ICICI Direct research report on Tata Motors
We attended the ‘Tata Motors Investor Day 2021 for India Business’, in which Tata Motors’ (TML) senior management provided an update on the business environment and future outlook for the two India facing business segments. We came away enthused by the exciting progress that the company has been making in its domestic CV, PV turnaround efforts. TML reiterated its commitment towards near zero automotive net debt level by FY24E and is open to partnership in domestic PV business given segment’s capex needs.
Outlook
However, given the management intent on FCF generation and profitable growth journey that lies ahead we upgrade our valuation multiples across business segments, retaining our BUY rating on the stock with a revised target price of Rs 350 (earlier Rs 301) on SOTP basis (12x, 3.5x FY23E EV/EBITDA for standalone, JLR businesses).
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