Tata Motors, Strong earnings growth; reasonably valued profitable carmaker :: ICICI Securities, link

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Strong earnings growth; reasonably valued profitable carmaker
We remain positive on sustained earnings growth for the JLR business as
the product pipeline grows & market share increases across geographies.
Domestic business is a drag on profitability but is likely to revive with an
economic recovery. We value the stock on an SOTP basis, with JLR at
3.6x EV/EBIDTA basis (~10% premium to global peers) contributing ~|
561/share while domestic business contributes | 18/share. Inclusive of
other subsidiaries, our target price moves up to | 600. However, with
higher valuation upside in preference shares, we would recommend our
portfolio investors add Tata Motors DVR on dips with a TP of | 420.

LINK
http://content.icicidirect.com/mailimages/IDirect_TataMotors_Q2FY15.pdf