Company Valuation: Tata Motors Limited

Data adjusted to current consolidation scope
Fiscal Period: March 2021 2022 2023 2024 2025 2026 2027 2028
Capitalization 1 1,067,374 1,544,487 1,503,057 3,635,068 2,481,413 1,464,321 - -
Change - 44.7% -2.68% 141.85% -31.74% -40.99% - -
Enterprise Value (EV) 1 1,747,205 2,534,566 2,389,506 4,162,002 2,698,063 1,493,594 1,763,504 1,685,102
Change - 45.06% -5.72% 74.18% -35.17% -44.64% -3.87% -4.45%
P/E ratio -8.16x -14.5x 66.9x 12.1x 8.56x 1.33x 9.39x 7.46x
PBR 2.09x 3.23x 3.55x 4.48x 2.02x 1.25x 1.14x 1.01x
PEG - 0.8x -1x 0x -2.24x 0x -0x 0.3x
Capitalization / Revenue 0.43x 0.55x 0.43x 0.83x 0.56x 0.33x 0.36x 0.33x
EV / Revenue 0.7x 0.91x 0.69x 0.95x 0.61x 0.45x 0.43x 0.38x
EV / EBITDA 5.72x 10.2x 7.15x 6.99x 4.89x 7.4x 4.33x 3.32x
EV / EBIT 24.9x -6,865x 34.4x 12.9x 8.44x 369x 10.5x 7.52x
EV / FCF 19.9x -286x 13.8x 11.4x 10.8x -6.43x 25.6x 18.5x
FCF Yield 5.03% -0.35% 7.24% 8.77% 9.29% -15.6% 3.9% 5.41%
Dividend per Share 2 - - 2 3 6 3.186 4.379 5.317
Rate of return - - 0.48% 0.3% 0.89% 0.8% 1.1% 1.34%
EPS 2 -36.99 -29.88 6.29 81.88 78.75 223.6 42.33 53.27
Distribution rate - - 31.8% 3.66% 7.62% -101% 10.3% 9.98%
Net sales 1 2,497,948 2,784,536 3,459,670 4,379,278 4,396,950 3,355,820 4,055,327 4,462,487
EBITDA 1 305,573 247,988 334,063 595,622 552,160 201,890 407,198 507,500
EBIT 1 70,086 -369.2 69,554 322,920 319,600 4,050 168,541 224,144
Net income 1 -134,514 -114,415 24,143 313,991 278,300 823,900 141,650 195,979
Net Debt 1 679,831 990,078 886,449 526,934 216,650 402,690 299,184 220,781
Reference price 2 301.85 433.50 420.60 993.00 674.05 397.65 397.65 397.65
Nbr of stocks (in thousands) 3,828,811 3,829,165 3,829,847 3,832,242 3,681,349 3,682,436 - -
Announcement Date 18/05/21 12/05/22 12/05/23 10/05/24 13/05/25 14/05/26 - -
1INR in Million2INR
Estimates

P/E ratio, Detailed evolution

P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
9.81x1.3x11.97x3.39% 232B
15.51x1.54x16.44x1.62% 101B
6.88x0.35x2.82x0.91% 74.04B
23x0.31x4.2x4.04% 59.37B
4.45x0.02x0.22x6.82% 51.4B
8.12x0.12x1.13x7.17% 51.27B
6.65x-0.03x-0.24x5.72% 49.33B
25.96x1.41x8x2.2% 49.29B
23.59x2.21x15.18x0.96% 35.66B
Average 13.77x 0.80x 6.64x 3.65% 78.14B
Weighted average by Cap. 12.53x 0.93x 8.37x 3.41%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

Year-on-year evolution of the Yield