Motilal Oswal 's research report on Tata Motors
We had hosted Mr P B Balaji, CFO – Tata Motors (TTMT), for a meeting with a group of investors. Mr Balaji articulated their approach to achieving a near net debt zero target by FY24, primarily pivoted on: a) revenue improvement, b) cost-cutting, and c) capex control plans laid out for four key businesses (incl. NBFC). He discussed the business-wise roadmap to attaining positive FCF.
Outlook
The stock trades at 2.7x FY22E EV/EBITDA and 1x P/BV. Maintain Buy, with TP of ~INR227 (Sep'22E-based SOTP).
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