Buy Tata Motors; target of Rs 471: Motilal Oswal

Motilal Oswal’s research report on Tata Motors

JLR’s wholesale volumes grew 3.5% YoY (16.4% MoM) to 48.8k units (including China JV’s 7k units) in May 2018. Jaguar volumes grew 21.1% YoY to 15.3k units (in-line) while Land Rover volumes declined 2.9% YoY to 33.5k units (in-line). JLR’s retail volumes increased 6.1% YoY (6.9% MoM) to 48.3k units, as Jaguar retails grew 6.6% YoY (9.2% MoM) to 14.5k units, while LR retails increased 6% YoY (5.9% MoM) to 33.8k units.


Although there has been an initial drop in sales, as customers weigh up what it means for them, all indications are that this will be temporary and the move mid-term will further strengthen demand.” The stock trades at 7.2/5.9x FY19E/20E consolidated EPS. Maintain Buy with a target price of INR471 (March 2020E SOTP-based).

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First Published on Jun 14, 2018 04:58 pm

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