Tata Motors Valuation September 2014

8/17/2019 Tata Motors Valuation September 2014

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FCFF VALUATION MODELBefore you start The spreadsheet has circular reasoning. This is not a problem. Go into calculation options (in excel) an

the iteration box.

What the model doeThis model is designed to value firms with operating income that is either positive or can be normalize

positive. It allows for up to 15 years of high growth, and can be used either as a 2-stage or a 3-stage mo

Inputs The inputs are in the following pages:

financial statements, and review and change the inputs for the valuation.

3. If you have R&D or operating leases, you will need to input the required numbers in those workshee

Important: Be consistent about the units you use. If you use millions, use millions for all of your inputs

Options The spreadsheet can be used to value a company, with fixed inputs for a high growth phase and differe

for a stable growth phase (2-stage model) or it can be adjusted to allow for a transition phase (3-stage

To switch from one to the other, enter yes in the master input page to the question of whether you want

inputs adjusted during the second half of the high growth phase.

You can even make it a stable growth model, by setting the length of the high growth period to zero.

Other worksheets There are two other worksheets that you might find useful at the end of this spreadsheet

1. Bottom-up beta estimator: will estimate your levered beta, given an unlevered beta (which you will h

input.

2. Industry averages: Here, you can look up industry averages for variables such as beta, return on capit

reinvestment rates and working capital.

Output The output is contained in the valuation model worksheet.

1. The bulk of the inputs are in the master inputs page. Here, you can input the numbers from the curre

2. If you want to normalized operating income, use the earnings normalizer worksheet.


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An apology: I apologize for the number of inputs that are required on this sheet.

If you have negative operating income, you will either have to normalize it to ma

Master Input SheetDo you want to capitalize R&D expenses? No

Do you want to convert operating leases to debt? Yes

Do you want to normalize operating income? No

InputsFrom Current Financials

Current EBIT = INR 6,904.00

Current Interest Expense = INR 967.00

Current Capital Spending INR 2,814.00

Current Depreciation & Amort'n = INR 2,621.00

Tax rate (for computing after-tax operating income) = 25.00%

Marginal tax rate = 32.45%

Current Revenues = INR 134,806.00

Current Non-cash Working Capital = INR 24,890.00

Chg. Working Capital = INR 1,540.00Book Value of Debt = INR 21,920.00

Book Value of Equity = INR 36,445.00

Cash & Marketable Securities = INR 8,140.00

Value of Non-operating Assets =

Minority Interests (this is a liability) = INR 117.00

Price to Book Ratio of sector with minority holdings = 1.00

Market Data for your firm

Is your stock currently traded? Yes

If yes, enter the following:

Current Stock Price = INR 192.00Number of shares outstanding = 626.00

Market Value of Debt = INR 21,920.00

If no, enter the following

Would you like to use the book value debt ratio? Yes

If no, enter the debt ratio to use in valuation 35%

General Market Data

Long Term Treasury bond rate= 6.50%

Mature Market Equity Premium = 5.50%

Country Equity Risk Premium = 3.00%

Exchange Rate for fiscal year items (BR/$) = R$ 1.00

Exchange Rate for currrent price conversions = R$ 1.00 Ratings

Do you want to estimate the firm's synthetic rating = No

If yes, choose the type of firm 1

If not, what is the current rating of the firm? AA

Enter the cost of debt associated with the rating = 9.60%

Options


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Do you have equity options (management options, warrants) outstanding? No

If yes, enter the number of options 2.23

Average strike price R$ 13.85

Average maturity 1.5

Standard Deviation in stock price 30%

Do you want to use the stock price to value the option or your estimated value? P

Valuation Inputs

High Growth Period

Length of high growth period = 5

Beta to use for high growth period for your firm= 0.97

Lambda to use for your firm (for both high growth and stable growth) = 1

Do you want to keep the debt ratio computed from your inputs? Yes

If yes, the debt ratio that will be used to compute the cost of capital is 15.53%

If no, enter the debt ratio that you would like to use in the high growth period 7.00%

Do you want to keep the existing ratio of working capital to revenue? No

If yes, the working capital as a percent of revenues will be 18.46%

If no, enter the ratio of working capital to revenues to use in analysis 0.00%

Do you want to compute your growth rate from fundamentals? NoIf no, enter the expected growth rate in operating income for high growth perio 15%

If yes, the inputs to the fundamental growth calculation (based upon your inputs) are

Return on Capital = 10.71%

Reinvestment Rate = 36.76%

Do you want to change these inputs? Yes

Return on Capital = 10.71%

Reinvestment Rate = 70.00%

Do you want me to gradually adjust your high growth inputs in the second half No

Stable Growth Period

Growth rate during stable growth period = 6.50%Beta to use in stable growth period = 0.97

Country Risk premium for equity in stable growth period = 3.00%

Debt Ratio to use in stable growth period = 15.53%

Pre-tax cost of debt in stable growth period = 9.80%

Tax Rate to use in stable growth period = 32.45%

To compute the reinvestment rate in stable growth, you have two options

Do you want to compute reinvestment needs in stable growth based on fundam Yes

If yes, enter the return on capital that the firm will have in stable growth 13.56%

If no, enter capital expenditure as % of depreciation in stable growth 120%


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any of the inputs are required only if you choose the appropriate option, though.

ke it positive, or use the highgrowth.ls spreadsheet.

! Yes or No Go to R&D Converter

! Yes or No Go to Operating lease converter

Go to Earnings Normalizer

! If negative, go back and choose to normalize earnings.

Previous year-end

INR 120,944.00

INR 1.00INR 18,510.00

INR 35,612.00

INR 5,830.00

Average maturity of debt = 5

No. of Shares NumberINR 120,192.00 Ordinary !"#.$"

INR 487.35 DVR 48.19

Total 321.86

R$ 1.00

! If yes, use the rating estimator worksheet that is attached


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0.2152023429

(in percent)


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0.145082

0.1307366


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%wo&'tage ()(( *iscount Model

+age

Input Summary

Rupees Dollar

Normalized EBIT (before adjustments) INR 6,904.00 INR 6,904.00

Adjusted EBIT = INR 6,920.47 INR 6,920.47

Adjusted Interest Expense = INR 983.47 INR 983.47

Adjusted Capital Spending INR 3,023.30 INR 3,023.30Adjusted Depreciation & Amort'n = INR 2,655.31 INR 2,655.31

Tax Rate on Income = 25.00% 25.00%

Marginal tax rate = 32.45% 32.45%

Current Revenues = INR 134,806.00 INR 134,806.00

Current Non-cash Working Capital = INR 24,890.00 INR 24,890.00

Chg. Working Capital = INR 1,540.00 INR 1,540.00

Adjusted Book Value of Debt = INR 18,681.53 INR 18,681.53

Adjusted Book Value of Equity = INR 35,612.00 INR 35,612.00

Invested Capital INR 48,463.53 INR 48,463.53

Length of High Growth Period = 14 Forever

Growth Rate = 15.00% 6.50%

Debt Ratio used in Cost of Capital Calculat 15.53% 15.53%

Beta used for stock = 0.97 0.97

Lambda used for stock = 1.00 1.00

Riskfree rate = 6.50% 6.50%

Mature Market Equity Premium = 5.50% 5.50%


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+age -

Country Risk Premium = 3.00% 3.00%

Cost of Debt = 9.60% 9.80%

Tax Rate for computing income= 25.00% 1000.00%

Marginal tax rate = 32.45% 32.45%

Return on Capital = 10.71% 13.56%

Reinvestment Rate = 70.00% 47.94%


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+age -!

Growth Rate in Stable Phase = 6.50%

Reinvestment Rate in Stable Phase = 47.94%

FCFF in Stable Phase = (INR 244,366.85)

Cost of Equity in Stable Phase = 14.84%

Equity/ (Equity + Debt) = 84.47%

AT Cost of Debt in Stable Phase = -88.20%

Debt/ (Equity + Debt) = 15.53%

Cost of Capital in Stable Phase = -1.16%

Value at the end of growth phase = INR 3,189,068.02

Valuation

Present Value of FCFF in high growth phase = INR 24,026.07

Present Value of Terminal Value of Firm = INR 539,087.10

Value of operating assets of the firm = INR 563,113.17

Value of Cash, Marketable Securities & Non-operating assets = INR 8,140.00

Value of Firm = INR 571,253.17

Market Value of outstanding debt = INR 22,091.53

Minority Interest in consolidated holdings = INR 117.00

Market Value of Equity = INR 549,044.64

Value of Equity in Options = INR 0.00

Value of Equity in Common Stock = INR 549,044.64

Market Value of Equity/share = INR 877.07

Market Value of Equity/share in BR = INR 877.07


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+age -#

/ear - ! # 0 1 $

23I% 4-&t5 1$ $6$0 "60 "6 -00 -!$

& 7einvestment 0-"6 061 11!$ $#11 "#6 600

()(( -"- !1 !#$6 !"!# #-#! #$!


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+age -0


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+age -1


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+age -$

6 7 8 9 10 11 12 13

15.00% 15.00% 15.00% 15.00% 15.00% 15.00% 15.00% 15.00%

231.31% 266.00% 305.90% 351.79% 404.56% 465.24% 535.03% 615.28%

70.00% 70.00% 70.00% 70.00% 70.00% 70.00% 70.00% 70.00%

INR 12,005.60 INR 13,806.43 INR 15,877.40 INR 18,259.01 INR 20,997.86 INR 24,147.54 INR 27,769.67 INR 31,935.12




13.54% 13.54% 13.54% 13.54% 13.54% 13.54% 13.54% 13.54%

2.1422 2.4322 2.7615 3.1354 3.5599 4.0418 4.5890 521.03%

$1,681 $1,703 $1,725 $1,747 $1,770 $1,792 $1,815 $1,838.77


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+age -"


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+age -6

" 6 -

-#6$ -16"" -6!1 !6

$$1 ----0 -!"6- -0$

0-0! 0"$# 10"6 $!


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+age -


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+age !


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+age !-

14 Terminal Year

15.00%

707.57%

70.00%

INR 36,725.39 -INR 469,350.50

INR 19,487.03 -INR 228,083.65

INR 6,220.75 INR 3,100.00

INR 11,017.62 -INR 244,366.85

13.54%

591.57%

$1,862.44


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+age !!


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+age !#


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!1 !$ !" !6 !

7evenues -!"! !#-1!# #-000 #0!16$ "0"6#"

23I% -"1 !!1!$ #-- #60 0!$60

+re&ta 8per Mgn .#-9 ."#9 .1$9 .09 1."-9

23I% 4-&t5 -#0$# -$61 !!16 !#!#6 #!-#

3 of debt 4start5 ##$!- 7; !",-0! 7; $#,!# 7; ",0" 7; -1",-$#3 of equity 4start5 #"- 7; 00,$! 7; $#,10 7; ","-" 7; -,$16

)ash holdings 110$ 7; !,! 7; 0,6#6 7; $,6 7; $,01

Invested )apital 7; $1,0 7; 1-,1#1 7; -!-,1 7; -",-6 7; !0!,#"-

78I) !.$69 #!."69 -6.1!9 -#.$19 -#.!-9

)ap e 6"0 7; -!,1! 7; !",166 7; 1!,60 7; ,"6

Acquisitions 1600 7; -,#!- 7; 6- 7; ,#" 7; 11#

*epreciation 1#"" 7; $,!"0 7; $,61 7; ",6!$ 7; !1,"!

)hg in


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Aggregate

7; -,6!6,"6!

7; -00,-11

".669

7; -6,--$

7; #"6,$67; #-$,1

7; 00,0-

7; $1,""

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7; -!,"!

7; 0$,!!

7; 1",606

7; !-",!!

!.-9 -=-!=!-#

-6.-$9 !-#.


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Investment >umber of u3ook alue 4in )urrent market Market alue 4in millions5

a. Investments with market value

%ata 'teel !-0066! !$ $## -#1"!.6

%ata )hemicals "!0 !.0 #0$ !0.#$-1

%otal !"-.0 -#1$.#6

b. Investments without quoted market price

All other investments &!"-.0 >A &!"-.0


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3usiness 7evenues 2='ales alue alue


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nlevered beta

-.$

-.00

-.!

-.!-

-.-

-.!-.0


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Normalizing EarningsApproach used to normalize earnings = 3

If historical average,

Average Earnings before taxes = 19737.6

If historical average ROC,

Historical average pre-tax return on capital = 22%

If sector margin

Pre-tax Operating Margin for Sector = 7.04% ! Look at industry average

Normalized Earnings before interest and taxes = $10,462.46

Worksheet for normalization (Last 5 years of data)

-5 -4 -3 -2 -1

Revenues INR 206,487 INR 242,905 INR 320,648 INR 335,771 INR 295,252

EBT INR 16,519 INR 20,534 INR 25,732 INR 25,765 INR 10,138

EBT Margin 8.00% 8.45% 8.02% 7.67% 3.43%

Net Cap ex 282 -112 -27 151.76 196.02

Non-cash WC 26.07 305.82 915.03 -222.74 1502.9

Inventory 367.38 682.72 1281.06 1121.56 2371.09

Accounts Rec 74.48 149.74 537.37 314.02 1386.19

Other Current assets 34.23 57.17 174.73 291.92 474.46

Accounts Payable 190.06 248.98 358.23 521.17 615.72

Other Current Liabilities 259.96 334.83 719.9 1429.07 2113.12

Net Cap ex as % of EBIT (1-t ."09

Non-cash WC as % of Reven .-69

Normalized reinvestment = ;1.#0


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Total

INR 1,401,063

INR 98,688

7.04%

490.78

2527.08

9495.457754576


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R & D ConverterThis spreadsheet converts R&D expenses from operating to capital expenses. It makes the appropriate adjust

income, the book value of assets and the book value of equity.

Inputs

Over how many years do you want to amortize R&D expenses 5

Enter the current year's R&D expense = $341.00

Enter R& D expenses for past years: the number of years that you will need to enter will be determined by th

Do not input numbers in the first column (Year). It will get automatically updated based on the input above.

Year R& D Expenses

-1 340.00 ! Year -1 is the year prior to the current year

-2 340.00 ! Year -2 is the two years prior to the current year

-3 340.00

-4 340.00

-5 340.00

Err:518

Err:518

Err:518

Err:518

Err:518

Output

Year R&D Expense Unamortized portion Amortization this year

Current 341.00 1.00 341.00

-1 340.00 0.80 272.00 $68.00

-2 340.00 0.60 204.00 $68.00

-3 340.00 0.40 136.00 $68.00

-4 340.00 0.20 68.00 $68.00

-5 340.00 0.00 0.00 $68.00

Err:518 0.00 Err:518 Err:518 Err:518

Err:518 0.00 Err:518 Err:518 Err:518

Err:518 0.00 Err:518 Err:518 Err:518

Err:518 0.00 Err:518 Err:518 Err:518

Err:518 0.00 Err:518 Err:518 Err:518

Value of Research Asset = Err:518 Err:518

Amortization of asset for current year = Err:518

Adjustment to Operating Income = Err:518 ! A positive number indicates an inc

%a 2?ect of 7@* 2pensing Err:518

Look Up Table for Amortization Periods

Industry Name Amortization Period

Advertising 2

Aerospace/Defens 10 Non-technological Service 2 years

Air Transport 10 Retail, Tech Service 3 years

Aluminum 5 Light Manufacturing 5 years

Apparel 3 Heavy Manufacturing 10 years


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Auto & Truck 10 Research, with Patenting 10 years

Auto Parts (OEM 5 Long Gestation Period 10 years

Auto Parts (Repla 5

Bank 2

Bank (Canadian) 2

Bank (Foreign) 2

Bank (Midwest) 2Beverage (Alcoho 3

Beverage (Soft D 3

Building Material 5

Cable TV 10

Canadian Energy 10

Cement & Aggre 10

Chemical (Basic) 10

Chemical (Divers 10

Chemical (Specia 10

Coal/Alternate En 5

Computer & Peri 5

Computer Softwa 3Copper 5

Diversified Co. 5

Drug 10

Drugstore 3

Educational Servi 3

Electric Util. (Cen 10

Electric Utility (E 10

Electric Utility ( 10

Electrical Equipm 10

Electronics 5

Entertainment 3

Environmental 5Financial Service 2

Food Processing 3

Food Wholesalers 3

Foreign Electron/ 5

Foreign Telecom. 10

Furn./Home Furni 3

Gold/Silver Mini 5

Grocery 2

Healthcare Info S 3

Home Appliance 5

Homebuilding 5

Hotel/Gaming 3Household Produ 3

Industrial Service 3

Insurance (Divers 3

Insurance (Life) 3

Insurance (Prop/C 3

Internet 3

Investment Co. ( 3


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Investment Co. (F 3

Investment Co. (I 3

Machinery 10

Manuf. Housing/ 5

Maritime 10

Medical Services 3

Medical Supplies 5Metal Fabricating 10

Metals & Mining 5

Natural Gas (Dist 10

Natural Gas (Div 10

Newspaper 3

Office Equip & S 5

Oilfield Services/ 5

Packaging & Con 5

Paper & Forest Pr 10

Petroleum (Integr 5

Petroleum (Produ 5

Precision Instrum 5Publishing 3

R.E.I.T. 3

Railroad 5

Recreation 5

Restaurant 2

Retail (Special Li 2

Retail Building S 2

Retail Store 2

Securities Broker 2

Semiconductor 5

Semiconductor C 5

Shoe 3Steel (General) 5

Steel (Integrated) 5

Telecom. Equipm 10

Telecom. Service 5

Textile 5

Thrift 2

Tire & Rubber 5

Tobacco 5

Toiletries/Cosmet 3

Trucking/Transp. 5

Utility (Foreign) 10

Water Utility 10


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ments to operating income, net

! If in doubt, use the lookup table below

The maximum allowed is ten years

e amortization period

rease in operating income (add to reported EBIT)


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Operating Lease CoInputs

Operating lease expense in current year = $209.30

Operating Lease Commitments (From footnote to financials)

Year Commitment ! Year 1 is next year, ….

1 $ 40.00

2 $ 40.00

3 $ 40.00

4 $ 40.00

5 $ 40.00

6 and beyond $ 29.00

Output

Pre-tax Cost of Debt = 9.60% ! If you do not have a cost of debt, use the ratings esti

From the current financial statements, enter the following

Reported Operating Income (EBIT) = $6,904.00 ! This is the EBIT reported in the cu

Reported Debt = $21,920.00 ! This is the interest-bearing debt re

Number of years embedded in yr 6 estimate = 0 ! I use the average lease expense ov

to estimate the number of years of e

Converting Operating Leases into debt

Year Commitment Present Value

1 $ 40.00 $36.50

2 $ 40.00 $33.30

3 $ 40.00 $30.38

4 $ 40.00 $27.72

5 $ 40.00 $25.29

6 and beyond $ 29.00 $18.34 ! Commitment beyond year 6 converted into an annuit

Debt Value of leases = $ 171.53

Restated Financials

Depreciation on Operating Lease Asset = $34.31

Adjustment to Operating Earnings = $16.47

Adjustment to Total Debt outstanding = $ 171.53


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nverter

ator

rrent income statement

orted on the balance sheet

r the first five years

xpenses in yr 6

y for ten years

! I use straight line depreciation

! PV of operating leases * Pre-tax cost of debt


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23I% 4- &t5 B 4;0$,#1.15

2pected growth rate in perpetuity $.19

)ost of capital B &-.-$9

7eturn on capital B -!.9

7einvestment 7ate B 10.-"9

%erminal alue B ;!,6",#"#.$!

Crowth 7ate einvestment 7at ()((

9 .9

-9 6.##9

!9 -$.$"9

#9 !1.9

09 ##.##9

19 0-.$"9

DDD

DDD

DDD

DDD

DDD

DDD


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%erminal value

;0,#$,#-6.6$

;-,60,0.-1

;-!,#$",06.#0

;6,01$,0"6.6

;$,$,61".-$

;0,00!,"-.6#


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Valuing Options or WarrantsEnter the current stock price = $192.00

Enter the strike price on the option = $13.85

Enter the expiration of the option = 1.5

Enter the standard deviation in stock prices = 30.00% (volatility)

Enter the annualized dividend yield on stock = 0.00%

Enter the treasury bond rate = 6.50%

Enter the number of warrants (options) outstanding = 2.23

Enter the number of shares outstanding = 626.00

Do not input any numbers below this line

VALUING WARRANTS WHEN THERE IS DILUTION

Stock Price= 192 # Warrants issued= 2.23

Strike Price= 13.85 # Shares outstanding= 626

Adjusted S = Err:522 T.Bond rate= 6.50%

Adjusted K = 13.85 Variance= 0.0900

Expiration (in years) = 1.5 Annualized dividend yield= 0.00%

Div. Adj. interest rate= 6.50%

d1 = Err:522

N (d1) = Err:522

d2 = Err:522

N (d2) = Err:522

Value per option = Err:522

Value of all options outstanding = Err:522


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Bottom-up Beta CalculatorUnlevered beta for sector = 1.04 ! Look up industry averages

Output

Firm's Current market value D/E ratio = 18.24% ! Reverted back to conventional deb

Firm's Current tax rate = 32.45%

Bottom-up beta for firm = 1.17


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t to equity ratio


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1.6363636364


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Inputs for synthetic rating estimationEnter the type of firm = 1 (Enter 1 if large manufacturing firm, 2 if smaller or ris

Enter current Earnings before interest and taxes (EBIT) = $7,113.30

Enter current interest expenses = $1,176.30

Enter current long term government bond rate = 6.50%

OutputInterest coverage ratio = 6.05

Estimated Bond Rating = A+

Estimated Default Spread = 1.00%

Estimated Cost of Debt = 7.50%

For large manufacturing firms For financial ser

If interest coverage ratio is If long term inter

> ≤ to Rating is Spread is greater than

-100000 0.199999 D 15.00% -100000

0.2 0.649999 C 12.00% 0.05

0.65 0.799999 CC 10.00% 0.1

0.8 1.249999 CCC 8.50% 0.21.25 1.499999 B- 5.50% 0.3

1.5 1.749999 B 5.25% 0.4

1.75 1.999999 B+ 4.25% 0.5

2 2.2499999 BB 4.00% 0.6

2.25 2.49999 BB+ 3.50% 0.75

2.5 2.999999 BBB 2.00% 0.9

3 4.249999 A- 1.50% 1.2

4.25 5.499999 A 1.25% 1.5

5.5 6.499999 A+ 1.00% 2

6.5 8.499999 AA 0.75% 2.5

8.50 100000 AAA 0.50% 3

For smaller and riskier firms

If interest coverage ratio is

greater than ≤ to Rating is Spread is

-100000 0.499999 D 15.00%

0.5 0.799999 C 12.00%

0.8 1.249999 CC 10.00%

1.25 1.499999 CCC 8.50%

1.5 1.999999 B- 5.50%

2 2.499999 B 5.25%

2.5 2.999999 B+ 4.25%

3 3.499999 BB 4.00%

3.5 3.9999999 BB+ 3.50%4 4.499999 BBB 2.00%

4.5 5.999999 A- 1.50%

6 7.499999 A 1.25%

7.5 9.499999 A+ 1.00%

9.5 12.499999 AA 0.75%

12.5 100000 AAA 0.50%


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kier firm, 3 if financial service firm)

(Add back only long term interest expense for financial firms)

(Use only long term interest expense for financial firms)

ice firms

st coverage ratio is

≤ to Rating is Spread is rating Income Decline

0.049999 D 15.00% 15.00%

0.099999 C 12.00% 10.00%

0.199999 CC 10.00% 8.00%

0.299999 CCC 8.50% 6.00%0.399999 B- 5.50% 5.00%

0.499999 B 5.25% 4.50%

0.599999 B+ 4.25% 4.00%

0.749999 BB 4.00% 3.00%

0.899999 BB+ 3.50% 2.50%

1.199999 BBB 2.00% 1.50%

1.49999 A- 1.50% 1.30%

1.99999 A 1.25% 1.20%

2.49999 A+ 1.00% 1.15%

2.99999 AA 0.75% 0.90%

100000 AAA 0.50% 0.70%


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Industry Name mber of r Levered Beta Unlevered BStd Dev: Equity Market D/E

Advertising # -.0# .6" 6.$9 -!$.#-9

Aerospace=*efense $$ -.!" -.! 0"."19 !".!-9

Air %ransport 00 -.-1 .6$ $.0$9 "6.!-9

Apparel 1# -.-0 .# $6.##9 00.#!9

Auto @ %ruck ! -.0 ."$ #0.!9 -6#."19

Auto +arts 10 -.1$ -.- 1!.09 0.-93ank 0"" ."- .0" !".09 -.1!9

3ank 4)anadian5 6 .6$ .6# -".619 -.#$9

3ank 4Midwest5 # .- .$$ !".-#9 $6.69

3everage 0- .1 .61 10.1#9 -.!9

3iotechnology -6 -.!1 -.!" $.619 .69

3uilding Materials 1! -.# .6 $-.$9 -#.--9

)able % !1 -.1$ .1 00.-9 66.""9

)anadian 2nergy -! -.!! . ##.609 #1."9

)hemical 43asic5 - -.!$ -.- #".9 !.--9

)hemical 4*iversiEed5 ## -.!- -.- #.0"9 !$."9

)hemical 4'pecialty5 66 -.-6 .6 1".$-9 #1."09

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Documents

Tata Motors Valuation September 2014