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Buy Apollo Tyres: target of Rs 290: Sharekhan

Sharekhan is bullish on Apollo Tyres has recommended buy rating on the stock with a target price of Rs 290 in its research report dated November 22, 2021.

November 23, 2021 / 01:01 PM IST
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Sharekhan's research report on Apollo Tyres

Q2FY22 results beat our expectations, led by better-than-expected improvement in operational performance. ATL is set to benefit from its strategy by deleveraging its balance sheet, capital utilization of more than 90%, and focus on firm capital allocation and cash management in the medium term. The stock trades attractively at P/E multiple of 9.1x and EV/EBITDA multiple of 4.5x its FY2023E estimates.


We maintain our Buy rating on Apollo Tyres Limited (ATL) with an unchanged PT of Rs. 290, led by the company’s dominant positions in key markets, expected market share gains across segments, and attractive valuations.


For all recommendations report, click here

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first published: Nov 23, 2021 01:01 pm

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