ICICI Direct's research report on Apollo Tyres
Apollo Tyres (ATL) is a leading tyre manufacturer with operations in India and Europe. APMEA (largely India), Europe comprise ~67%, ~31% of sales, respectively. FY22 segment mix: Truck/bus ~43%, PV ~35%, OHT ~10%, others ~12% • FY22 channel mix: Replacement ~81%, OEM’s ~19%.
We retain our BUY rating on ATL amid retained focus on capital efficiency. Marginally revising our estimates, we now value ATL at a target price of Rs 230 i.e., 5x FY24E EV/EBITDA (previous target price: Rs 250).
At 15:02 hrs Apollo Tyres was quoting at Rs 174.50, down Rs 1.45, or 0.82 percent.
It has touched an intraday high of Rs 180.30 and an intraday low of Rs 167.15.
It was trading with volumes of 194,881 shares, compared to its thirty day average of 205,283 shares, a decrease of -5.07 percent.
In the previous trading session, the share closed down 0.17 percent or Rs 0.30 at Rs 175.95.
The share touched its 52-week high Rs 250.00 and 52-week low Rs 165.40 on 18 October, 2021 and 07 March, 2022, respectively.
Currently, it is trading 30.2 percent below its 52-week high and 5.5 percent above its 52-week low.
Market capitalisation stands at Rs 11,082.51 crore.
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