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    HomeNewsBusinessStocksBuy Tata Motors; target of Rs 560: ICICI Direct

    Buy Tata Motors; target of Rs 560: ICICI Direct

    ICICI Direct is bullish on Tata Motors has recommended buy rating on the stock with a target price of Rs 560 in its research report dated June 05, 2017.

    June 06, 2017 / 15:20 IST
       
       
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      ICICI Direct's research report onTata Motors

      Tata Motors’ (TML) Q4FY17 results came in above our estimates. Consolidated revenues came in at Rs 77217 crore (down 2.9% YoY, up 14.3% QoQ). Net revenue of £7268 mn (up 10.2% YoY, 11.2% QoQ) came in above our estimates, with the beat attributable to higher than estimated volumes.

      Outlook

      We value the stock on an SOTP basis, with JLR (ex-China JV) at 3.4x EV/EBIDTA basis contributing Rs 456/share while the domestic business contributes Rs 31/share. Inclusive of other subsidiaries, we arrive at a target price of Rs 560.

      For all recommendations, click hereDisclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

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      first published: Jun 6, 2017 02:41 pm

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