Buy Tata Motors; target of Rs 375: ICICI Direct

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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%

Outlook

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).

For all recommendations report, click here

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