APOLLO TYRES LIMITED |
Market Closed -
Other stock markets
|
5-day change | 1st Jan Change | ||
| 477.9 INR | -0.72% |
|
+5.87% | +5.25% |
| 27/05 | Tyremaker Goodyear India posts Q4 loss on weak demand for tractors | RE |
| 22/05 | Warburg Pincus's White Iris Investment Reportedly to Sell 3.5% Stake in Apollo Tyres | CI |
Valuation
| Fiscal Period: March | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Capitalization 1 | 1,27,424 | 45,421 | 1,42,072 | 1,21,304 | 2,03,169 | 3,05,706 | - | - |
| Enterprise Value (EV) 1 | 1,66,777 | 1,11,537 | 1,68,487 | 1,75,842 | 2,54,895 | 3,31,138 | 3,20,797 | 3,04,786 |
| P/E ratio | 18.8 x | 9.53 x | 39.4 x | 19 x | 18.4 x | 17.2 x | 15.5 x | 13.5 x |
| Yield | 1.46% | 3.78% | 1.56% | 1.7% | 1.41% | 1.29% | 1.41% | 1.71% |
| Capitalization / Revenue | 0.73 x | 0.28 x | 0.82 x | 0.58 x | 0.83 x | 1.17 x | 1.11 x | 1.04 x |
| EV / Revenue | 0.95 x | 0.68 x | 0.97 x | 0.84 x | 1.04 x | 1.3 x | 1.17 x | 1.04 x |
| EV / EBITDA | 8.51 x | 5.82 x | 6.02 x | 6.83 x | 7.69 x | 7.45 x | 7.03 x | 6.27 x |
| EV / FCF | -15.6 x | -35 x | 13.4 x | 44.8 x | 18.7 x | 12.2 x | 12 x | 12.8 x |
| FCF Yield | -6.39% | -2.86% | 7.46% | 2.23% | 5.33% | 8.18% | 8.33% | 7.83% |
| Price to Book | 1.27 x | 0.46 x | 1.24 x | 1.03 x | 1.58 x | 2.13 x | 1.95 x | 1.73 x |
| Nbr of stocks (in thousands) | 5,72,050 | 5,72,050 | 6,35,101 | 6,35,101 | 6,35,101 | 6,35,101 | - | - |
| Reference price 2 | 222.8 | 79.40 | 223.7 | 191.0 | 319.9 | 477.9 | 477.9 | 477.9 |
| Announcement Date | 09/05/19 | 19/05/20 | 12/05/21 | 12/05/22 | 09/05/23 | 14/05/24 | - | - |
1INR in Million2INR
Estimates
Income Statement Evolution (Annual data)
| Fiscal Period: March | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 1,75,488 | 1,63,270 | 1,73,970 | 2,09,476 | 2,45,681 | 2,53,777 | 2,74,218 | 2,94,182 |
| EBITDA 1 | 19,586 | 19,155 | 27,975 | 25,741 | 33,139 | 44,473 | 45,652 | 48,592 |
| EBIT 1 | 11,460 | 7,774 | 14,825 | 11,744 | 18,948 | 29,695 | 30,058 | 32,557 |
| Operating Margin | 6.53% | 4.76% | 8.52% | 5.61% | 7.71% | 11.7% | 10.96% | 11.07% |
| Earnings before Tax (EBT) 1 | 8,881 | 5,434 | 5,612 | 8,477 | 14,272 | 25,402 | 27,440 | 31,277 |
| Net income 1 | 6,798 | 4,764 | 3,502 | 6,386 | 11,046 | 17,219 | 19,748 | 22,630 |
| Net margin | 3.87% | 2.92% | 2.01% | 3.05% | 4.5% | 6.78% | 7.2% | 7.69% |
| EPS 2 | 11.88 | 8.330 | 5.680 | 10.06 | 17.39 | 27.11 | 30.93 | 35.44 |
| Free Cash Flow 1 | -10,660 | -3,188 | 12,567 | 3,925 | 13,598 | 27,091 | 26,720 | 23,875 |
| FCF margin | -6.07% | -1.95% | 7.22% | 1.87% | 5.53% | 10.68% | 9.74% | 8.12% |
| FCF Conversion (EBITDA) | - | - | 44.92% | 15.25% | 41.03% | 60.92% | 58.53% | 49.13% |
| FCF Conversion (Net income) | - | - | 358.82% | 61.47% | 123.1% | 157.34% | 135.3% | 105.5% |
| Dividend per Share 2 | 3.250 | 3.000 | 3.500 | 3.250 | 4.500 | 6.000 | 6.737 | 8.181 |
| Announcement Date | 09/05/19 | 19/05/20 | 12/05/21 | 12/05/22 | 09/05/23 | 14/05/24 | - | - |
1INR in Million2INR
Estimates
Income Statement Evolution (Quarterly data)
| Fiscal Period: March | 2021 Q3 | 2021 Q4 | 2022 Q1 | 2022 Q2 | 2022 Q3 | 2022 Q4 | 2023 Q1 | 2023 Q2 | 2023 Q3 | 2023 Q4 | 2024 Q1 | 2024 Q2 | 2024 Q3 | 2024 Q4 | 2025 Q1 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 51,538 | 50,257 | 45,845 | 50,773 | 57,075 | 55,783 | 59,420 | 59,560 | 64,228 | 62,473 | 62,446 | 63,852 | 66,475 | 64,440 | 65,657 |
| EBITDA 1 | 9,894 | 8,147 | 5,668 | 6,380 | 7,429 | 6,264 | 6,898 | 7,120 | 9,134 | 9,985 | 10,515 | 10,658 | 11,665 | 11,299 | 10,391 |
| EBIT 1 | 6,621 | 4,670 | 2,264 | 2,983 | 3,987 | 2,510 | 3,461 | 3,635 | 5,589 | 6,261 | 6,895 | 7,056 | 7,879 | 7,537 | 6,586 |
| Operating Margin | 12.85% | 9.29% | 4.94% | 5.88% | 6.98% | 4.5% | 5.82% | 6.1% | 8.7% | 10.02% | 11.04% | 11.05% | 11.85% | 11.7% | 10.03% |
| Earnings before Tax (EBT) 1 | 6,153 | 4,234 | 1,614 | 2,193 | 3,069 | 1,602 | 2,385 | 2,384 | 4,237 | 5,266 | 5,764 | 6,275 | 6,851 | 6,540 | 5,901 |
| Net income 1 | 4,438 | 2,873 | 1,278 | 1,738 | 2,235 | 1,134 | 1,907 | 1,945 | 2,921 | 4,274 | 3,969 | 4,483 | 4,824 | 4,770 | 4,158 |
| Net margin | 8.61% | 5.72% | 2.79% | 3.42% | 3.92% | 2.03% | 3.21% | 3.26% | 4.55% | 6.84% | 6.36% | 7.02% | 7.26% | 7.4% | 6.33% |
| EPS | 7.010 | 4.520 | 2.010 | 2.740 | 3.520 | 1.790 | 3.000 | 3.060 | 4.600 | 6.730 | - | 7.400 | 7.207 | 7.367 | 6.250 |
| Dividend per Share 2 | - | 3.500 | - | - | - | 3.250 | - | - | - | 4.500 | - | - | - | 5.000 | - |
| Announcement Date | 03/02/21 | 12/05/21 | 04/08/21 | 29/10/21 | 02/02/22 | 12/05/22 | 12/08/22 | 14/11/22 | 02/02/23 | 09/05/23 | 10/08/23 | - | - | - | - |
1INR in Million2INR
Estimates
Balance Sheet Analysis
| Fiscal Period: March | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net Debt 1 | 39,353 | 66,117 | 26,415 | 54,537 | 51,726 | 34,895 | 15,091 | - |
| Net Cash position 1 | - | - | - | - | - | - | - | 920 |
| Leverage (Debt/EBITDA) | 2.009 x | 3.452 x | 0.9442 x | 2.119 x | 1.561 x | 0.7846 x | 0.3306 x | - |
| Free Cash Flow 1 | -10,660 | -3,188 | 12,567 | 3,925 | 13,598 | 27,091 | 26,720 | 23,875 |
| ROE (net income / shareholders' equity) | 9.01% | 4.77% | 3.28% | 5.51% | 8.97% | 13% | 13.1% | 13.6% |
| ROA (Net income/ Total Assets) | 4.44% | 2.19% | 1.42% | 2.42% | 4.05% | 6.34% | 7.68% | 8.81% |
| Assets 1 | 1,53,021 | 2,17,267 | 2,46,566 | 2,63,699 | 2,72,525 | 2,71,553 | 2,57,138 | 2,56,753 |
| Book Value Per Share 2 | 176.0 | 174.0 | 180.0 | 185.0 | 203.0 | 219.0 | 246.0 | 276.0 |
| Cash Flow per Share 2 | 18.70 | - | 39.70 | 35.30 | 33.60 | 54.20 | 82.70 | 70.60 |
| Capex 1 | 21,370 | 28,361 | 11,902 | 18,462 | 7,746 | 7,304 | 10,819 | 14,324 |
| Capex / Sales | 12.18% | 17.37% | 6.84% | 8.81% | 3.15% | 2.88% | 3.95% | 4.87% |
| Announcement Date | 09/05/19 | 19/05/20 | 12/05/21 | 12/05/22 | 09/05/23 | 14/05/24 | - | - |
1INR in Million2INR
Estimates
EPS & Dividend
Year-on-year evolution of the PER
Year-on-year evolution of the Yield
Change in Enterprise Value/EBITDA
Trading Rating
Investor Rating
ESG Refinitiv
B-
Sell
Buy
Mean consensus
OUTPERFORM
Number of Analysts
27
Last Close Price
477.9
INR
Average target price
532.4
INR
Spread / Average Target
+11.40%
EPS Revisions
| 1st Jan change | Capi. | |
|---|---|---|
| +5.25% | 365.53Cr | |
| +24.77% | 743.96Cr | |
| -2.70% | 640.26Cr | |
| +9.24% | 497.97Cr | |
| -0.88% | 396.54Cr | |
| -1.77% | 396.17Cr | |
| +24.08% | 362.37Cr | |
| +43.04% | 324.14Cr | |
| +10.41% | 174.62Cr | |
| +35.71% | 148.95Cr |
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- Financials Apollo Tyres Limited
