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Buy APL Apollo Tubes; target of Rs 1190: Motilal Oswal

Motilal Oswal is bullish on APL Apollo Tubes recommended buy rating on the stock with a target price of Rs 1190 in its research report dated July 27, 2022.

July 29, 2022 / 11:30 PM IST
 
 
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Motilal Oswal's research report on APL Apollo Tubes


APL Apollo Tubes (APAT) reported a weak operating performance with 14%/ 33% YoY decline in Gross Profit/EBITDA per MT, respectively, in 1QFY23. The result was adversely impacted by the industry-wide channel destocking prompted by the correction in domestic HRC prices and lower share of value added products (VAP). We retain our FY23E/FY24E earnings as APAT is likely to maintain its growth trajectory underpinned by a strong demand outlook.



Outlook


We value the stock at 33x FY24E EPS to arrive at our TP of INR1,190. Reiterate BUY.

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APL Apollo Tubes - 280722 - moti

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first published: Jul 29, 2022 11:30 pm
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