Moneycontrol PRO

Buy Tata Motors; target of Rs 530: ICICI Direct

ICICI Direct is bullish on Tata Motors has recommended buy rating on the stock with a target price of Rs 530 in its research report dated July 28, 2022.

July 29, 2022 / 07:01 PM IST
 
 
live
  • bselive
  • nselive
Volume
Todays L/H
More

ICICI Direct's research report on Tata Motors


Tata Motors (TML) is an auto OEM from the house of Tata’s, 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.) • FY22 consolidated sales mix– JLR ~67%, India CV ~19%, India PV ~11%.


Outlook


We retain BUY on positive demand outlook, positive FCF targets for FY23E, strong order book and intent to be net debt free (automotive) by FY24E. We now value TML at Rs 530 on SOTP basis (10x, 3x FY24E EV/EBITDA on India, JLR; ₹158 value to Indian EV business; previous TP ₹500)


For all recommendations report, click here

Close

Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

Tata Motors ( - 280722 - icici

Broker Research
first published: Jul 29, 2022 07:01 pm
Sections
ISO 27001 - BSI Assurance Mark