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APOLLOTYRE Share Price Target
Apollo Tyres Ltd.
NSE: APOLLOTYRE | BSE: 500877 | ISIN: INE438A01022 | Sector: Tyres
APOLLOTYRE Rating
- ★★
- ★★
- ★★
- ★★
- ★★
4.6/5 (13 Ratings)
APOLLOTYRE Share Price *
158 +0 (0%)
* (quote may be delayed)
10 APOLLOTYRE share price target reports by brokerages below. See what is analyst's view on APOLLOTYRE share price forecast, rating, estimates, valuation and prediction behind the target. You may use these research report forecasts for long-term to medium term for your investment or trades in 2020.
You can also find APOLLOTYRE share price target tomorrow or next week from APOLLOTYRE discussion forum.
APOLLOTYRE Share Price Forecast - Consensus
| No. of reports in last year | 10 |
| No. of analysts | 6 |
| Average Consensus Forecast | 215.50 |
| Consensus Potential | 25.03% |
APOLLOTYRE Share Price Target - Broker Reports - 2019
Sharekhan
5-Nov-19
Price @ Call: 183.38
Target: 185
HOLD
Demand to remain muted in the near term; Return ratios to remain under pressure; Retain Hold: ATL’s demand pressures are expected to sustain in the near term, given weak CV OEM demand and drop in the European tyre industry. With muted demand in intensive capex cycle (due to Hungary and new AP plant), we expect ATL’s ROCE to remain at 7-8%, which would prevent re-rating. Moreover, current valuation of 12.3x its FY2021 earnings is at the higher end of the long-term historical multiples, thus leaving limited scope of upside from current levels. We have retained our earnings estimates for ATL. We maintain our Hold rating on the stock with a revised PT of Rs. 185.
Reliance Securities
5-Nov-19
Price @ Call: 183.38
Target: 215
BUY
Looking ahead, we expect ATL’s performance to improve owing to likely pick-up in OEM sales and production ramp-up at Hungary plant. However, in view of near-term OEM slowdown and sluggish economic condition, we lower our revenue estimates by 6%/4% and EBIDTA estimate by 5%/+1% for FY20E/FY21E. Factoring in higher depreciation for higher capex and interest expenses for increasing debt level, we cut our EPS estimates by 20%/4% for FY20E/ FY21E. We introduce our FY22E estimates and roll over our valuation to FY22E (at lower target P/E multiple of 10.5x from earlier 12x). In view of positive outlook for replacement industry in India operations and attractive valuation at 8.8x FY22E EPS, we reiterate our BUY recommendation on the stock with a revised Target Price of Rs215 (from Rs185 earlier), valuing it at 10.5xFY22E EPS.
Geojit Financial Services
14-Aug-19
Price @ Call: 160.58
Target: 151
REDUCE
We expect the company to be weighed down by weak macro trends and recovery is expected to take longer. The stock is currently trading at 10.8x FY20E P/E multiple. We roll forward to FY21E and value Apollo Tyres Limited at ~9x FY21E EPS considering limited visibility on a turnaround. We downgrade the rating to REDUCE with a revised target price of Rs. 151.
AnandRathi
2-Aug-19
Price @ Call: 148.59
Target: 255
BUY
Valuation. We expect revenue to clock a 12% CAGR over FY19-21, and earnings 13% to 11.23bn, leading to an EPS of 19.6. We maintain our Buy rating, at a price of 255 (13x FY21e EPS), earlier `258. Risks: 1) Lower volume growth in India and Europe. 2) Higher RM costs.
Dolat Capital
2-Aug-19
Price @ Call: 148.59
Target: 190
BUY
We expect 9/10% Revenue/EBITDA CAGR over FY19-21E, however net profit is likely to have flat CAGR, suppressed by higher depreciation and interest cost due to significant capacity addition. We cut our EPS estimates by13/16% and value the India business at 150/share (15x FY21E EPS) and Europe at 40/share (12x FY21E EPS). We recommend BUY rating with TP of 190.
Sharekhan
26-Jun-19
Price @ Call: 200.43
Target: 230
BUY
Retain estimates; maintain Buy with unchanged PT of Rs. 230:
The CVD is unlikely to meaningfully drive demand for ATL. Hence, we retain our earnings estimates for FY2020 and FY2021. Nevertheless, ATL’s earnings are likely to grow in double digits during FY2020-2021 due to healthy growth in the domestic replacement market and a ramp up in European operations. We expect ATL to sustain margins, led by a strong pricing power and dominant market share in the passenger vehicle and commercial vehicle (CV) segments. Further, a low debt:equity ratio, peaking of capex cycle and a reasonable valuation of 11x FY21 earnings, give us comfort for investment. We maintain our Buy rating with an unchanged price target of (PT) of Rs. 230.
The CVD is unlikely to meaningfully drive demand for ATL. Hence, we retain our earnings estimates for FY2020 and FY2021. Nevertheless, ATL’s earnings are likely to grow in double digits during FY2020-2021 due to healthy growth in the domestic replacement market and a ramp up in European operations. We expect ATL to sustain margins, led by a strong pricing power and dominant market share in the passenger vehicle and commercial vehicle (CV) segments. Further, a low debt:equity ratio, peaking of capex cycle and a reasonable valuation of 11x FY21 earnings, give us comfort for investment. We maintain our Buy rating with an unchanged price target of (PT) of Rs. 230.
Elara Capital
11-Jun-19
Price @ Call: 194.54
Target: 232
BUY
We remain cautious on the Europe business, given market uncertainty, especially over pricing. The market share gains in India business, especially TBR, would continue. In our view, strong demand commentary in the replacement segment at the start of Q1FY20 is a positive, given the weak OEM demand scenario. We reiterate Buy with a TP of INR 232 on 11x FY21E P/E.
Reliance Securities
14-May-19
Price @ Call: 185.75
Target: 225
BUY
Looking ahead, we expect ATL’s performance to improve owing to steady ramp-up in Hungarian operations and market share gain across both the geographies. However, factoring in the near- term slowdown and pricing pressure, we lower our revenue and EBIDTA estimates by 4%/5% and 7%/7% for FY20E/FY21E, respectively. Factoring in higher depreciation for increased capex and interest expenses for increasing debt level, we cut our EPS estimates by 11%/10% for FY20E/ FY21E. Considering ATL’s outperformance in tyre industry and improving market share, we maintain its P/E valuation multiple at 12x. Expecting ATL’s earnings to clock 14% CAGR over FY19-FY21E and valuing it at 12xFY21E EPS, we maintain our BUY recommendation on the stock with a revised Target Price of Rs225 (from Rs250 earlier).
Sharekhan
13-May-19
Price @ Call: 191.2
Target: 230
BUY
Valuations: Estimates cut on weak Q4; Retain Buy with a revised PT of Rs 230; recent 15% correction provides a good entry point: Given the weak operating performance of the European business, we have cut our FY2020 estimates by 14%. We have introduced FY2021 estimates in this note and rollover our target multiple on FY2021 earnings. We retain our Buy rating on the stock with a revised price target (PT) of Rs. 230 (from Rs. 250 earlier). The stock has corrected by about 15% in the past two months which provides a good entry point for investors.
Dolat Capital
13-May-19
Price @ Call: 191.2
Target: 242
BUY
Apollo Tyres’ (APTY) Q4FY19 Consolidated APAT at ` 1.84bn (-26% YoY) was below estimates led by lower than expected margin from overseas operations (6%; -330bps YoY), while the India business operations were inline. EBIT turned negative (` 465mn) for European business led by muted replacement demand. The Indian business reported 8% revenue growth with sequential improvement in margin amid challenging environment in OEMs and replacement markets. We expect the margins to improve hereon owing to economies of scale, benign commodity prices and improving mix in European operations (higher share of production from Hungary plant). The management is confident in achieving double digit growth for FY20 and expecting a demand recovery in both domestic as well as European operations. We expect 12/16% Revenue/EBITDA CAGR over FY19-21E, however net profit to register at 8% CAGR, suppressed by higher depreciation and interest cost due to significant capacity addition. We value the India business at ` 203/share (15x FY21E EPS) and Europe at Rs 39/share (12x FY21E EPS). We recommend BUY rating with TP of Rs 242.
AnandRathi
8-Feb-19
Price @ Call: 206.09
Target: 279
BUY
ICICIdirect.com
6-Feb-19
Price @ Call: 202.5
Target: 220
BUY
Reliance Securities
6-Feb-19
Price @ Call: 202.5
Target: 250
BUY
APOLLOTYRE Share Price Target - Broker Reports - 2018
Religare
22-Nov-18
Price @ Call: 221.68
Target: 305
BUY
Sharekhan
28-Sep-18
Price @ Call: 221.75
Target: 280
BUY
ICICIdirect.com
3-Aug-18
Price @ Call: 287.64
Target: 325
BUY
AnandRathi
3-Aug-18
Price @ Call: 286.3
Target: 314
BUY
Sharekhan
3-Aug-18
Price @ Call: 286.3
Target: 315
BUY
Kotak Securities
3-Aug-18
Price @ Call: 286.3
Target: 301
BUY
JM Financial
13-Jul-18
Price @ Call: 265.1
Target: 305
BUY
Elara Capital
25-Jun-18
Price @ Call: 273.7
Target: 336
BUY
IIFL
21-Jun-18
Price @ Call: 270.5
Target: 335
BUY
Kotak Securities
14-May-18
Price @ Call: 278.95
Target: 300
ACCUMULATE
Sharekhan
11-May-18
Price @ Call: 280.23
Target: 315
BUY
Reliance Securities
27-Mar-18
Price @ Call: 267.65
Target: 335
BUY
APOLLOTYRE Share Price Target - Broker Reports - 2017
Sharekhan
29-Dec-17
Price @ Call: 268.55
Target: 292
BUY
LKP Securities Limited
29-Nov-17
Price @ Call: 256.75
Target: 307
BUY
Reliance Securities
22-Nov-17
Price @ Call: 245.5
Target: 305
BUY
Sharekhan
13-Nov-17
Price @ Call: 236.93
Target: 245
HOLD
ICICIdirect.com
7-Nov-17
Price @ Call: 242.9
Target: 275
BUY
Kotak Securities
7-Nov-17
Price @ Call: 242.9
Target: 278
BUY
Powermywealth.com
1-Nov-17
Price @ Call: 244.65
Target: 355
HOLD
Indiabulls Ventures
30-Oct-17
Price @ Call: 243.55
Target: 285
BUY
Sharekhan
11-Aug-17
Price @ Call: 262.4
Target: 320
BUY
AnandRathi
10-Aug-17
Price @ Call: 270.55
Target: 366
BUY
KRChoksey
6-Jul-17
Price @ Call: 254.75
Target: 296
BUY
LKP Securities Limited
9-May-17
Price @ Call: 240
Target: 266
BUY
ICICIdirect.com
9-May-17
Price @ Call: 238
Target: 280
BUY
LKP Securities Limited
31-Mar-17
Price @ Call: 209
Target: 275
BUY
APOLLOTYRE Share Price Target - Broker Reports - 2016
ICICIdirect.com
15-Nov-16
Price @ Call: 193
Target: 225
BUY
ICICIdirect.com
11-Aug-16
Price @ Call: 172
Target: 180
HOLD
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APOLLOTYRE Peer Stocks - Share Price Targets
SOURCE: Data from D'Market via Quandl. Intraday data delayed 15 minutes.
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