reports
- Deepak Jain
Management Speak: Tata Motors (Neutral) - Analyst meet takeaways: chal...
We attended the analyst meet of Jaguar Land Rover in UK. On the whole, the company recognized the challenges ahead of it (anti-diesel sentiment, high incentives, electrification, ACES) but also hoped to counter the concerns. We do note that the roadmap to a turnaround in JLR seemed hazier than the strategy that the company had for the domestic business. Key takeaways from the meet are as follows: Challenges persist: The management highlighted various challenges for the company in key markets – ...
- Jinesh Gandhi
MOSL: TATA MOTORS (Buy)-Stress Test-How low can the stock price go?
Tata Motors: Stress Test: How low can the stock price go?; Liquidation value at ~INR256/share; favorable risk-reward at CMP (TTMT IN, Mkt Cap USD14.4b, CMP INR283, TP INR471, 66% Upside, Buy) Tata Motors’ (TTMT) stock price has been under pressure, particularly since the beginning of 2018, on account of concerns about the demand environment, the adverse GBP movement, the noise on trade wars, etc. In CY18 YTD, TTMT’s share price has declined ~34%, as against a 7.8% decline in the BSE Auto In...
- Deepak Jain
Tata Motors' Q4FY18 results (Neutral) - Accounting policy change to im...
Q4FY18 results highlights Adjusted PAT below expectations: Tata Motors adjusted Consolidated 4QFY18 PAT at Rs 34.4bn (down 20% yoy) was below estimates of Rs 40.4bn. On an operating basis, the consolidated EBITDA at Rs 113.6bn (+5.3% yoy) was 7% below estimates. The variance was due to slightly weaker domestic business margins, lower than estimated JLR revenues and higher depreciation expenses. Jaguar Land Rover: JLR’s EBITDA (adjusted for one-offs) at GBP 1.02bn (-2.2% yoy) was a bit below ...
- Deepak Jain
Tata Motors' Q3FY18 results (Neutral) - JLR disappoints; concerns pers...
Q3FY18 results highlights Standalone shines; JLR disappoints – Tata Motors consolidated 3QFY18 PAT at Rs 11.9bn (Q3FY17:Rs938mn) was below our/consensus estimates of Rs 18.5 bn/Rs30bn. The sharp variance was due to weak JLR margins, higher depreciation and lower profitability from the China JV. This offset a cost efficiency/operating leverage led turnaround in the standalone business (PAT of Rs1.8bn against expectations of a loss). Jaguar Land Rover: Revenues at Rs6.3bn (+4% yoy) was lower t...
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