Download - TATA Motors Fundamental Analysis
2007 2008 2009 2010 2011 AVG GROWTH RATE
SALES 24077.74 25737.39 23937.57 31340.46 43251.52 17.21%100 6.89 -6.99 30.93 38.01
EBIDTA 3528 3654.4 2699.2 5190.6 4941
NET PROFIT 1913.39 2028.92 1016.55 2240.08 1811.82 14.35%100 6.03 -49.89 120.36 -19.11
EQUITY CAPITAL 578.07 578.43 311.61 859.05 1274.23
NO. OF SHARES 38.5374 38.5504 51.0408 57.0558 63.4614 63.4614(in crs)
DPS 15 15 6 15 20 30.83%100 0 -60 150 33.33
EPS 49.65 52.63 19.48 39.26 28.55 4.32%100 6 -62.99 101.54 -27.28
MARKET PRICE OF SHARE 86.79 81.17 187.01 205.09
P/E ratio 15.5 12.3 9.6 20.5 48.9 21.36
CAPM-β=1.2Rf=6%Rm= 18-20%so, Rm=19%
Re= Rf + B( Rm-Rf)Re= 0.06 +1.2( 0.19-0.06)Re= 0.216 Ke=21.6%
g=30.83%
P5=257.146
Intrinsic value= D1+ D2+ D3+ D4 + D5 +P5Intrinsic value= 993.81
2012 2013 2014 2015 2016
50695.11 59419.73 69645.87 81631.93 95680.78
2071.82 2369.12 2709.09 3097.85 3542.39
63.4614 63.4614 63.4614 63.4614 63.4614
D1 D2 D3 D4 D526.166 34.232 44.787 58.595 76.66
29.78 31.07 32.41 33.81 3527.00%
636.1 663.66 692.28 722.18 753.37
21.36 21.36 21.36 21.36 21.36
Balance sheet(in Rs crore)Mar ' 11 Mar ' 10 Mar ' 09 Mar ' 08 Mar ' 07
Sources of funds
Owner's fund
634.65 570.6 514.05 385.54 385.41
3.06 - - - -
- - - - -
19,351.40 14,208.55 11,855.15 7,428.45 6,458.39
Loan funds
7,766.05 7,742.60 5,251.65 2,461.99 2,022.04
8,132.70 8,883.31 7,913.91 3,818.53 1,987.10
Total 35,887.86 31,405.06 25,534.76 14,094.51 10,852.94
Uses of funds
Fixed assets
Gross block 21,883.32 18,416.81 13,905.17 10,830.83 8,775.80
24.19 24.63 25.07 25.51 25.95
8,466.25 7,212.92 6,259.90 5,443.52 4,894.54
Net block 13,392.88 11,179.26 7,620.20 5,361.80 3,855.31
4,058.56 5,232.15 6,954.04 5,064.96 2,513.32
Investments 22,624.21 22,336.90 12,968.13 4,910.27 2,477.00
Net current assets
14,775.61 12,329.48 10,836.58 10,781.23 10,318.42
18,963.40 19,672.73 12,846.21 12,029.80 8,321.20
-4,187.79 -7,343.25 -2,009.63 -1,248.57 1,997.22
Equity share capital
Share application money
Preference share capital
Reserves & surplus
Secured loans
Unsecured loans
Less : revaluation reserve
Less : accumulated depreciation
Capital work-in-progress
Current assets, loans & advances
Less : current liabilities & provisions
Total net current assets
- - 2.02 6.05 10.09
Total 35,887.86 31,405.06 25,534.76 14,094.51 10,852.94
Notes:
22,275.15 21,991.93 12,358.84 4,145.82 2,117.86
379.16 345.53 558.32 2,530.55 1,323.08
4,798.83 3,708.33 5,433.07 5,590.83 5,196.07
6346.14 5705.58 5140.08 3855.04 3853.74
Miscellaneous expenses not written
Book value of unquoted investments
Market value of quoted investments
Contingent liabilities
Number of equity sharesoutstanding (Lacs)
Profit loss account(in rs crore)Mar ' 11 Mar ' 10 Mar ' 09 Mar ' 08 Mar ' 07
Income
47,957.24 35,373.29 25,660.67 28,767.91 26,664.25
34,692.83 24,759.49 19,039.41 20,931.81 19,529.88
2,224.74 1,652.22 1,171.59 1,230.14 1,200.36
2,294.02 1,836.13 1,551.39 1,544.57 1,367.83
2,289.11 1,583.24 1,224.15 1,179.48 1,068.56
2,568.50 2,249.92 1,867.05 1,982.79 1,488.16
-817.68 -740.54 -916.02 -1,131.40 -577.05
43,251.52 31,340.46 23,937.57 25,737.39 24,077.74
4,705.72 4,032.83 1,723.10 3,030.52 2,586.51
420.69 402.27 841.54 359.42 887.23
5,126.41 4,435.10 2,564.64 3,389.94 3,473.74
1,383.79 1,246.25 704.92 471.56 455.75
1,360.77 1,033.87 874.54 652.31 586.29
106.17 144.03 51.17 64.35 85.02
2,275.68 2,010.95 934.01 2,201.72 2,346.68
384.7 589.46 12.5 547.55 660.37
1,890.98 1,421.49 921.51 1,654.17 1,686.31
-79.16 818.59 79.75 374.75 227.15
- - 15.29 - -0.07
1,811.82 2,240.08 1,016.55 2,028.92 1,913.39
3,745.95 3,926.07 2,399.62 3,042.75 2,690.15
Operating income
Expenses
Material consumed
Manufacturing expenses
Personnel expenses
Selling expenses
Adminstrative expenses
Expenses capitalised
Cost of sales
Operating profit
Other recurring income
Adjusted PBDIT
Financial expenses
Depreciation
Other write offs
Adjusted PBT
Tax charges
Adjusted PAT
Non recurring items
Other non cash adjustments
Reported net profit
Earnigs before appropriation
1,274.23 859.05 311.61 578.43 578.07
- - - - -
192.8 132.89 34.09 81.25 98.25
2,278.92 2,934.13 2,053.92 2,383.07 2,013.83
Equity dividend
Preference dividend
Dividend tax
Retained earnings
Cash flowMar ' 11 Mar ' 10 Mar ' 09 Mar ' 08 Mar ' 07
1,811.82 2,240.08 1,001.26 2,028.92 1,913.46
1,505.56 6,586.03 1,295.02 6,174.50 2,210.13
-2,521.88 -11,848.29 -10,644.67 -5,721.86 -2,805.10
1,648.42 5,348.49 8,104.70 1,132.46 303.58
632.1 86.23 -1,244.95 1,585.10 -291.39
720.04 630.04 2,386.77 806.21 1,118.15
1,352.14 716.27 1,141.82 2,391.31 826.76
Profit before tax
Net cashflow-operating activity
Net cash used in investing activity
Netcash used in fin. activity
Net inc/dec in cash and equivlnt
Cash and equivalnt begin of year
Cash and equivalnt end of year
RatiosMar ' 11 Mar ' 10 Mar ' 09 Mar ' 08 Mar ' 07
29.8 24.91 17.93 42.91 43.76
52.91 45.56 35.94 61.5 61.18
28.55 39.26 19.48 52.63 49.65
51.67 59.91 37.49 71.22 67.07
20 15 6 15 15
74.15 70.68 33.52 78.61 67.12
314.93 259.03 240.6 202.54 177.33
315.31 259.46 241.09 203.2 178
755.69 619.98 499.23 746.24 691.91
287.53 229.67 217.77 182.38 157.16
9.81 11.4 6.71 10.53 9.7
6.97 8.47 3.3 8.26 7.5
3.74 6.26 3.77 6.96 6.94
6.94 7.26 6.97 8.13 8.55
Per share ratios
Adjusted EPS (Rs)
Adjusted cash EPS (Rs)
Reported EPS (Rs)
Reported cash EPS (Rs)
Dividend per share
Operating profit per share (Rs)
Book value (excl rev res) per share (Rs)
Book value (incl rev res) per share (Rs.)
Net operating income per share (Rs)
Free reserves per share (Rs)
Profitability ratios
Operating margin (%)
Gross profit margin (%)
Net profit margin (%)
Adjusted cash margin (%)
9.46 9.61 7.45 21.18 24.67
9.06 15.15 8.09 25.98 28
12.01 12.26 8.89 22.85 31.18
0.52 0.79 0.49 0.49 0.31
0.79 1.12 1.06 0.8 0.58
55.69 47.05 48.44 55.43 63.05
2.22 1.95 1.88 2.69 3.08
0.77 0.62 0.84 0.89 1.24
0.52 0.44 0.43 0.64 0.85
Quick ratio 0.53 0.43 0.58 0.66 0.91
13.86 13.5 13.47 14.44 13.26
80.96 44.28 34.52 32.51 35.34
44.74 29.02 17.94 24.02 26.16
22.42 30.22 62.49 60.13 59.9
56.32 61.84 81.29 72.18 71.32
Adjusted return on net worth (%)
Reported return on net worth (%)
Return on long term funds (%)
Leverage ratios
Long term debt / Equity
Total debt/equity
Owners fund as % of total source
Fixed assets turnover ratio
Liquidity ratios
Current ratio
Current ratio (inc. st loans)
Inventory turnover ratio
Payout ratios
Dividend payout ratio (net profit)
Dividend payout ratio (cash profit)
Earning retention ratio
Cash earnings retention ratio
4.73 6.4 7.13 2.65 1.7
3.7 3.56 3.64 7.19 7.62
3.37 3.74 3.73 6.82 6.67
73.07 71.7 73.26 72.62 74.55
4.77 4.47 4.77 4.09 4
7 8.61 9.49 9.88 10.18
5.9 5.94 5.82 4.6 3.88
0.72 0.75 0.71 0.58 0.45
17.53 19.5 21.64 28.86 28.87
Dividend
Year Month
2011 May 200
2010 May 150
2009 May 60
2008 May 150
2007 May 150
2006 May 130
Coverage ratios
Adjusted cash flow time total debt
Financial charges coverage ratio
Fin. charges cov.ratio (post tax)
Component ratios
Material cost component (% earnings)
Selling cost Component
Exports as percent of total sales
Import comp. in raw mat. consumed
Long term assets / total Assets
Bonus component in equity capital (%)
Dividend (%)
Years Mar-11 Mar-10 Mar-09 Mar-08 Mar-07
0.9 1.1 1 0.7 0.6
0.6 0.7 0.5 0.4 0.4
0.6 0.5 0.6 0.9 1.1
Fixed Assets 2.6 2.3 2.3 3.4 3.8
Inventory 15 14.6 12.1 13.4 14
Debtors 20.6 21 24.1 34.4 42.2
2.6 2.6 1.7 6.2 8
PBIDTM (%) 9.6 11.2 8 10.1 11.2
PBITM (%) 7 8.4 4.8 8.1 9.3
PBDTM (%) 6.9 7.9 5.1 8.8 10
CPM (%) 6.2 6.8 5 7.3 7.9
APATM (%) 3.5 4.1 1.9 5.3 6.1
ROCE (%) 10.6 11.2 6.9 21.3 30.5
RONW (%) 10.4 11.3 5.3 23.9 31
PE 48.9 20.5 9.6 12.3 15.5EBIDTA 4,941.00 5,109.60 2,699.20 3,654.40 3,528.00DivYield 1.6 2 3.4 2.4 2.1PBV 4 2.9 0.8 3.1 4.1EPS 25.5 36.9 18.8 50.5 47.1
Key Ratios
Debt-Equity Ratio
Long Term Debt-Equity Ratio
Current Ratio
Interest Cover Ratio
Capital structure
From Year To Year
2010 2011 900 634.61 634613990 10 634.61
2009 2010 900 570.56 570557544 10 570.56
2008 2009 900 514.01 514008314 10 514.01
2007 2008 450 385.5 385503954 10 385.5
2006 2007 450 385.37 385373885 10 385.37
Class Of Share
Authorized Capital
Issued Capital
Paid Up Shares
(Nos)
Paid Up Face
ValuePaid Up Capital
Equity Share
Equity Share
Equity Share
Equity Share
Equity Share
TATA MOTORS SENSEXDate Open High Low Close Volume Open Close
31-Oct-11 205.15 205.4 197.8 198.45 2,487,846 17806.21 17705.0128-Oct-11 198 207.9 197.05 206.2 2,987,412 17671.86 17804.826-Oct-11 192.1 192.1 192.1 192.1 0 17336.34 17288.8325-Oct-11 187.5 193.45 184.7 191.75 2,804,506 17012.79 17254.8624-Oct-11 183.8 187.2 183 185.85 2,263,022 17011.06 16939.2821-Oct-11 184.5 185.5 177.1 177.95 1,969,998 16975.79 16785.6420-Oct-11 182.5 184.45 180.85 183.1 1,599,487 16911.85 16936.8919-Oct-11 184 188.25 184 186.65 1,968,530 16883.36 17085.3418-Oct-11 184 184.4 178.1 181.15 2,381,870 16817.38 16748.2917-Oct-11 182.8 191.15 182.7 188 4,467,007 17176.05 17025.0914-Oct-11 174.1 181.25 173.5 179.9 2,586,265 16836.83 17082.6913-Oct-11 183.7 186.2 174.7 175.75 3,462,714 17048 16883.9212-Oct-11 176 188.4 170.8 181.35 3,677,231 16660.43 16958.3911-Oct-11 172.35 177.8 171.5 176.75 3,217,373 16668.15 16536.4710-Oct-11 159.8 172 159 170.55 3,239,575 16270.07 16557.237-Oct-11 153.35 159.9 153.05 158.8 2,667,736 16222.49 16232.545-Oct-11 147.4 147.4 147.4 147.4 0 15967.72 15792.414-Oct-11 152.5 152.7 145.4 147.25 2,681,971 16081.77 15864.863-Oct-11 154.3 157.5 152.4 153.95 1,531,568 16255.97 16151.4530-Sep-11 160 162.8 155.35 156.1 2,514,427 16599.74 16453.7629-Sep-11 153 162.8 151.1 160.95 3,279,915 16387.91 16698.0728-Sep-11 157.25 159.7 153.45 155.95 2,464,626 16663.26 16446.0227-Sep-11 151.25 157 150.75 155.7 2,117,994 16289.32 16524.0326-Sep-11 147.25 148.45 142.5 147 1,680,952 16209.19 16051.123-Sep-11 150.85 151.75 146 147.4 3,130,648 16222.37 16162.0622-Sep-11 161 161.6 154 154.85 2,158,441 16827.85 16361.1521-Sep-11 164.95 166.8 163.5 164.7 1,333,727 17128.83 17065.1520-Sep-11 161.9 167 161.45 166.1 2,000,112 16768.63 17099.2819-Sep-11 160 164.7 157.7 161.35 2,342,545 16865.93 16745.3516-Sep-11 153.4 163 153.25 161.7 4,294,489 17047.73 16933.8315-Sep-11 142.5 152.35 141.5 151.1 2,386,302 16837.76 16876.5414-Sep-11 141 143.55 140 142.5 1,801,816 16522.71 16709.613-Sep-11 147.5 148.4 137.65 139.65 2,971,046 16618.17 16467.4412-Sep-11 146 149.2 143.8 146.4 2,221,756 16668.25 16501.749-Sep-11 791 791.15 760.7 763.6 325,980 17189.75 16866.978-Sep-11 774 792.4 769 788.95 505,988 17118.08 17165.547-Sep-11 770.1 780.95 754.3 769.05 591,525 16922.31 170656-Sep-11 747.1 773.5 747.1 765.85 451,346 16663.73 16862.815-Sep-11 748.7 759.8 742 753.85 627,560 16678.34 16713.332-Sep-11 751 762.95 742 755.1 393,181 16963.67 16821.4630-Aug-11 741.7 741.7 741.7 741.7 0 16585.1 16676.75
29-Aug-11 716 735.9 710.05 731.1 426,054 16080.74 16416.3326-Aug-11 717 732 695 699.2 593,149 16155.55 15848.8325-Aug-11 710.1 721.5 705 714.05 462,291 16338.14 16146.3324-Aug-11 729.8 737.5 696 700.7 665,780 16490.78 16284.9823-Aug-11 737 747 715 729.15 721,491 16446.85 16498.4722-Aug-11 717.9 741.6 700 736.7 586,678 16155.99 16341.719-Aug-11 740.1 740.1 703.25 713.4 612,716 16237.78 16141.6718-Aug-11 788.8 788.8 750.1 753.15 492,895 16910.27 16469.7917-Aug-11 801.75 801.75 771.75 779.3 360,357 16782.24 16840.816-Aug-11 813.7 819.5 796.2 801.75 327,364 17015.99 16730.9412-Aug-11 801.1 801.1 801.1 801.1 0 17246.88 16839.6311-Aug-11 833 861.4 818.6 845.6 737,142 17056.61 17059.410-Aug-11 820.15 848.8 820.15 843.9 525,242 17244.71 17130.51
RETURN ON SENSEX RETURN ON STOCK X Y XY X*X Y*Y - - - -0.005636 0.039053 0.0002201 3.17674E-05 0.001525
-0.028979 -0.06838 0.0019816 0.0008397977 0.004676-0.001965 -0.001822 3.5799E-06 3.860645E-06 3.32E-06-0.018289 -0.030769 0.0005627 0.0003345 0.000947
-0.00907 -0.042507 0.0003855 8.226568E-05 0.0018070.009011 0.028941 0.0002608 8.119232E-05 0.0008380.008765 0.019388 0.0001699 7.682332E-05 0.000376
-0.019727 -0.029467 0.0005813 0.0003891718 0.0008680.016527 0.037814 0.000625 0.0002731437 0.001430.003383 -0.043085 -0.0001458 1.144633E-05 0.001856
-0.011636 -0.023068 0.0002684 0.0001353908 0.0005320.004411 0.031863 0.0001405 1.945432E-05 0.001015-0.02488 -0.025365 0.0006311 0.0006190005 0.0006430.001255 -0.035078 -4.404E-05 1.576047E-06 0.00123-0.01961 -0.068895 0.001351 0.0003845585 0.004746
-0.027114 -0.071788 0.0019465 0.000735172 0.0051540.004588 -0.001018 -4.669E-06 2.10465E-05 1.036E-060.018064 0.045501 0.0008219 0.0003263244 0.002070.018717 0.013966 0.0002614 0.0003503338 0.0001950.014848 0.03107 0.0004613 0.0002204714 0.000965
-0.015095 -0.031066 0.0004689 0.0002278457 0.0009650.004743 -0.001603 -7.604E-06 2.249981E-05 2.57E-06
-0.028621 -0.055877 0.0015992 0.0008191469 0.0031220.006913 0.002721 1.8811E-05 4.778849E-05 7.404E-060.012318 0.050543 0.0006226 0.0001517419 0.0025550.043029 0.06361 0.0027371 0.0018514742 0.004046
0.002 0.0085 1.7E-05 3.99993E-06 7.226E-05-0.020699 -0.028597 0.0005919 0.0004284292 0.0008180.011256 0.002169 2.4416E-05 0.0001266899 4.705E-06
-0.003383 -0.065553 0.0002218 1.144583E-05 0.004297-0.009892 -0.056916 0.000563 9.784846E-05 0.003239-0.014492 -0.02 0.0002898 0.0002100258 0.00040.002083 0.048335 0.0001007 4.338465E-06 0.0023360.022133 4.215847 0.0933086 0.0004898616 17.773370.017701 0.033198 0.0005877 0.0003133417 0.001102
-0.005857 -0.025223 0.0001477 3.430543E-05 0.000636-0.011848 -0.004161 4.93E-05 0.0001403805 1.731E-05-0.008864 -0.015669 0.0001389 7.857896E-05 0.000246
0.00647 0.001658 1.0728E-05 4.185684E-05 2.749E-06-0.008603 -0.017746 0.0001527 7.400647E-05 0.000315
-0.015616 -0.014291 0.0002232 0.0002438517 0.000204-0.034569 -0.043633 0.0015084 0.0011950321 0.0019040.018771 0.021239 0.0003987 0.0003523543 0.0004510.008587 -0.018696 -0.0001605 7.373813E-05 0.00035
0.01311 0.040602 0.0005323 0.0001718623 0.001649-0.009502 0.010355 -9.839E-05 9.028978E-05 0.000107
-0.01224 -0.031628 0.0003871 0.000149829 0.0010.020328 0.055719 0.0011326 0.0004132078 0.0031050.022527 0.034721 0.0007821 0.0005074522 0.001206
-0.006523 0.028808 -0.0001879 4.255531E-05 0.000830.006496 -0.000811 -5.267E-06 4.220253E-05 6.573E-070.013051 0.055549 0.000725 0.0001703224 0.0030860.004168 -0.00201 -8.38E-06 1.737536E-05 4.042E-06
-0.026186 4.046445 0.1173504 0.0135829762 17.84232
β=1.2Rf=4%