 1,950 crore during Q2 FY21 compared with the prior year due to higher gross borrowings as compared to Q2 FY20....