Buy Apollo Tyres; target of Rs 275: ICICI Direct

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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%

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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