Buy Tata Motors; target of Rs 535: ICICI Direct

ICICI Direct is bullish on Tata Motors has recommended buy rating on the stock with a target price of Rs 535 in its research report dated February 27, 2017.

February 27, 2017 / 16:51 IST

26 Aug, 2025 12:21

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ICICI Direct's report on Tata Motors

Tata Motors’ (TML) Q3FY17 results came in below our estimates. Consolidated revenues came in at | 67531 crore (down 4.3% YoY, up 2.5% QoQ), above our estimate of Rs 66696 crore. JLR’s net revenue of £6537 million (mn) (up 13% YoY, 9.8% QoQ) was above our estimate of £6167 mn, with the beat attributable to higher than expected volumes.

Outlook

We value the stock on an SOTP basis, with JLR (ex-China JV) at 3.8x EV/EBIDTA basis contributing Rs 444/share while the domestic business contributes Rs 36/share. Inclusive of other subsidiaries, we arrive at a target price of Rs 535.

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first published: Feb 27, 2017 04:51 pm

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