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TATAMOTORS Share Price Target
Tata Motors Ltd.
Sector: Auto
Sector: Auto
TATAMOTORS Share Price *
120.9 +4.1 (3.51%)
* (quote may be delayed)
TATAMOTORS Share Price Forecast - Consensus
| No. of reports in last year | 14 |
| No. of analysts | 6 |
| Average Consensus Forecast | 198.86 |
| Consensus Potential | 38.80% |
TATAMOTORS Share Price Target - Broker Reports - 2019
Motilal Oswal
11-Sep-19
Price @ Call: 130.84
Target: 146
NEUTRAL
A sustainable recovery in volumes in JLR, particularly in the profitable markets of China, along with the ongoing cost-cutting initiatives, is key to value- accretive growth and stock performance. This is particularly important due to the impending downcycle in the cash-cow India CV business in FY21. The stock trades at 13.3x/8.8x FY20/21E consol. EPS. Maintain Neutral with a target price of INR146 (Mar’21E SOTP-based).
ICICIdirect.com
29-Jul-19
Price @ Call: 147.2
Target: 160
HOLD
Going forward, we expect topline, EBITDA to grow at a CAGR of 5.1%, 19.5%, respectively, in FY19-21E. PAT is expected to be volatile given the nature of TML’s earnings that include a high degree of one-offs. Market conditions remain challenging globally and in India, clouding our outlook. Using SOTP valuation technique we value TML at Rs 160 i.e. 8x EV/EBITDA (FY21E) to TML standalone business (~15% premium to its competition) and 3x EV/EBITDA (FY21E) to JLR. We retain our HOLD rating on the stock.
ICICIdirect.com
6-Jun-19
Price @ Call: 173.4
Target: 185
HOLD
JLR tie-up with BMW, directionally correct… Valuation & Outlook: JLR witnessed demand concerns starting June 2018 amid uncertainty over Brexit, tariff barriers in China, a general auto slowdown in China among others. This led to a decline in sales, which continued until April 2019. Going forward, as the base effect kicks in from June 2019, we expect its performance to normalise from here on amid conscious efforts to reduce cash costs, improve brand perception, control working capital cycle and capex outgo. However, we await positive commentary from JLR on volume as well as cash costs savings perspective before any meaningful change in our stance. However, the present collaboration mitigates risks over cash flow burn at JLR on upcoming technologies over a longer timeframe. We stick to our HOLD rating on the stock with a target price of | 185.
Prabhudas Lilladher
28-May-19
Price @ Call: 181.15
Target: 192
ACCUMULATE
Standalone turnaround 2.0 delivering results. Tata Motors Investor day highlighted details about its medium-to-long term strategy (Turnaround 2.0) for the domestic business. With focus on topline growth, customer centricity, enhanced dealer engagement, agile cost management and a lean & accountable organization, the management reiterated their key objectives: 1) Outperforming the industry for both the CV & PV segment (CV & PV volumes for TTMT up 17.5% % 12% respectively for FY19) 2) EBIT margin target of 4-6% over FY20-22 and 5-7% in the long run (FY19 EBIT margins at 3.8%) 3) Higher FCF generation curtailing Subsidiary investments within affordable limits. While the domestic demand environment for the next 3-6 months is expected to remain muted, H2 should see some recovery on anticipated pre-buy ahead of BS VI implementation. JLR outlook remains muted both for volumes and profitability with cut in EBIT margin guidance over FY20-21E to 3-6% (earlier 4-6%) owing to continued demand challenges & model run-outs. Retain ‘’Accumulate’’ with a target price of Rs192, where we value JLR at 1.5x Mar’21E EV/EBITDA and Standalone entity at 9x Mar’21E EPS.
Prabhudas Lilladher
22-May-19
Price @ Call: 176.6
Target: 198
BUY
Volume outlook remains bleak Consolidated performance for Tata Motors over Q4FY19 surpassed our expectations, with JLR operating margins at 9.8% v/s our estimate of 8.8%. Standalone margins however, stood lower than expected at 7.3%, owing to high discounting in the industry. For full year FY19, JLR EBIT margins came in at -0.7% (Q4FY19 EBIT at 3%) and the management has again revised their EBIT guidance for FY20-21E downwards at 3-4% (earlier 3-6%) on account of demand challenges and run-out of their most selling models Range Rover & Range Rover sport. While dealer inventory levels have lowered in China, demand is yet to pick up, wherein some recovery is expected H2FY20 onwards. TTMT’s cost reduction efforts have been yielding results, however, volume uptick remains key. We currently factor in 5.8%/6.7% volume growth for JLR for FY20/21E respectively and downgrade to ‘’Accumulate’’ with the target price of Rs192, where we value JLR at 1.5x Mar’21E EV/EBITDA and Standalone entity at 9x Mar’21E EPS.
ICICIdirect.com
22-May-19
Price @ Call: 176.6
Target: 185
HOLD
Reliance Securities
22-May-19
Price @ Call: 176.6
Target: 135
REDUCE
Outlook & Valuation: In view of the challenges in JLR business and ongoing slowdown in domestic operations, we tweak few of our estimates for FY20E/FY21E. In light of massive slowdown in JLR’s business, higher debt level and expected cash crunch, we maintain our REDUCE recommendation on the stock and retain our an SOTP-based Target Price of Rs135 (valuing the standalone business at Rs130, JLR at Rs222 and other subsidiaries at Rs22, based on FY21E EBITDA, post excluding net debt of Rs239/share).
Motilal Oswal
21-May-19
Price @ Call: 190
Target: 199
NEUTRAL
JLR in-line, S/A disappoints; guides for recovery in both businesses in FY20. Valuation view: We raise our consol. EPS estimate for FY20 by ~16% to factor in lower depreciation at JLR and higher other income in S/A. However, we note that the weakening outlook for the India business is fading the cost-cutting-led recovery at JLR. FY21 could be a tough year for India and JLR (run-out of most profitable RR/RR Sport). Further, the noise around EVs, Brexit and trade-war adds to the uncertainty. Hence, we maintain Neutral rating with a target price of INR199 (Mar’21 SOTP).
Motilal Oswal
13-Feb-19
Price @ Call: 151.45
Target: 166
NEUTRAL
JLR’s Jan’19 wholesales below est. at 41.7k. The stock trades at 8.8x/7.2x FY20/FY21 consolidated EPS. Maintain Neutral with a target price of INR166 (Mar’21 SOTP-based).
Phillip Capital
12-Feb-19
Price @ Call: 152.45
Target: 200
BUY
Motilal Oswal
11-Jan-19
Price @ Call: 182.65
Target: 246
BUY
JLR’s wholesale volumes decline in a challenging market. The stock trades at 8.3x FY20E consolidated EPS, 2.3x EV/EBITDA and 0.6x P/BV. Maintain Buy with a target price of INR246 (Dec’20E SOTP-based).
Karvy Stock Broking
11-Jan-19
Price @ Call: 182.65
Target: 259
BUY
TATAMOTORS Share Price Target - Broker Reports - 2018
Motilal Oswal
10-Dec-18
Price @ Call: 158.16
Target: 246
BUY
JLR’s Nov’18 wholesales in line at 49.3k units (-9% YoY) Jaguar volumes increase 23% YoY, while Land Rover declines 18.5% YoY. The stock trades at 7x FY20E consolidated EPS, 2.1x EV/EBITDA and 0.5x P/BV. Maintain Buy with a target price of INR246 (Sep-20 SOTP-based).
Prabhudas Lilladher
31-Oct-18
Price @ Call: 175.97
Target: 267
BUY
Operational challenges at JLR continue… With JLR reporting weak performance for this quarter again, with volumes down 14.7% YoY, EBIT margins at -0.7% & adj. PAT loss of GBP75mn, Tata Motors consolidated adjusted loss stood at Rs3.3bn, while standalone margins stood at a decent 8.5% and standalone adj. profit came in at Rs4.5bn. While Q3 is anticipated to remain muted, JLR is expected start recovering over Q4FY19, where the management expects full year FY19 to see flat volume growth and EBIT breakeven, on the back of higher seasonal sales and aggressive cost reduction efforts. Concerns over sales in China are expected to persist over the near term with dealer inventory in China for Chery JV currently at 2 months. Standalone performance for the company remains on track. We currently factor in ~6% volume growth for JLR over FY19-20 and maintain “BUY” with the target price of Rs267, where we value JLR at 2x Mar’20E EV/EBITDA and Standalone entity at 9x Mar’20 EPS.
ICICIdirect.com
9-Oct-18
Price @ Call: 186.27
Target: 200
HOLD
Challenging times continue at JLR… Negative FCF; subdued return ratios; retain HOLD! JLR is investing aggressively in technologies amid an uncertain business outlook, thereby generating negative free cash flows & stressing its balance sheet. This is likely to result in muted return ratios with RoCE<10%. Going forward, revising our estimates, on consolidated basis, over FY18-20E we expect sales to grow at a CAGR of 5.9%. On the margins front, we expect ~140 bps contraction in EBITDA margins with a consequent drop in PAT over FY18-20E. We revise our target price to | 200/share on SOTP basis and maintain our HOLD rating on the stock. The only saviour for TML is the up trending domestic segment wherein the company is witnessing robust prospects both in the M&HCV space as well as PV segment.
Motilal Oswal
9-Oct-18
Price @ Call: 186.27
Target: 335
BUY
JLR’s wholesale of 53k units (-8% YoY) exceeds estimate Jaguar volumes up 9% YoY, but Land Rover volumes decline 19% YoY. The stock trades at 9.1/5.3x FY19E/20E consolidated EPS. Maintain Buy with a target price of INR335 (Sep-20 SOTP-based).
Motilal Oswal
11-Sep-18
Price @ Call: 275.55
Target: 353
BUY
JLR’s Aug-2018 wholesale above estimate at 42.7k units Jaguar +29.4% YoY (+14.3% MoM), while Land Rover -14.9% YoY (+26% MoM). The stock trades at 9.2/7.2x FY19E/20E consolidated EPS. Maintain Buy with a target price of INR353 (September-2020 SOTP-based).
Edelweiss
3-Sep-18
Price @ Call: 267.1
Target: 292
BUY
Motilal Oswal
13-Aug-18
Price @ Call: 250.25
Target: 360
BUY
Arihant Capital Markets
2-Aug-18
Price @ Call: 264.95
Target: 278
HOLD
LKP Securities Limited
2-Aug-18
Price @ Call: 264.95
Target: 350
BUY
ICICIdirect.com
2-Aug-18
Price @ Call: 262.47
Target: 290
HOLD
Prabhudas Lilladher
1-Aug-18
Price @ Call: 264.15
Target: 352
BUY
Motilal Oswal
1-Aug-18
Price @ Call: 264.15
Target: 360
BUY
Edelweiss
1-Aug-18
Price @ Call: 264.15
Target: 285
HOLD
Motilal Oswal
11-Jul-18
Price @ Call: 275.4
Target: 459
BUY
ICICIdirect.com
29-Jun-18
Price @ Call: 267.28
Target: 355
BUY
Prabhudas Lilladher
26-Jun-18
Price @ Call: 289.85
Target: 378
BUY
Motilal Oswal
25-Jun-18
Price @ Call: 307.35
Target: 431
BUY
Edelweiss
25-Jun-18
Price @ Call: 307.35
Target: 314
HOLD
Arihant Capital Markets
11-Jun-18
Price @ Call: 310.05
Target: 330
HOLD
Elara Capital
8-Jun-18
Price @ Call: 305.3
Target: 362
ACCUMULATE
Edelweiss
7-Jun-18
Price @ Call: 301.6
Target: 351
HOLD
Prabhudas Lilladher
6-Jun-18
Price @ Call: 285.35
Target: 378
BUY
Motilal Oswal
1-Jun-18
Price @ Call: 284.5
Target: 471
BUY
LKP Securities Limited
29-May-18
Price @ Call: 297.87
Target: 415
BUY
Edelweiss
25-May-18
Price @ Call: 291.06
Target: 351
HOLD
Motilal Oswal
24-May-18
Price @ Call: 309.25
Target: 471
BUY
Prabhudas Lilladher
23-May-18
Price @ Call: 311.6
Target: 378
BUY
Motilal Oswal
11-May-18
Price @ Call: 331.66
Target: 565
BUY
Kotak Securities
10-Apr-18
Price @ Call: 358.3
Target: 465
BUY
Motilal Oswal
9-Mar-18
Price @ Call: 344.12
Target: 515
BUY
Axis Direct
12-Feb-18
Price @ Call: 369.2
Target: 495
BUY
Motilal Oswal
11-Feb-18
Price @ Call: 370.28
Target: 515
BUY
Edelweiss
6-Feb-18
Price @ Call: 396.05
Target: 442
HOLD
Kotak Securities
6-Feb-18
Price @ Call: 396.05
Target: 477
BUY
Prabhudas Lilladher
6-Feb-18
Price @ Call: 370.75
Target: 438
ACCUMULATE
Motilal Oswal
5-Feb-18
Price @ Call: 392
Target: 515
BUY
Motilal Oswal
10-Jan-18
Price @ Call: 434.59
Target: 593
BUY
TATAMOTORS Share Price Target - Broker Reports - 2017
Axis Direct
12-Dec-17
Price @ Call: 408.06
Target: 443
BUY
Motilal Oswal
11-Dec-17
Price @ Call: 411.05
Target: 575
BUY
Kotak Securities
8-Dec-17
Price @ Call: 402.15
Target: 535
BUY
ICICIdirect.com
21-Nov-17
Price @ Call: 422.4
Target: 500
BUY
Axis Direct
16-Nov-17
Price @ Call: 413.84
Target: 520
BUY
Arihant Capital Markets
13-Nov-17
Price @ Call: 422.65
Target: 472
HOLD
Motilal Oswal
10-Nov-17
Price @ Call: 440.3
Target: 575
BUY
Prabhudas Lilladher
9-Nov-17
Price @ Call: 441.55
Target: 474
ACCUMULATE
Geojit Financial Services
17-Oct-17
Price @ Call: 436.55
Target: 508
BUY
Motilal Oswal
11-Oct-17
Price @ Call: 423.8
Target: 562
BUY
Motilal Oswal
12-Sep-17
Price @ Call: 375.4
Target: 542
BUY
ICICIdirect.com
22-Aug-17
Price @ Call: 374.55
Target: 490
BUY
Motilal Oswal
14-Aug-17
Price @ Call: 376.1
Target: 666
BUY
Edelweiss
10-Aug-17
Price @ Call: 416.75
Target: 444
HOLD
LKP Securities Limited
10-Aug-17
Price @ Call: 416.75
Target: 483
BUY
Motilal Oswal
9-Jun-17
Price @ Call: 467
Target: 635
BUY
ICICIdirect.com
5-Jun-17
Price @ Call: 479
Target: 560
BUY
Axis Direct
31-May-17
Price @ Call: 479.23
Target: 570
HOLD
HDFC Securities
25-May-17
Price @ Call: 470
Target: 542
BUY
Kotak Securities
24-May-17
Price @ Call: 467
Target: 560
BUY
KRChoksey
24-May-17
Price @ Call: 467
Target: 558
BUY
Edelweiss
23-May-17
Price @ Call: 450
Target: 507
HOLD
Motilal Oswal
10-May-17
Price @ Call: 431
Target: 619
BUY
HDFC Securities
6-May-17
Price @ Call: 420
Target: 498
BUY
Motilal Oswal
10-Apr-17
Price @ Call: 475
Target: 609
BUY
India Nivesh
8-Mar-17
Price @ Call: 468
Target: 523
HOLD
Motilal Oswal
2-Mar-17
Price @ Call: 449
Target: 653
BUY
ICICIdirect.com
27-Feb-17
Price @ Call: 458
Target: 535
BUY
Geojit Financial Services
22-Feb-17
Price @ Call: 459
Target: 518
BUY
Axis Direct
21-Feb-17
Price @ Call: 459.11
Target: 500
HOLD
KRChoksey
17-Feb-17
Price @ Call: 445
Target: 525
BUY
Edelweiss
14-Feb-17
Price @ Call: 482
Target: 501
HOLD
Religare
14-Feb-17
Price @ Call: 482.05
Target: 550
BUY
Motilal Oswal
8-Feb-17
Price @ Call: 513
Target: 775
BUY
TATAMOTORS Share Price Target - Broker Reports - 2016
Motilal Oswal
29-Dec-16
Price @ Call: 470.75
Target: 610
BUY
Motilal Oswal
9-Dec-16
Price @ Call: 464
Target: 677
BUY
Geojit Financial Services
5-Dec-16
Price @ Call: 440
Target: 510
BUY
KRChoksey
22-Nov-16
Price @ Call: 463
Target: 622
BUY
ICICIdirect.com
17-Nov-16
Price @ Call: 474
Target: 595
BUY
Edelweiss
16-Nov-16
Price @ Call: 458
Target: 604
BUY
LKP Securities Limited
15-Nov-16
Price @ Call: 457
Target: 555
BUY
Prabhudas Lilladher
15-Nov-16
Price @ Call: 507
Target: 572
ACCUMULATE
Religare
15-Nov-16
Price @ Call: 507.3
Target: 550
BUY
Axis Direct
15-Nov-16
Price @ Call: 507
Target: 608
BUY
Motilal Oswal
10-Oct-16
Price @ Call: 562
Target: 655
BUY
Religare
14-Sep-16
Price @ Call: 546
Target: 600
BUY
Motilal Oswal
9-Sep-16
Price @ Call: 573
Target: 647
BUY
ICICIdirect.com
8-Sep-16
Price @ Call: 580
Target: 660
BUY
Edelweiss
29-Aug-16
Price @ Call: 504
Target: 575
BUY
Prabhudas Lilladher
29-Aug-16
Price @ Call: 504
Target: 556
BUY
Avinash Gorakshakar - Market Expert
29-Aug-16
Price @ Call: 525.95
Target: 577.5
HOLD
Arihant Capital Markets
26-Aug-16
Price @ Call: 503.29
Target: 518
NEUTRAL
Motilal Oswal
8-Jul-16
Price @ Call: 465
Target: 558
BUY
Prabhudas Lilladher
15-Jun-16
Price @ Call: 450.2
Target: 503
BUY
Geojit Financial Services
7-Jun-16
Price @ Call: 463.33
Target: 536
BUY
Motilal Oswal
6-Jun-16
Price @ Call: 452.12
Target: 524
BUY
SPA Securities
2-Jun-16
Price @ Call: 453
Target: 536
BUY
Arihant Capital Markets
1-Jun-16
Price @ Call: 459
Target: 550
BUY
Phillip Capital
31-May-16
Price @ Call: 447.45
Target: 510
BUY
Religare
12-May-16
Price @ Call: 380.1
Target: 470
BUY