Motilal Oswal is bullish on Tata Motors has recommended buy rating on the stock with a target price of Rs 122 in its research report dated June 16, 2020.
Motilal Oswal 's research report on Tata Motors
TTMT’s 4QFY20 performance fully reflects the impact of COVID-19 in JLR’s key market, China. This, coupled with the initial impact in other geographies and an all-round miss in India, led to sharp miss in operating performance. A small positive was the FCF positivity of GBP225m in 4Q. - We lower our FY21/FY22 EBITDA by -18%/0% to factor weakness in volumes in both businesses and higher interest cost, resulting in PAT loss in both the years. Maintain Buy, with TP of INR122 [Jun’22-based SOTP].
Outlook
The stock trades at 2.9x FY22 EV/EBITDA and 0.8x P/BV. Maintain Buy, with TP of ~INR122 (Jun’22-based SOTP).
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