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RESULTS REVIEW 4QFY16 31 MAY 2016
Tata MotorsBUY
HDFC securities Institutional Research is also available on Bloomberg HSLB & Thomson Reuters
JLR at full throttle; India steadyJLRs 4QFY16 topline at GBP 6,594mn (+13% YoY)
beat expectations as net ASP rose 5% QoQ despite a
weaker regional/model mix. Adjusted for one-offs,
EBITDA margin at 16.2% (+180bps QoQ) positively
surprised with gross margin expansion (+240bps QoQ
to 41.9%). The China JVs profit per vehicle more
than doubled QoQ. APAT at GBP 580mn (+92% YoY)
beat estimates. The India business, too, stood its
ground with EBITDA of Rs 10.2bn (+241% YoY).
In our recent note(link),we highlighted JLRs modestmarket share (~4/10% for Jaguar/LR) and strong
model pipeline. A strong 4Q operational beat raises
hopes of EBITDA margins trending in the upper range
(14-16%), aided by oplev and platform consolidation
benefits. The India business is recovering with strong
CV growth
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TATA MOTORS: RESULT REVIEW 4QFY16
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Quarterly Financials Snapshot (Consolidated)
(Rs mn) 4QFY16 4QFY15 YoY (%) 3QFY16 QoQ (%)
Net Sales 806,844 677,777 19.0 722,564 11.7
Material Expenses 464,923 405,185 14.7 435,890 6.7
Employee Expenses 77,702 67,831 14.6 74,380 4.5Other Operating Expenses 133,197 112,259 18.7 109,930 21.2
EBITDA 131,022 92,503 41.6 102,365 28.0
Depreciation 44,239 38,568 14.7 43,391 2.0
EBIT 86,783 53,935 60.9 58,974 47.2
Other Income 2,486 2,452 1.4 1,806 37.7
Interest Cost 12,552 18,946 (33.7) 10,915 15.0
Product Development Cost 10,735 8,120 32.2 8,565 25.3
PBT 65,982 29,322 125.0 41,300 59.8
Tax 13,546 10,236 32.3 6,513 108.0
RPAT 52,436 19,086 174.7 34,787 50.7
Minority Interest 383 339 13.0 204 87.5
Profit/(Loss)In Associate Companies 89 30 201.4 36 150.4
APAT after MI 52,142 18,777 177.7 34,618 50.6
EO Items (Adj For Tax) 371 1,612 (77.0) (457) (181.3)
RPAT 51,771 17,165 201.6 35,075 47.6
Source: Company, HDFC sec Inst Research
Margin Analysis (Consolidated)4QFY16 4QFY15 YoY (bps) 3QFY16 QoQ (bps)
Material Expenses As % Of Net Sales 57.6 59.8 (216) 60.3 (270)
Employee Expenses As % Of Net Sales 9.6 10.0 (38) 10.3 (66)
Other Expenses As % Of Net Sales 16.5 16.6 (5) 15.2 129
EBITDA Margin (%) 16.2 13.6 259 14.2 207
Net Profit Margin (%) 20.5 34.9 (1,438) 15.8 476
Tax Rate (%) 6.4 2.5 388 4.9 156
Source: Company, HDFC sec Inst Research
Consolidated topline was 4%
ahead of expectations
EBITDA margin improvement
of 200bps QoQ was largely
driven by JLRs 180bps QoQ
margin expansion
Despite adjusting for
provision owing to Takata
airbag related recalls, otherexpenses/sales rose 130bps
QoQ
APAT at Rs 52.1bn was ahead
on strong operational beat,
lower-than-expected
depreciation and higher otherincome
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Quarterly Financials Snapshot (Standalone)
(Rs mn) 4QFY16 4QFY15 YoY (%) 3QFY16 QoQ (%)
CV (Domestic, in units) 99,487 84,126 18.3 78,294 27.1
PV (Domestic, in units) 30,144 41,853 (28.0) 31,384 (4.0)
Exports (in units) 17,135 13,291 28.9 12,699 34.9Total Volumes (in units) 1,46,766 1,39,270 5.4 1,22,377 19.9
Net Sales 1,25,698 1,07,858 16.5 1,00,006 25.7
Material Expenses 84,891 77,050 10.2 71,596 18.6
Employee Expenses 7,445 8,362 (11.0) 7,811 (4.7)
Other Operating Expenses 23,144 19,453 19.0 14,913 55.2
EBITDA 10,217 2,993 241.3 5,686 79.7
Depreciation 6,140 8,233 (25.4) 6,054 1.4
EBIT 4,077 (5,240) (177.8) (368) (1,208.2)
Other Income 1,297 831 56.1 4,733 (72.6)Interest Cost 3,438 4,709 (27.0) 3,456 (0.5)
Product Development Cost 1,254 1,403 (10.6) 1,073 16.9
PBT 682 (10,521) (106.5) (164) (515.2)
Tax (953) 78 (1,317.5) (24) 3,922.4
APAT pre MI 1,635 (10,600) (115.4) (141) (1,263.2)
Minority Interest - - - - -
APAT after MI 1,635 (10,600) (115.4) (141) (1,263.2)
EO Items (Adj For Tax) (3,015) 1,043 (389.1) 1,868 (261.4)
RPAT 4,650 (11,643) (139.9) (2,009) (331.5)
Adj EPS 0.5 (3.3) (115.6) (0.0) (1,263.2)
Source: Company, HDFC sec Inst Research
Margin Analysis (Standalone)
4QFY16 4QFY15 YoY (bps) 3QFY16 QoQ (bps)
Material Expenses % Net Sales 67.5 71.4 (390) 71.6 (406)
Employee Expenses % Net Sales 5.9 7.8 (183) 7.8 (189)
Other Operating Expenses % Net Sales 18.4 18.0 114.7 14.9 350
EBITDA Margin (%) 8.1 2.8 535 5.7 244
Tax Rate (%) (139.8) (0.7) (13,902) 14.4 (15,418)
APAT Margin (%) 1.3 (9.8) 1,113 (0.1) 144Source: Company, HDFC sec Inst Research
Standalone topline growth of
18% YoY was marginally
lower than estimates on
lower-than-expected rise innet ASPs (~5% QoQ)
EBITDA margin improved
240bps QoQ led by gross
margins expansion of 400 bps
QoQ, partially offset by higher
other expenses
The outlook for thestandalone business is
improving with continued
growth in MHCVs, recovery in
LCV demand and a good
response for Tiago (~20k
bookings)
The company hopes toturnaround its PV business
with two new launches every
year till 2020
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Page | 4
Quarterly Financials Snapshot (JLR - IFRS)
In GBP mn 4QFY16 4QFY15 YoY (%) 3QFY16 QoQ (%)
Retail Volumes (000 units) 158.8 126.4 25.7 137.7 15.4
Wholesale VolumesEx-CJLR (000 units) 149.9 125.2 19.8 137.6 8.9
Revenue 6,594 5,826 13.2 5,781 14.1
Material Expenses 3,828 3,417 12.0 3,496 9.5Employee Expenses 648 550 17.8 582 11.3
Other Operating Expenses 1,347 1,151 17.0 1,192 13.0
Product Development Expense (298) (308) (3.2) (323) (7.7)
EBITDA (Adjusted) 1,069 1,016 5.2 834 28.2
Interest Cost 13 92 (85.9) 10 30.0
Depreciation 378 308 22.7 357 5.9
Debt/Unrealised MTM Loss/(Gain) 42 220 (80.9) 20 110.0
Share Of Profit/(Loss) From JV 49 - - 22 122.7
PBT 685 396 73.0 469 46.1
Exceptional Item (108) - - 30 (460.0)
Tax 105 94 11.7 59 78.0
APAT 580 302 92.1 410 41.5
RPAT 472 302 56.3 440 7.3
Source: Company, HDFC sec Inst Research
Margin Analysis (JLRIFRS)
4QFY16 4QFY15 YoY (bps) 3QFY16 QoQ (bps)
Material Expenses As % Of Net Sales 58.1 58.7 (59.8) 60.5 (242.1)
Employee Expenses As % Of Net Sales 9.8 9.4 38.7 10.1 (24.0)
Other Expenses As % Of Net Sales 20.4 19.8 67.1 20.6 (19.2)
EBITDA Margin (%) 16.2 17.4 (122.7) 14.4 178.5
Net Profit Margin (%) 8.8 5.2 361.2 7.1 170.4
Tax Rate (%) 15.3 23.7 (840.9) 12.6 274.9
Source: Company, HDFC sec Inst Research
JLRs topline was above
expectations owing to net
ASP rise on sequential basis
Gross margin improved QoQ
owing to lower commodity
prices and favourable variant
mix for newly launched
models
JLRs EBITDA margin was
above estimate even while
regional/model mix wasweaker and FX impact was
neutral
China JV profits more than
doubled QoQ despite flat
volumes
JLR generated strong FCF of
GBP 1393mn in 4Qwithimprovement in working
capital
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JLR: Key Financial Highlights / Model Assumptions
in Mn FY14 FY15 FY16 FY17E FY18E
Revenue 19,386 21,866 22,208 24,666 27,138
% YoY 22.8 12.8 1.6 11.1 10.0
Wholesales Volumes Incl CJLR (in '000) 430 471 544 628 695
% growth 15.5 9.5 15.6 15.3 10.8Net ASP 45,098 46,875 43,602 43,851 44,976
% YoY 6.3 3.9 (7.0) 0.6 2.6
Expenditure
Material Cost 11,904 13,185 13,146 14,652 16,174
% Of Sales 61.4 60.3 59.2 59.4 59.6
Employee Cost 1,654 1,977 2,321 2,541 2,768
% Of Sales 8.5 9.0 10.5 10.3 10.2
Other Expenses 3,465 3,730 4,670 5,039 5,427
% Of Sales 17.9 17.1 21.0 20.4 20.0
Add back R&D Cost (1,266) (1,411) (1,560) (1,750) (1,820)
% Of Sales (6.5) (6.5) (7.0) (7.1) (6.7)R&D Cost Expensed 236 253 318 350 364
Total 15,993 17,734 18,895 20,831 22,914
% Of Sales 82.5 81.1 85.1 84.5 84.4
EBITDA 3,393.0 4,132.0 3,313.0 3,834.9 4,224.8
EBITDA margin % 17.5 18.9 14.9 15.5 15.6
Other Income - - - - -
Depreciation And Amortisation 875 1,051 1,403 1,655 1,834
Interest Expense 147 87 54 45 45
Forex gain/(loss) 137 (373) (27) - -
Share Of Profit/(Loss) From Joint Venture (7) (7) 66 111 170
% Of Sales (0.0) (0.0) 0.3 0.5 0.6
PBT 2,501 2,614 1,895 2,246 2,515
% Of Sales 12.9 12.0 8.5 9.1 9.3
Tax 622 576 247 515 567
Tax rate % 24.9 22.0 13.0 22.9 22.5
APAT 1,879 2,038 1,649 1,731 1,948
% Of Sales 9.7 9.3 7.4 7.0 7.2
RPAT 1,879 2,038 1,326 1,731 1,948
% Of Sales 9.7 9.3 6.0 7.0 7.2
Source: Company, HDFC sec Inst Research
We have raised our FY17/18E
EBITDA estimates as we build
in higher margins based onstrong 4Q
Outlook for JLR volume
growth appears healthy with
its new product cycle
In view of China JVs profits
improving in 4QFY16, we
have increased our estimates
for JLRs share of profits
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Standalone: Key Financial Highlights/ Model Assumptions
Rs in Mn FY14 FY15 FY16 FY17E FY18E
Vehicle Sales (in units)
CV (Domestic) 381,412 329,943 327,730 381,300 429,514
PV (Domestic) 135,287 133,304 125,945 148,100 173,100
Exports 49,892 49,917 57,991 65,621 71,742
Total 566,591 513,164 511,666 595,021 674,356
% YoY (30.0) (9.4) (0.3) 16.3 13.3
Net Sales 339,070 358,905 419,480 503,828 585,839
% YoY (23.6) 5.8 16.9 20.1 16.3
Other Operating Income 3,811 4,042 4,218 4,640 5,104
Total Income From Operations 342,881 362,948 423,698 508,468 590,943
Expenditure
RM Cost 259,144 270,417 295,953 356,944 416,615
% Of Sales 76.4 75.3 70.6 70.8 71.1Employee Cost 28,777 30,915 30,267 34,564 38,200
% Of Sales 8.5 8.6 7.2 6.9 6.5
Other 59,784 66,518 70,076 78,654 85,775
% Of Sales 17.6 18.5 16.7 15.6 14.6
Total Expenses 347,705 367,849 396,296 470,162 540,590
% Of Sales 93.0 94.0 85.7 84.5 83.6
EBITDA (4,824) (4,901) 27,402 38,306 50,353
EBITDA Margin % (1.4) (1.4) 6.5 7.6 8.6
Other Income 18,669 18,815 14,765 17,188 17,645
Product Development Expenses 4,287 4,375 4,246 4,500 5,000Depreciation 20,703 26,032 24,538 27,492 29,960
Interest 13,532 16,117 14,811 13,196 12,889
PBT (Pre-exceptional Items) (24,677) (32,610) (1,427) 10,306 20,149
PBT (Pre-exceptional And JLR Dividend) (38,230) (47,460) (15,745) (4,094) 5,749
Source: Company, HDFC sec Inst Research
Expect healthy volume
growth across the CV and PV
segments for TTMT in FY17
Expect EBITDA margins also
to expand with operating
leverage benefits
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SOTP Valuation
Valuation methodology Multiple Per share
Standalone EV / EBIDTA on Mar 18E 8.0 119
JLR EV / EBIDTA on Mar 18E 4.0 371
China JV EV / EBIDTA on Mar 18E 4.0 35
Other Subsidiaries P/E, PBV on Mar 18E 28Less: Net Automotive Debt 28
Target Price 524
Source: HDFC sec Inst Research
Change In Estimates
In Rs bnNew Old % chg
FY17E FY18E FY17E FY18E FY17E FY18E
Net Sales 3,001 3,331 3,027 3,359 (0.8) (0.9)
EBITDA 436 487 427 476 2.1 2.4Adj PAT 170 201 159 190 6.5 5.7
Adj EPS 49.9 59.2 46.9 56.0 6.5 5.7
Source: HDFC sec Inst Research
With a 5-6% uptick in our
consolidated earnings and
lower debt assumption, our
TP has been revised to Rs 524
Our earnings upgrade (~6%)
has been largely driven by
JLRs strongoperating
performance in 4QFY16
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JLR Model Mix Slightly Weaker JLR:UK Mix Rose QoQ
Source: Company, HDFC sec Inst Research Source: Company, HDFC sec Inst Research
TTMTsMHCV Market Share Declined TTMTsPV Market Share Improved Sequentially
Source: SIAM, HDFC sec Inst Research Source: SIAM, HDFC sec Inst Research
With an increase in share of
recently launched models
including XE/Discovery Sport,
the share of highly profitable
models (RR + RRS) witnessed
a decline
The management expects
both RR/RRS to clock decent
volume growth in FY17
China mix was stable after
witnessing fall over the past
many quarters. Demand
conditions have improved, as
per JLR
TTMTs MHCV market share
fell to ~50% with severe
pricing competition by newer
players
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
30.0%35.0%
40.0%
0.0%
20.0%
40.0%
60.0%
80.0%
100.0%
2QFY14
3QFY14
4QFY14
1QFY15
2QFY15
3QFY15
4QFY15
1QFY16
2QFY16
3QFY16
4QFY16
Jaguar Land Rover Share of RR+RRS % - RHS
18 1421 16 20 14
25 19 25 19 24
16 1915
1615
17
2020
2322
21
26 25 24 3027
2815
1413
1111
17 20 20 18 16 21 22 29 18 2727
23 22 20 21 22 20 19 17 21 21 16
-
20
40
60
80
100
2QFY14
3QFY14
4QFY14
1QFY15
2QFY15
3QFY15
4QFY15
1QFY16
2QFY16
3QFY16
4QFY16
UK NA China Europe ROW
35.0%
40.0%
45.0%
50.0%
55.0%
60.0%
0
10
20
30
40
50
60
2QFY14
3QFY14
4QFY14
1QFY15
2QFY15
3QFY15
4QFY15
1QFY16
2QFY16
3QFY16
4QFY16
Volumes (in '000) M/S - RHS
4.0%
5.0%
6.0%
7.0%
8.0%
9.0%
10.0%
0
10
20
30
40
50
60
2QFY14
3QFY14
4QFY14
1QFY15
2QFY15
3QFY15
4QFY15
1QFY16
2QFY16
3QFY16
4QFY16
Volumes (in '000) M/S - RHS
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Peer Valuations
Mcap
(Rs bn)
CMP
(Rs/sh)Rating TP
Adj EPS (Rs/sh) P/E (x) EV/EBITDA (x) RoE (%)
FY16E FY17E FY18E FY16E FY17E FY18E FY16E FY17E FY18E FY16E FY17E FY18E
Ashok Leyland 302 106 NEU 100 3.9 5.4 6.4 27.2 19.6 16.4 14.5 11.0 9.4 20.9 26.0 27.1
Atul Auto 11 485 BUY 663 22.0 26.9 33.1 22.0 18.0 14.6 13.2 10.5 8.5 35.0 33.7 32.8
Bajaj Auto 755 2,609 NEU 2,685 126.2 141.4 158.8 20.7 18.5 16.4 13.9 12.0 10.4 31.8 31.2 30.9Eicher Motors 507 18,721 NEU 19,633 470.7 609.4 829.1 39.8 30.7 22.6 20.3 17.0 12.4 34.7 41.3 41.1
Hero Motocorp 618 3,094 BUY 3,325 156.8 172.4 190.0 19.7 17.9 16.3 13.1 11.6 10.3 43.1 39.6 37.6
M&M 787 1,332 NEU 1,394 59.7 68.5 77.7 22.3 19.4 17.1 14.0 12.1 10.5 16.8 17.2 17.5
Maruti Suzuki 1,230 4,073 BUY 4,564 153.9 192.8 228.2 26.5 21.1 17.8 13.5 12.2 10.2 18.3 20.0 20.6
SML Isuzu 14 957 NEU 1,086 35.3 52.7 67.9 27.1 18.2 14.1 16.6 11.7 8.9 15.9 20.7 22.8
Tata Motors 1,430 421 BUY 524 37.5 46.9 56.0 11.2 9.0 7.5 5.7 4.8 4.1 19.8 19.8 19.7
Source: Company, HDFC sec Inst Research*Tata Motors EV/EBITDA based on EV less net auto debt and adjusted EBITDA (normalised R&D spends in line with luxury car makers)
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Income Statement : Consolidated
(Rs bn) FY14 FY15 FY16 FY17E FY18E
Net Revenues 2,328 2,628 2,756 3,001 3,331
Growth (%) 23.3 12.9 4.9 8.9 11.0
Material Expenses 1,436 1,599 1,624 1,785 1,992Employee Expenses 216 255 292 309 338
Product Development Exps 26 29 35 37 39
Other Operating Expenses 303 349 431 433 474
EBITDA 348 395 374 436 487
EBITDA Margin (%) 15.0 15.0 13.6 14.5 14.6
EBITDA Growth (%) 41.6 13.5 (5.4) 16.6 11.7
Depreciation 111 134 170 192 211
EBIT 238 262 204 245 276
Other Income 8 9 10 9 9
Interest 47 49 46 39 39PBT 199 222 167 214 246
Tax (Incl Deferred) 48 76 29 54 60
Minority Interest (1) (1) (1) (1) (1)
Profit from Associate Cos (1) 0 0 10 16
APAT 150 145 138 170 201
APAT Growth (%) 42.7 (3.3) (4.8) 23.0 18.5
Adjusted EPS (Rs) 46.5 45.0 40.6 49.9 59.2
EPS Growth (%) 41.4 (3.3) (9.8) 23.0 18.5
EO (Loss) / Profit (Net Of Tax) (10) (5) (28) - -
RPAT 140 140 110 170 201
Source: Company, HDFC sec Inst Research
Balance Sheet : Consolidated
(Rs bn) FY14 FY15 FY16P FY17E FY18E
SOURCES OF FUNDS
Share Capital - Equity 6 6 7 7 7
Reserves 650 556 801 961 1,150Total ShareholdersFunds 656 563 808 968 1,157
Minority Interest 4 4 9 10 10
Long-term Debt 606 736 705 735 752
Short-term Debt - - - - -
Total Debt 606 736 705 735 752
Net Deferred Taxes (8) (14) 4 10 16
Long-term Provisions & Others 202 212 205 220 228
TOTAL SOURCES OF FUNDS 1,461 1,501 1,731 1,942 2,162
APPLICATION OF FUNDS
Net Block 641 838 1,003 1,183 1,341CWIP 336 289 285 284 288
Goodwill 50 47 48 48 48
Investments 11 12 13 13 13
LT Loans & Advances 367 293 331 365 395
Total Non-current Assets 1,405 1,479 1,681 1,893 2,086
Inventor ies 273 293 334 392 428
Debtors 106 126 130 153 167
Cash & Equivalents 393 462 521 459 488
Total Current Assets 771 881 985 1,005 1,083
Creditors 716 858 935 956 1,007
Other Current Liabilities & Provns
Total Current Liabilities 716 858 935 956 1,007
Net Current Assets 55 22 50 49 77
TOTAL APPLICATION OF FUNDS 1,461 1,501 1,731 1,942 2,162
Source: Company, HDFC sec Inst Research
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Cash Flow: Consolidated
(Rs bn) FY14 FY15 FY16P FY17E FY18E
Reported PBT 189 222 167 214 246
Non-operating & EO items (10) (5) (28) - -
Interest expenses 47 49 46 39 39Depreciation 111 134 170 192 211
Working Capital Change 25 187 (14) (79) (21)
Tax Paid (48) (76) (29) (54) (60)
OPERATING CASH FLOW ( a ) 314 510 313 312 415
Capex (400) (281) (333) (370) (374)
Free Cash Flow (FCF) (86) 230 (20) (58) 41
Investments (4) 1 0 - -
Non-operating Income 159 (7) 22 16 22
INVESTING CASH FLOW ( b ) (245) (286) (311) (354) (352)
Debt Issuance/(Repaid) 71 130 (31) 30 17Interest Expenses (47) (49) (46) (39) (39)
FCFE (63) 311 (98) (68) 19
Share Capital Issuance 4 (233) 136 - -
Dividend (7) - (1) (10) (12)
FINANCING CASH FLOW ( c ) 20 (152) 57 (19) (34)
NET CASH FLOW (a+b+c) 88 72 59 (62) 29
EO Items, Others - (3) - - -
Closing Cash & Equivalents 393 462 521 459 488
Source: Company, HDFC sec Inst Research
Key Ratios: Consolidated
FY14 FY15 FY16P FY17E FY18E
PROFITABILITY (%)
GPM 38.3 39.1 41.1 40.5 40.2
EBITDA Margin 15.0 15.0 13.6 14.5 14.6
APAT Margin 6.4 5.5 5.0 5.6 6.0RoE 29.0 23.8 20.1 19.1 18.9
RoIC (or Core RoCE) 20.7 17.0 14.9 13.6 13.4
RoCE 16.8 13.6 12.4 12.4 12.8
EFFICIENCY
Tax Rate (%) 24.0 34.4 17.2 25.3 24.6
Fixed Asset Turnover (x) 1.8 1.7 1.4 1.3 1.3
Inventory (days) 42.8 40.7 44.2 47.7 47.0
Debtors (days) 16.6 17.5 17.2 18.7 18.3
Payables (days) 112.2 119.2 123.8 116.3 110.3
Cash Conversion Cycle (days) (52.9) (61.1) (62.4) (49.9) (45.1)
Debt/EBITDA (x) 1.7 1.9 1.9 1.7 1.5
Net D/E (x) 0.1 0.2 0.0 0.1 0.1
Interest Coverage (x) 5.0 5.4 4.4 6.2 7.1
PER SHARE DATA (Rs)
EPS 46.5 45.0 40.6 49.9 59.2
CEPS 72.7 78.8 75.0 97.9 112.1
Dividend 2.0 - 0.2 2.5 3.0
Book Value 118.0 203.8 174.8 237.9 284.9
VALUATION
P/E (x) 9.0 9.4 10.4 8.4 7.1
P/BV (x) 3.6 2.1 2.4 1.8 1.5EV/EBITDA (x) 4.9 4.5 4.9 4.3 3.7
EV/Revenues (x) 0.6 0.6 0.5 0.5 0.4
OCF/EV (%) 22.5 34.9 21.5 20.4 27.7
FCF/EV (%) (6.2) 15.7 (1.4) (3.8) 2.7
FCFE/Mkt Cap (%) (4.7) 22.9 (6.9) (4.7) 1.3
Dividend Yield (%) 0.5 - 0.0 0.6 0.7
Source: Company, HDFC sec Inst Research * EV/EBITDA based on EV less net auto debt and
adjusted EBITDA (normalised R&D spends in line with luxury car makers).
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Page | 12
RECOMMENDATION HISTORYDate CMP Reco Target
10-Jul-15 398 BUY 577
8-Aug-15 393 BUY 515
23-Sep-15 316 BUY 445
7-Nov-15 396 BUY 43512-Feb-16 276 BUY 434
12-May-16 380 BUY 479
31-May-16 421 BUY 524
Rating Definitions
BUY: Where the stock is expected to deliver more than 10% returns over the next 12 month period
NEUTRAL: Where the stock is expected to deliver (-)10% to 10% returns over the next 12 month period
SELL : Where the stock is ex ected to deliver less than - 10% returns over the next 12 month eriod
200
300
400
500
600
700
May
-15
Jun
-15
Jul-15
Aug
-15
Sep
-15
Oct-
15
Nov
-15
Dec
-15
Jan
-16
Fe
b-1
6
Mar-
16
Apr-
16
May
-16
Tata Motors TP
7/26/2019 report (68)
13/13
TATA MOTORS : RESULT REVIEW 4QFY16
Page | 13
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Any holding in stockYes
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