Tatamotors Rating
UBS ON TATA MOTORS : 19.05.2021
* MAINTAIN NEUTRAL TARGET: 360
* Positive on India, but JLR volume expectations are high, chip shortage is likely to impact JLR volume in H1, UBS says in its report
* Positive On India, But JLR Volume Expectations Are High
* Chip Shortage Is Likely To Impact JLR Volumes In H1
* Inventories Are Low & We Are Constructive On India Truck Recovery
* Profitability Improvement For JLR Is Priced In
CLSA ON TATA MOTORS : 19.05.2021
* Maintain BUY, Upgrade target at Rs 450/share from Rs 425/share
* FCF generation at JLR and India continue to surprise positively
* Management expects a tough 1HFY22 for JLR and India
* Value the India business at Rs 243/share and JLR at Rs 209/share
GS ON TATA MOTORS : 19.05.2021
* MAINTAIN SELL TARGET: 254
* Q4 results a mixed bag with a beat on India business & a miss at JLR, GS says.
* Q4 Results A Mixed Bag With A Beat On India Biz & A Miss At JLR
* LR EBITDA Supported By Lower Incentives & Mktg Costs; Both To Increase InFY22
* JLR's Results Lagged Performance & Outlook Of Its Larger Peers BMW & Daimler
CITI ON TATA MOTORS : 19.05.2021
* MAINTAIN BUY TARGET: 395
* Domestic business reported a strong Q4 but JLR performance slightly weak, Citi says
* Domestic Business Reported A Strong Q4 But JLR Performance Slightly Weak
* There Are Near-term Headwinds For Both Biz
* Underlying Growth Drivers Are Intact & Recovery Is Seen Over H2FY22
KOTAK INSTL ON TATA MOTORS : 19.05.2021
* MAINTAIN SELL TARGET: 205
* Being late in EV launches may lead to a mkt loss for JLR going forward, Kotak Institutional Equities maintains SELL on Tata Motors
* Strong Operational Performance In Standalone Business
* JLR Operating Performance Below Due To Lower-than expected ASPS
* JLR Launches In The EV Space Pretty Late Than Competition
* JLR Trading At Significantly Higher Multiple As Compared To BMW
CLSA ON TATA MOTORS
* MAINTAIN BUY TARGET: 450
* Tata Motors management expects strong volume & free-cash-flow to resume in H2FY22. Here's what CLSA has to say
* FCF Generation At JLR & India Continues To Surprise Positively
* FY21 FCF At *5,300 Cr Despite COVID-related Disruptions
* Management Expects Strong Volume & FCF To Resume In H2FY22
NOMURA ON TATA MOTORS
* MAINTAIN REDUCE TARGET: 313
* Debt reduction is a positive for Tata Motors but lack of electric vehicles is a long-term concern for JLR, Nomura says, maintaining REDUCE rating on the stoc
* Q4 Ahead On Lower Marketing Spends For JLR
* Lower Marketing Spending Seen In Near Term
* Debt Reduction Positives; Lack Of EVs A Long-term Concern For JLR
UBS ON TATA MOTORS
* Maintain Neutral, Target at Rs 360/share
* Positive on India, but JLR volume expectations high
* JLR-FY22 volumes to grow 20%+; but Q1 to be EBIT breakeven
* Continue to value the India business at 10x FY23E
