BQ Prime's special research section collates quality and in-depth equity and economy research reports from across India's top brokerages, asset managers and research agencies. These reports offer BQ Prime's subscribers an opportunity to expand their understanding of companies, sectors and the economy.
ICICI Securities Report
Our visit to APL Apollo Tubes Ltd.'s Raipur plant reveals that growth drivers are in place for the company. Management has launched two new categories:
500mm x 500mm in the heavy structural segment; and
coated products for roofing application.
We believe that as capacity utilisation at the Raipur plant improves, Ebitda/tonne is also expected to improve beyond Rs 5,000/tonne in FY25E (our estimate at Rs 5,130/tonne).
Taking cognizance of robust growth prospects, we raise our price-to-earning multiple to 40 times (earlier 36 times) FY25E, resulting in revised target price of Rs 1,930 (earlier Rs 1,740). Maintain ‘Buy'.
Click on the attachment to read the full report:
DISCLAIMER
This report is authored by an external party. BQ Prime does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of BQ Prime.
Users have no license to copy, modify, or distribute the content without permission of the Original Owner.
Essential Business Intelligence, Sharp Market Insights, Practical Personal Finance Advice, Daily Fuel, Gold and Silver Prices and Latest Stories — On NDTV Profit.