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 p.a. In India, ATL has a 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%
Outlook
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.
For all recommendations report, click here
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