Result Update

Tata Motor - Q3FY19 Result Update


JLR Business (incl China): We value JLR at Rs 155 per share, at 2.7x FY20E EV/EBITDA.Standalone Business: We value standalone business at Rs 106 per share, at 6x FY20E EV/EBITDA.We expect standalone operations to pick up going ahead.Other Subsidiaries and Associates: We value other subsidiaries at Rs 36 per share.Consolidated Net debt per share valued at Rs 138 per share.Our fair value for Tata Motors based on SOTP is coming at Rs 159 per share. We have Hold rating onthis stock.

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