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Leading Independent Investment Research

Morningstar, Inc.

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Equity Bottom-Up

Tata Motors Passenger Vehicles / Equity Bottom-Up

Narrow-moat-rated Tata Motors, India's largest commercial truck producer and owner of the Jaguar and Land Rover luxury brands, reported fiscal 2017 (year ended March 31) diluted earnings per A share of INR 22.03, a dramatic decline from the year-ago EPS of INR 34.34. Even so, the stock closed 6% higher in U.S. trading, as the market was expecting fourth-quarter EPS of INR 8.57, while Tata reported INR 12.73. Tata’s fourth-quarter EPS result represented an eye-popping 49% beat above the market consensus.However, we view this stock as attractively valued, currently trading in 4-star-rated territory on a 21% discount to our INR 570 fair value estimate.Analyst: Richard Hilgert

Narrow-moat-rated Tata Motors, India's largest commercial truck producer and owner of the Jaguar and Land Rover luxury brands, reported fiscal 2017 (year ended March 31) diluted earnings per A share of INR 22.03, a dramatic decline from the year-ago EPS of INR 34.34. Even so, the stock closed 6% higher in U.S. trading, as the market was expecting fourth-quarter EPS of INR 8.57, while Tata reported INR 12.73. Tata’s fourth-quarter EPS result represented an eye-popping 49% beat above the market consensus.However, we view this stock as attractively valued, currently trading in 4-star-rated territory on a 21% discount to our INR 570 fair value estimate.Analyst: Richard Hilgert

Tata Motors Reports Fiscal 2017, Improving but Hit by Currency; FVE Unchanged

Tata Motors benefits from substantial profitability and returns generated by its premium Jaguar and Land Rover brands. Since fiscal 2009, when Tata acquired the luxury automaker, JLR’s revenue has risen at a compound annual growth rate of 28%, with global volume growing 18%. Over the same period, JLR's EBITDA margin has averaged 12.2% but was 15.7% for fiscal 2016, owing to richer product and market mix driven by new model launches.In our view, Tata is positioned to gain from the continued growth in Indian automotive sales and the expansion of luxury markets in emerging economies, especially China. Still, the imperative remains for Tata to keep investing in new models across brands and vehicle platforms. The company also needs to improve on its ability to execute vehicles at world-class quality levels. Analyst: Richard Hilgert

Tata Motors benefits from substantial profitability and returns generated by its premium Jaguar and Land Rover brands. Since fiscal 2009, when Tata acquired the luxury automaker, JLR’s revenue has risen at a compound annual growth rate of 28%, with global volume growing 18%. Over the same period, JLR's EBITDA margin has averaged 12.2% but was 15.7% for fiscal 2016, owing to richer product and market mix driven by new model launches.In our view, Tata is positioned to gain from the continued growth in Indian automotive sales and the expansion of luxury markets in emerging economies, especially China. Still, the imperative remains for Tata to keep investing in new models across brands and vehicle platforms. The company also needs to improve on its ability to execute vehicles at world-class quality levels. Analyst: Richard Hilgert

Tata Benefits from Growth in Global Luxury Vehicles and Commercial Vehicles in India

India

Tata Motors Limited manufactures cars and commercial automotive vehicles in India. The Company designs, manufactures and sells heavy commercial, medium commercial and small commercial vehicles including trucks, tankers, vans, buses, ambulances and minibuses. Tata also manufactures small cars and sports utility vehicles.

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Tata Motors Reports Fiscal 2017, Improving but Hit by Currency; FVE Unchanged

Narrow-moat-rated Tata Motors, India's largest commercial truck producer and owner of the Jaguar and Land Rover luxury brands, reported fiscal 2017...

Morningstar, Inc.

Tata Benefits from Growth in Global Luxury Vehicles and Commercial Vehicles in India

Tata Motors benefits from substantial profitability and returns generated by its premium Jaguar and Land Rover brands. Since fiscal 2009, when Tata...

Morningstar, Inc.

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