107.60 0.65 (0.61%)
NSEJul 10, 2020 15:31
The 28 reports from 9 analysts offering long term price targets for Tata Motors Ltd. have an average target of 116.00. The consensus estimate represents an upside of 7.81% from the last price of 107.60.
|Summary||Date||Stock||Broker||Price at Reco.||Target||Price at reco|
Change since reco(%)
|2020-06-22||Tata Motors Ltd.||HDFC Securities||104.40||112.00||104.40 (3.07%)||Target met||Accumulate|
As stock valuations at below FY20 book value (0.8x) are factoring in a challenging environment; we reinstate coverage with an ADD rating. Amidst the COVID backdrop, Tata Motors management is focused on conserving capital by aggressively scaling back capex spends in FY21E (by over 30%) as well as seeking a strategic partner for the loss-making India passenger car business. As the business normalises at JLR/India, the cash flows are expected to improve over CY21E (led by working capital reduction).
|2020-06-16||Tata Motors Ltd.||Prabhudas Lilladhar||95.40||87.00||95.40 (12.79%)||-19.14||Hold|
JLR bets on China's recovery and healthy response to the new Defender. TTMT 4QFY20 performance was operationally weak with S/A margins at -4.4% (PLe -3.3%), JLR margins at 4.8% (PLe 7%) and consol margins at 3.8% (PLe 6%). The miss in JLR margin was led by negative operating leverage and weak...
|2020-06-16||Tata Motors Ltd.||Motilal Oswal||94.75||122.00||94.75 (13.56%)||13.38||Buy|
We lower our FY21/FY22 EBITDA by -18%/0% to factor weakness in volumes in both businesses and higher interest cost, resulting in PAT loss in both the years. adverse mix, and higher fixed cost led to a third quarter of EBITDA loss of We lower our FY21/FY22 EBITDA by 18%/0% to factor near-term volume weakness, Fx movement, and the impact of COVID-19 on cost structures in both JLR and the India business. While TTMTs India CV business is on a strong footing, the India PV business particularly would be severely challenged during such uncertain times as customers prefer proven Over the last three years, JLR had suffered from adverse product (growth led by Jaguar), market mix (decline in Chinas contribution), and increase in capex, resulting in negative FCFF in FY1820. We lower our FY21/FY22 EBITDA by 18%/0% to factor near-term volume weakness, Fx movement, and the impact of COVID-19 on cost structures in both JLR and the India business.
|2020-06-16||Tata Motors Ltd.||ICICI Securities Limited||94.75||90.00||94.75 (13.56%)||-16.36||Hold|
ICICI Securities Limited
JLR's FCF position continues to improve (up 563 million YoY to -722 million). Cost, profit and cash improvement plan Project Charge' has delivered results well ahead of schedule (Exhibit 4), delivering 3.5 billion in savings by FY20 instead of the originally planned 2.5 billion. Now termed Charge+', TML aims to achieve further 1.5 billion savings by FY21E (half of these being non-recurring and structural). The company has also initiated a similar | 6,000 crore plan in India (includes | 3,000 crore of planned capex reduction). Also, JLR capex has been revised downwards by 40% to 2.5...
|2020-05-22||Tata Motors Ltd.||Geojit BNP Paribas||82.80||91.00||82.80 (29.95%)||Target met||Hold|
Geojit BNP Paribas
Domestic sales volume in March 2020 fell to 11,012 units (-84.0% YoY), taking FY20 domestic volumes to 442k units (-34.9% YoY), impacted by COVID-19 pandemic and planned transition to BS VI. JLR recorded FY20...
|2020-02-07||Tata Motors Ltd.||Geojit BNP Paribas||173.60||188.00||173.60 (-38.02%)||74.72||Hold|
|2020-02-03||Tata Motors Ltd.||Hem Securities||165.70||194.00||165.70 (-35.06%)||80.30||Buy|
Tata Motors Limited is an automobile company. The Company is engaged in manufacture of motor vehicles. The Company is engaged mainly in the business of automobile products consisting of all types of commercial and passenger vehicles, including financing of the vehicles sold by the Company. In the automotive segment, the Company manufactures and sells passenger cars, utility vehicles,...
|2020-02-03||Tata Motors Ltd.||SMC online||165.70||165.70 (-35.06%)||Results Update|
Tata Motors' Q3 result beats estimates, China retails have come back strongly with growth of 24% YoY against overall decline of 2.3% YoY in JLR retails Tata Motors is engaged in manufacture of motor vehicles. The company is engaged mainly in the business of automobile products consisting of all types of commercial and passenger vehicles, including financing of the vehicles sold. Consolidated total income declined 6.83% to Rs 71,676.07 crore in Q3 December 2019 as against Rs 76,264.69 crore in Q3 December 2018. Consolidated profit before tax stood at Rs...
|2020-01-31||Tata Motors Ltd.||Motilal Oswal||176.60||228.00||176.60 (-39.07%)||111.90||Buy|
31 January 2020 While the operating performance was well below expectations, all key operating matrices showed an improvement. Although TTMT faced impact from FX in JLR and higher discounts to clear inventory in India, we do believe that the structural recovery is in place and part of cyclical factors will ease. We lower our FY21/22 EPS estimate by 11%/3% to factor in the adverse FX We would buy into any weakness in the stock. India M&HCV; business is seeing signs of recovery with improved inquiries for replacement demand from large fleet operators and for tippers. We cut FY21/22E EPS by 11%/3% to factor in adverse FX. Tata Motors JLRs volumes have been under pressure in FY19 due to several headwinds. With several upgrades and refreshes coming over the next 12-18 months, as well as completion of inventory de-stocking, JLRs volumes are expected to stabilize in 2HFY20. We expect JLR's volumes (including JV) to grow at 4.
|2020-01-31||Tata Motors Ltd.||ICICI Securities Limited||163.85||163.85 (-34.33%)||Hold|
ICICI Securities Limited
JLR-centric turnaround plan - Project Charge' was launched in October 2018 and aimed to deliver 2.5 billion of cost, profit and cash improvements by March 2020. Progress on the initiative has been stellar, with the company having over-achieved the target by 400 million three months ahead of schedule. JLR has now embarked on Project Charge+, which targets further 1.1 billion worth improvements in vehicle and market profitability, working capital, overheads and investment by FY21E. Pursuant to strong cost focus, FCF position has strengthened considerably as evidenced by 954, 559,...
|2020-01-31||Tata Motors Ltd.||BOB Capital Markets Ltd.||176.60||176.60 (-39.07%)||Accumulate|
|2019-12-10||Tata Motors Ltd.||Motilal Oswal||161.80||195.00||161.80 (-33.50%)||Target met||Buy|
10 December 2019 Automobiles JLRs wholesale volumes declined marginally by 2.4% YoY to ~48.1k units (our whereas Land Rover (LR) volumes increased ~9% YoY to ~37.3k units (our JLRs retail volumes declined 3.4% YoY in Nov19 as the recovery in China (+29%) and North America (~+5%) was offset by the fall in the UK (~-11%), Europe (~-17%) and RoW (~-17%). China witnessed the fifth consecutive month of a recovery in volumes. Jaguars retail volumes declined ~23% YoY in Nov19. LRs retail volumes were up 5.5% YoY, driven by higher sales of new RR Evoque (~+25%), new LR Discovery Sports (+4.4%), LR Discovery (+15.5%) and RR Sport (~+5%). Against the backdrop of a downturn in the global automotive market, we were pleased to see our sales grow in the US and China. Despite the ongoing headwinds in China, we continue to see green shoots of recovery in our sales there.
|2019-11-29||Tata Motors Ltd.||Motilal Oswal||161.05||195.00||161.05 (-33.19%)||Target met||Buy|
JLR has endured a turbulent operating environment over the last two 29 November 2019 years, led by a troika of adverse macro, product mix (due to pipeline favoring Jaguar) and market mix (due to the underperformance in China led by product quality issues, high inventory, high discounts and low dealer profitability). aforementioned challenges, particularly on product/market mix, are likely to ease based on product pipeline visibility and initiatives undertaken by JLR in China. JLRs product pipeline is dominated by LR, with four of the five new product launches over the next 2-3 years coming from the LR brand. In China, JLR has been focused on (a) reducing inventory (now at lowest levels since 2017), (b) improving dealer profitability and (c) brand-led pull strategy. JLRs cost-cutting initiatives under Project Charge have started reflecting in P&L;, with GBP0.5b of the targeted GBP1b of cost savings achieved till Sep19 and the balance GBP0.5b on track to be achieved in 2HFY20.
|2019-11-12||Tata Motors Ltd.||Motilal Oswal||172.00||185.00||172.00 (-37.44%)||Target met||Buy|
whereas Land Rover (LR) volumes were up ~5% YoY at 34.9k units (our JLRs retail volumes declined ~5.5% YoY in Oct19, as the recovery in China (+16%) was offset by the fall in the UK (-19%) and RoW (-11%). China witnessed the fourth consecutive month of a recovery in volumes. Jaguars retail volumes declined ~23% YoY, led by a decrease in sales for all models, except I-Pace. LRs retail volumes grew marginally by 2.4% YoY, driven by higher sales of new Evoque (+31%), LR Discovery Sports (+3%) and RR Sport (+7%). Land Rover year-on-year global growth continues; with the latest generation of our ever-popular luxury compact Range Rover Evoque now available in all regions. Sales of the comprehensively updated best-selling Land Rover Discovery Sport are ramping up well. The Range Rover Sport, also remains a key performer, with particularly strong sales in North America and China.
|2019-11-05||Tata Motors Ltd.||Geojit BNP Paribas||172.00||164.00||172.00 (-37.44%)||Target met||Sell|
Geojit BNP Paribas
In Q2FY20 Tata Motors Limited (TML) posted consolidated revenue of Rs. 65,432 cr (down 9.2% YoY) on continued weaker sales volume. TML standalone revenue dropped by 44% YoY while revenue from Jaguar Land Rover (JLR) recorded decent growth of 7% YoY. Retail sales in china was the main driver of growth for JLR as it increased 24.3% YoY...
|2019-10-29||Tata Motors Ltd.||Reliance Securities||172.45||205.00||172.45 (-37.61%)||90.52||Buy|
Strong Performance at JLR; Upgrade to BUY Tata Motors (TTMT) has delivered a stellar operating performance in 2QFY20 with sizable improvement in JLR's EBITDA margin despite challenging business environment for the global automobile industry. JLR's EBIDTA margin expanded by strong 485bps YoY and 960bps QoQ to 13.8%, supported by healthy product-mix and cost control measures. Consolidated revenue fell by 9% YoY (+7% QoQ) to Rs654bn (vs. our estimate of Rs689bn) on lower JLR volume and sharp deterioration in India business. Consolidated EBITDA rose by 8% YoY and 139% QoQ to Rs71.6bn (vs. our estimate of Rs51.2bn), while EBIDTA margin expanded by 174bps YoY and 607bps QoQ...
|2019-10-29||Tata Motors Ltd.||ICICI Securities Limited||172.45||175.00||172.45 (-37.61%)||Target met||Hold|
ICICI Securities Limited
JLR's China volumes on the mend; Brexit muddies waters! JLR volumes have exhibited resilience in recent months, as a favourable base coincides with improvement in China business. Q2FY20 volumes at 1.35 lakh were up 3% YoY and 13% QoQ. Retail volumes (1.29 lakh units) were flattish on a yearly as well as sequential basis (China up 24% YoY, 8% QoQ). These prints represent tangible progress for JLR given the 15 consecutive months of contraction in overall Chinese auto industry volumes. However, prevailing uncertainty over Brexit negotiations would over the...
|2019-10-26||Tata Motors Ltd.||Motilal Oswal||126.85||185.00||126.85 (-15.18%)||Target met||Buy|
26 October 2019 strong, with the EBITDA margin at 13.8% (est. of 7.7%) one of the highest in four years. This reflects (a) a recovery in China and resilient US/EU, (b) a better mix, (c) Project Charge delivery, (d) lower D&A; and (e) favorable FX. PBT before EO stood at GBP166m (est. FCF was negative at GBP64m (v/s GBP623m in 2QFY19). business was impacted by inventory reduction, resulting in retails coming in higher by ~27k than wholesales in 2Q. India business disappointed with an EBITDA loss of ~INR1.7b (est. of +INR2.2b) due to write-off of ~INR2.33b in PV and operating deleverage.
|2019-10-25||Tata Motors Ltd.||Prabhudas Lilladhar||126.85||138.00||126.85 (-15.18%)||Target met||Hold|
Acceleration in Project Chage'savings drive JLR margin performance. TTMT's 2QFY20 results were better than expectations as JLR margins were at 13.8% (PLe: 8%) led by favorable mix, forex and project charge related cost savings. However, this was offset by a sharp decline in S/A profitability with EBITDA margins turning negative at 1.7% (18 quarter low, PLe: 5%) and loss of Rs13.4bn (PLe loss of Rs3.6bn)....
|2019-10-10||Tata Motors Ltd.||Motilal Oswal||116.80||119.00||116.80 (-7.88%)||Target met||Neutral|
10 October 2019 Automobiles JLRs wholesale volumes were flat YoY (+34% MoM) at 53k units (our 4% YoY). JLRs retail volumes declined by ~0.5% YoY, as the recovery in China (+18% YoY) was offset by the decline in the UK (-6.5% YoY) and RoW (-13% YoY). China witnessed the third consecutive month of a recovery in volumes. Jaguars retail volumes declined ~15% YoY, led by a decrease in sales for all models, except I-Pace. LRs retail volumes grew ~7% YoY, driven by the ramp-up of new Evoque (+51%), RR (+11%) and RR Sport (+31%). Against challenging market headwinds, for the third consecutive month we have achieved double-digit growth in China, benefitting from our local turnaround plan and performing ahead of the broader market. Despite these negative market trends, Land Rover sales saw year-on-year growth in the quarter. A comprehensively updated and well-received new Discovery Sport will support this positive development in the months to come.