Tata Motors Ltd.

Tata Motors is an automobile company, engaged in the manufacture and sale of commercial and passenger vehicles primarily in India. Co. provides cars, utility vehicles, trucks, buses, and defense vehicles, as well as develops electric and hybrid vehicles for personal and public transportation. In addition, Co. is engaged in the provision of engineering and automotive applications, as well as machine tools and factory automation applications; construction equipment manufacturing; automotive vehicle components manufacturing, among others. Co. markets its vehicles in Europe, Africa, the Middle East, South East Asia, South Asia, and South America.
  • TickerTATAMOTORS
  • ISININE155A01022
  • ExchangeNational Stock Exchange of India
  • SectorAutomobiles & Parts
  • CountryIndia

Analysts

Jinesh Gandhi

MOSL: TATA MOTORS (Neutral)- JLR wholesales miss estimates in Aug’19-China market recovery continues

TATA MOTORS:  JLR wholesales miss estimates in Aug’19; China market recovery continues | All other markets decline (TTMT IN, Mkt Cap USD5.8b, CMP INR134, TP INR146, 9% Upside, Neutral)   JLR's wholesale volumes declined 7.1% YoY (-5.2% MoM) to 39.6k units (our estimate: ~43k) in Aug'19, whereas China JV volumes were down 14% YoY to 4.7k units. Jaguar volumes declined ~29% YoY to ~10k units (our estimate: 12.7k), whereas LR volumes grew ~3.8% YoY to 29.5k units (our estimate: 30k units). JLR's retail volumes declined ~7% YoY with de-growth across markets (marginal in Europe). However, Ch...

Sandeep A Gupta

MOSL: ANNUAL REPORT THREADBARE (ART) | TATA MOTORS FY19-Operational weakness, continued capex dent FCF

ANNUAL REPORT THREADBARE (ART) | TATA MOTORS FY19: Operational weakness, continued capex dent FCF TTMT’s FY19 AR analysis highlighted a weak operating performance. EBITDA declined ~16% YoY to INR256b, despite (a) continued capitalization of product development expenditure by INR169b (80% of cash spent) and (b) lower pension cost recognized in P&L (at INR14b) than cash paid to the pension fund (INR24b). JLR’s underfunded pension liabilities increased from INR40b in FY18 to INR60b in FY19. Earnings continued to be impacted by recognition of derivative losses of INR70b (FY18: INR103b) on hedges,...

Jinesh Gandhi

MOSL: TATA MOTORS (Neutral)-JLR wholesales up ~19% YoY-led by low base/market-level initiatives

TATA MOTORS: JLR wholesales up ~19% YoY; led by low base/market-level initiatives (TTMT IN, Mkt Cap USD5.4b, CMP INR122, TP INR146, 20% Upside, Neutral)   JLR's wholesale volumes grew 19.4% YoY (-3.3% MoM) to 41.8k units (our estimate: ~43k) in Jul'19, whereas China JV volumes declined 2% YoY to 4k units. We note that growth was supported by a low base (22% decline in Jul'18) and market-level initiatives undertaken by the company. Jaguar volumes fell 1% YoY to 12.4k units (our estimate: 14k), whereas Land Rover volumes were up ~30.5% YoY to 22.6k units (our estimate: 29k units). JLR's r...

Deepak Jain

Tata Motors' Q1FY20 results (Neutral) - Weak results; clouded outlook

Q1FY20 results highlights Operating performance disappoints: Tata Motors reported consolidated EBITDA of Rs28.6bn was ~28% below expectations. The variance was largely due to JLR’s weaker than expected EBITDA margin. The company reported a consolidated loss of Rs 34bn (-47% yoy; expectation 17bn). Jaguar Land Rover: JLR’s revenues at GBP 5bn (-3% yoy) reflected a ~4% yoy decline in wholesale volumes (excluding the China JV). Notably, the realisations improved ~3% qoq on favourable currency movements. EBITDA margins for JLR decreased to 4.2% (-550bps qoq, -200bps yoy) with an EBIT  loss of ...

Jinesh Gandhi

MOSL: TATA MOTORS (Neutral)-JLR misses but S/A exceeds estimate-JLR confident of volume recovery/cost savings

TATA MOTORS: JLR misses but S/A exceeds estimate; JLR confident of volume recovery/cost savings (TTMT IN, Mkt Cap USD6.6b, CMP INR144, TP INR146, 1% Upside, Neutral)   revenue declined 8% YoY to INR614.7b (our estimate: INR564.9b). TTMT reported adj. net loss of INR36b (our estimate: loss of INR11.8b). JLR - higher VME, op. deleverage impact margin: Net revenue declined 3% YoY to GBP5.1b, implying realization growth of 1.5% YoY to GBP48.7k (our estimate: GBP47.2k). EBIT margin was at -5.5% (our estimate: -4%), implying a contraction of 180bp YoY due to lower volumes and higher marketing...

Jinesh Gandhi

MOSL: TATA MOTORS (Buy)-JLR Jul-17 volumes in-line at 51,425 units (+17% YoY)-JLR volumes up 25%

​Tata Motors: JLR Jul-17 volumes in-line at 51,425 units (+17% YoY); JLR volumes up 25% led by Discovery and RR Velar; Jaguar volumes flat(TTMT IN, Mkt Cap USD23.0b, CMP INR430, TP INR666, 55% Upside, Buy)JLR Jul-17 wholesale volumes grew ~17% YoY (+4% MoM) to 51,425 units (including China JV volumes of 6,805 units; +87% YoY), in line with our estimate of 51,591 units.Jaguar volumes remained flat at 14,452 units (est. of 15,343 units), led by lower sales of XE.Land Rover (LR) volumes were up by a strong 25% YoY to 36,973 units (est. of 36,248 units), led by ramp-up of the all-new Discovery in ...

Jinesh Gandhi

MOSL: TATA MOTORS (Neutral)- JLR wholesales miss estimates in Aug’19-China market recovery continues

TATA MOTORS:  JLR wholesales miss estimates in Aug’19; China market recovery continues | All other markets decline (TTMT IN, Mkt Cap USD5.8b, CMP INR134, TP INR146, 9% Upside, Neutral)   JLR's wholesale volumes declined 7.1% YoY (-5.2% MoM) to 39.6k units (our estimate: ~43k) in Aug'19, whereas China JV volumes were down 14% YoY to 4.7k units. Jaguar volumes declined ~29% YoY to ~10k units (our estimate: 12.7k), whereas LR volumes grew ~3.8% YoY to 29.5k units (our estimate: 30k units). JLR's retail volumes declined ~7% YoY with de-growth across markets (marginal in Europe). However, Ch...

Sandeep A Gupta

MOSL: ANNUAL REPORT THREADBARE (ART) | TATA MOTORS FY19-Operational weakness, continued capex dent FCF

ANNUAL REPORT THREADBARE (ART) | TATA MOTORS FY19: Operational weakness, continued capex dent FCF TTMT’s FY19 AR analysis highlighted a weak operating performance. EBITDA declined ~16% YoY to INR256b, despite (a) continued capitalization of product development expenditure by INR169b (80% of cash spent) and (b) lower pension cost recognized in P&L (at INR14b) than cash paid to the pension fund (INR24b). JLR’s underfunded pension liabilities increased from INR40b in FY18 to INR60b in FY19. Earnings continued to be impacted by recognition of derivative losses of INR70b (FY18: INR103b) on hedges,...

Jinesh Gandhi

MOSL: TATA MOTORS (Neutral)-JLR wholesales up ~19% YoY-led by low base/market-level initiatives

TATA MOTORS: JLR wholesales up ~19% YoY; led by low base/market-level initiatives (TTMT IN, Mkt Cap USD5.4b, CMP INR122, TP INR146, 20% Upside, Neutral)   JLR's wholesale volumes grew 19.4% YoY (-3.3% MoM) to 41.8k units (our estimate: ~43k) in Jul'19, whereas China JV volumes declined 2% YoY to 4k units. We note that growth was supported by a low base (22% decline in Jul'18) and market-level initiatives undertaken by the company. Jaguar volumes fell 1% YoY to 12.4k units (our estimate: 14k), whereas Land Rover volumes were up ~30.5% YoY to 22.6k units (our estimate: 29k units). JLR's r...

Deepak Jain

Tata Motors' Q1FY20 results (Neutral) - Weak results; clouded outlook

Q1FY20 results highlights Operating performance disappoints: Tata Motors reported consolidated EBITDA of Rs28.6bn was ~28% below expectations. The variance was largely due to JLR’s weaker than expected EBITDA margin. The company reported a consolidated loss of Rs 34bn (-47% yoy; expectation 17bn). Jaguar Land Rover: JLR’s revenues at GBP 5bn (-3% yoy) reflected a ~4% yoy decline in wholesale volumes (excluding the China JV). Notably, the realisations improved ~3% qoq on favourable currency movements. EBITDA margins for JLR decreased to 4.2% (-550bps qoq, -200bps yoy) with an EBIT  loss of ...

Jinesh Gandhi

MOSL: TATA MOTORS (Neutral)-JLR misses but S/A exceeds estimate-JLR confident of volume recovery/cost savings

TATA MOTORS: JLR misses but S/A exceeds estimate; JLR confident of volume recovery/cost savings (TTMT IN, Mkt Cap USD6.6b, CMP INR144, TP INR146, 1% Upside, Neutral)   revenue declined 8% YoY to INR614.7b (our estimate: INR564.9b). TTMT reported adj. net loss of INR36b (our estimate: loss of INR11.8b). JLR - higher VME, op. deleverage impact margin: Net revenue declined 3% YoY to GBP5.1b, implying realization growth of 1.5% YoY to GBP48.7k (our estimate: GBP47.2k). EBIT margin was at -5.5% (our estimate: -4%), implying a contraction of 180bp YoY due to lower volumes and higher marketing...

TATA MOTORS LTD. sees a downgrade to Slightly Negative on account of less fundamental stars

The independent financial analyst theScreener just lowered the general evaluation of TATA MOTORS LTD. (IN), active in the Automobiles industry. As regards its fundamental valuation, the title now shows 2 out of 4 stars while market behaviour can be considered risky. theScreener believes that the title remains under pressure due to the loss of a star(s) and downgrades its general evaluation to Slightly Negative. As of the analysis date May 7, 2019, the closing price was INR 190.95 and its target price was estimated at INR 156.42.

Bahari Hazim

Tata Motors

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Bahari Hazim

Tata Motors

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Bahari Hazim

Tata Motors

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Bahari Hazim

Tata Motors

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Dave Nicoski ...
  • Ross LaDuke

Vermilion Int'l Compass: Global Equity Strategy

Add exposure to cyclicals Our positive outlook on global equities (both the MSCI ACWI and ACWI ex-US) remains intact and we believe a “buy the dip” strategy is warranted. We recommend taking advantage of recent weakness -- where applicable -- by adding exposure to cyclical Sectors. • Actionable Sectors: Consumer Discretionary and Manufacturing. Today's recommendations focus on autos, auto parts, and machinery which span the Discretionary and Manufacturing Sectors. We initially recommended adding exposure to autos and auto parts in our 3/14/19 Int'l Compass, and we view the recent mild pullb...

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