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Motilal Oswal Report
The valuation of Tata Power Company Ltd. is segmented across various business units, leading to a target price of Rs 509/share.
The regulated business is valued using a 3x multiple on regulated equity. The coal segment is valued based on equity with a 1.5 times multiple of FY24 book value.
The renewables segment is valued at a 14 times multiple of projected FY27 Ebitda.
The pumped storage segment is valued at one time price-to-book, while other segments are valued at 1.5x PB. Cash and investments add Rs 57/share.
The sum of these contributions results in a total target price of Rs 509/share, reflecting the comprehensive valuation of Tata Power’s diverse business segments.
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