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Tata Motors an market outperformer: P Lilladher
Prabhudas Lilladher research has maintained market outperformer rating on Tata Motors with target price of Rs 618. The company is expected to launch a slew of new products in FY09 including a new Indica, Nano and a CV from the World Truck platform.
Prabhudas Lilladher research has maintained market outperformer rating on Tata Motors with target price of Rs 618, in its May 29, 2008 report. "The company is expected to launch a slew of new products in FY09 including a new Indica, Nanoand a CV from the World Truck platform. However, FY09 is expected to be a challenging year for the entire automobile industry with rising input costs and high interest rates. An ambitious capex program coupled with a bleak industry outlook is expected to impact the company's profitability over the next couple of years. The uncertainty of whether TML management would be successful in managing JLR brands looms over the company. In such a scenario, heavy equity dilution is expected to impact valuations. The company is currently trading at 15x FY09E fully diluted EPS of Rs 38.5 and 12.2x FY10E fully diluted EPS of Rs 47.6. Maintain Market Performer" according to Prabhudas Lilladher report.
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