ICICI Direct's research report on Tata Motors
Tata Motors (TML) is an auto OEM from the house of Tatas, operating in domestic (PV, CV) as well as global markets (Jaguar Land Rover i.e. JLR). JLR is a luxury car brand, which includes two prominent names i.e. Jaguar (models like I-pace, etc.) & Land Rover (models like Defender, Evoque, etc) FY21 consolidated revenue mix – JLR 78%, India CV ~13%, India PV ~7%
We maintain BUY on continued deleveraging focus and EV proactiveness We value TML at an unchanged target price of Rs 375 on SOTP basis (11x, 3.3x FY23E EV/EBITDA on India, JLR businesses respectively).
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