ICICI Direct has given Buy recommendation for Tata Motors with a target price of Rs. 600 in its research report issued on Nov 02, 2021

ICICI Direct’s research report on Tata Motors

Tata Motors (TML) is an auto OEM from the house of Tatas, operating in domestic (PV, CV) as well as global markets (Jaguar Land Rover i.e. JLR). JLR is a luxury car brand that includes two prominent names i.e. Jaguar (models like I-pace, etc.) & Land Rover (models like Defender, Evoque, etc) FY21 consolidated revenue mix – JLR 78%, India CV ~13%, India PV ~7%


We maintain BUY on continued deleveraging focus and EV proactiveness We now value TML at Rs 600 on SOTP basis (15x, 3.3x FY23E EV/EBITDA on India, JLR; Rs 160 value to Indian EV business; earlier TP Rs 515)


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