{"id":10838,"date":"2017-03-13T14:08:23","date_gmt":"2017-03-13T08:38:23","guid":{"rendered":"https:\/\/blog.fundsindia.com\/blog\/?p=10838"},"modified":"2017-03-13T14:08:23","modified_gmt":"2017-03-13T08:38:23","slug":"tata-motors-ltd","status":"publish","type":"post","link":"https:\/\/www.fundsindia.com\/blog\/equities\/tata-motors-ltd\/10838","title":{"rendered":"Tata Motors Ltd"},"content":{"rendered":"<p><strong>JLR\u2019s volume outlook remains strong!<\/strong><\/p>\n<p style=\"text-align: justify;\">Tata Motors (TAMO) is India\u2019s largest CV manufacturer with 55%\u00a0market share in M&amp;HCV segment. Besides, it also manufactures\u00a0passenger cars and utility vehicles. With the acquisition of Jaguar Land\u00a0Rover (JLR) from Ford in 2008, TAMO now has presence in the global\u00a0luxury car market. Importantly, TAMO derives about 82% of its revenue\u00a0from JLR.<\/p>\n<p style=\"text-align: justify;\"><strong>View &amp; Valuvation<\/strong><\/p>\n<p style=\"text-align: justify;\">We maintain positive stance on the stock given its healthy product\u00a0pipeline for JLR coupled with revival of standalone business. We expect revenue\u00a0&amp; PAT to grow at a CAGR of 11% and 56% respectively over FY17-19E. We expect\u00a0overall EBITDA margin would expand to 13.9% by FY19E from 11% in FY17. We\u00a0value the stock on SOTP basis, ascribing separate values to JLR (3.5xEV\/EBITDA),\u00a0China JV (3.5x EV\/EBITDA), Standalone (8x EV\/EBITDA) and investments in\u00a0subsidiaries (using P\/E, P\/BV), we arrive at a TP of Rs. 518. Maintain BUY.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2017\/03\/Research-Report-Tata-Motors-Ltd.pdf\">Research Report Tata Motors Ltd<\/a><\/p>\n<p style=\"text-align: justify;\"><i>Investments in equity shares, debentures, etc., are not obligations of, or guaranteed by Wealth India Financial Services Pvt. Ltd., and are subject to investment risks.\u00a0<a href=\"http:\/\/pages.fundsindia.com\/pages\/disclaimer-equities\/\">Click here<\/a>\u00a0to read our full disclaimer.<\/i><\/p>\n","protected":false},"excerpt":{"rendered":"<p>JLR\u2019s volume outlook remains strong! Tata Motors (TAMO) is India\u2019s largest CV manufacturer with 55%\u00a0market share in M&amp;HCV segment. Besides, it also manufactures\u00a0passenger cars and utility vehicles. With the acquisition of Jaguar Land\u00a0Rover (JLR) from Ford in 2008, TAMO now has presence in the global\u00a0luxury car market. Importantly, TAMO derives about 82% of its revenue\u00a0from [&hellip;]<\/p>\n","protected":false},"author":14,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[59],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v17.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Tata Motors Ltd<\/title>\n<meta name=\"description\" content=\"Find the latest research report on Tata Motors Ltd. 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