Buy Apollo Tyres; target of Rs 275: ICICI Direct
ICICI Direct is bullish on Apollo Tyres has recommended buy rating on the stock with a target price of Rs 275 in its research report dated November 02, 2021.
November 05, 2021 / 11:02 AM IST
ICICI Direct's research report on Apollo Tyres
Apollo Tyres (ATL) is a leading tyre manufacturer, with operations in India & Europe with an installed capacity of ~7.9 lakh MT pa. In India, ATL has substantial presence in TBR (31% market share) & PCR space (21% market share) Derives ~67% revenues from APMEA (largely India), ~32% from Europe FY21 segment mix: Truck/bus ~43%, PV ~35%, OHT ~11%, others ~11%
We continue to be positive on ATL and retain BUY rating on the stock We value ATL at an unchanged target price of Rs 275 i.e., 6x FY23E EV/EBITDA.
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