Equity Valuation

May 18,2012

TYPES Fundamental Introduction to TATA Analysis Motors

Global Overview Domestic Overview Company Analysis Current financials Past performance Future plans

Equity valuation

Estimated future growth (Calculation of g) Expected return on equity (CAPM Analysis k ) PEG Market to Sales Order to book value

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Global Automobile Industry

Countries EU New EU Eastern Europe NAFTA Mercosur China Japan Shares in Percent 26.7 2.3 4 25.8 3.9 8.1 16.7
2.3 4 8.1 3.9 25.8 EU NAFTA Japan New EU Mercosur India Eastren Europe China Other countries 16.7 2.4

Shares in Percent
10.1 26.7

India
Other countries

2.4
10.1

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Hero Honda
Year Reported net profit Equity dividend Retained earning Retention ratio Return on long term funds (%) Growth Mar ' 10 2232 2197 35 2 80 1 Mar ' 09 1282 399 882 69 43 30 Mar ' 08 968 379 588 61 42 25 Mar ' 07 858 339 518 60 43 26 Mar ' 06 971 399 572 59 60 36

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Tata Motors
Year Reported net profit Equity dividend Retine erning Retention ratio Return on long term funds (%) Growth Mar ' 10 2240 859 1381 1 10 6 Mar ' 09 1017 312 705 1 9 6 Mar ' 08 2029 578 1450 1 23 16 Mar ' 07 1913 578 1335 1 31 22 Mar ' 06 1529 498 1031 1 29 19

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