Apollo Tyres Apollo Tyres Nifty Auto

Date Share Price Return Index Price Index Return

01/Apr/13 83.60 5,930.20
01/May/13 98.05 0.17 5,985.95 0.01
01/Jun/13 56.50 -0.42 5,842.20 -0.02
01/Jul/13 67.30 0.19 5,742.00 -0.02
01/Aug/13 62.95 -0.06 5,471.80 -0.05
01/Sep/13 66.65 0.06 5,735.30 0.05
01/Oct/13 68.10 0.02 6,299.15 0.10
01/Nov/13 80.50 0.18 6,176.10 -0.02
01/Dec/13 107.20 0.33 6,304.00 0.02
01/Jan/14 113.30 0.06 6,089.50 -0.03
01/Feb/14 131.65 0.16 6,276.95 0.03
01/Mar/14 159.60 0.21 6,704.20 0.07
01/Apr/14 159.05 0.00 6,696.40 0.00
01/May/14 176.15 0.11 7,229.95 0.08
01/Jun/14 201.80 0.15 7,611.35 0.05
01/Jul/14 184.90 -0.08 7,721.30 0.01
01/Aug/14 165.30 -0.11 7,954.35 0.03
01/Sep/14 203.75 0.23 7,964.80 0.00
01/Oct/14 219.10 0.08 8,322.20 0.04
01/Nov/14 228.40 0.04 8,588.25 0.03
01/Dec/14 223.20 -0.02 8,282.70 -0.04
01/Jan/15 242.55 0.09 8,808.90 0.06
01/Feb/15 179.90 -0.26 8,901.85 0.01
01/Mar/15 168.25 -0.06 8,491.00 -0.05
01/Apr/15 173.30 0.03 8,181.50 -0.04
01/May/15 189.85 0.10 8,433.65 0.03
01/Jun/15 170.25 -0.10 8,368.50 -0.01
01/Jul/15 202.55 0.19 8,532.85 0.02
01/Aug/15 180.00 -0.11 7,971.30 -0.07
01/Sep/15 179.95 0.00 7,948.90 0.00
01/Oct/15 191.55 0.06 8,065.80 0.01
01/Nov/15 162.70 -0.15 7,935.25 -0.02
01/Dec/15 156.20 -0.04 7,946.35 0.00
01/Jan/16 147.45 -0.06 7,563.55 -0.05
01/Feb/16 157.85 0.07 6,987.05 -0.08
01/Mar/16 174.90 0.11 7,738.40 0.11
01/Apr/16 160.15 -0.08 7,849.80 0.01
01/May/16 156.45 -0.02 8,160.10 0.04
01/Jun/16 151.50 -0.03 8,287.75 0.02
01/Jul/16 163.30 0.08 8,638.50 0.04
01/Aug/16 183.05 0.12 8,786.20 0.02
01/Sep/16 219.95 0.20 8,611.15 -0.02
01/Oct/16 201.90 -0.08 8,625.70 0.00
01/Nov/16 190.90 -0.05 8,224.50 -0.05
01/Dec/16 184.90 -0.03 8,185.80 0.00
01/Jan/17 180.40 -0.02 8,561.30 0.05
01/Feb/17 187.60 0.04 8,879.60 0.04
01/Mar/17 208.70 0.11 9,173.75 0.03
01/Apr/17 244.00 0.17 9,304.05 0.01
01/May/17 228.60 -0.06 9,621.25 0.03
01/Jun/17 240.70 0.05 9,520.90 -0.01
01/Jul/17 266.50 0.11 10,077.10 0.06
01/Aug/17 253.40 -0.05 9,917.90 -0.02
01/Sep/17 245.75 -0.03 9,788.60 -0.01
01/Oct/17 246.00 0.00 10,335.30 0.06
01/Nov/17 232.00 -0.06 10,226.55 -0.01
01/Dec/17 268.25 0.16 10,530.70 0.03
01/Jan/18 254.85 -0.05 11,027.70 0.05
01/Feb/18 274.55 0.08 10,492.85 -0.05
01/Mar/18 277.05 0.01 10,113.70 -0.04
01/Apr/18 294.35 0.06 10,739.35 0.06
01/May/18 269.30 -0.09 10,736.15 0.00
01/Jun/18 254.00 -0.06 10,714.30 0.00
01/Jul/18 292.80 0.15 11,356.50 0.06
01/Aug/18 251.40 -0.14 11,680.50 0.03
01/Sep/18 212.25 -0.16 10,930.45 -0.06
01/Oct/18 218.80 0.03 10,386.60 -0.05
01/Nov/18 239.05 0.09 10,876.75 0.05
01/Dec/18 235.95 -0.01 10,862.55 0.00
01/Jan/19 204.35 -0.13 10,830.95 0.00
01/Feb/19 217.45 0.06 10,792.50 0.00
01/Mar/19 222.75 0.02 11,623.90 0.08
01/Apr/19 206.05 -0.07 11,748.15 0.01
01/May/19 194.50 -0.06 11,922.80 0.01
01/Jun/19 200.65 0.03 11,788.85 -0.01
01/Jul/19 157.50 -0.22 11,118.00 -0.06
01/Aug/19 171.25 0.09 11,023.25 -0.01
01/Sep/19 181.65 0.06 11,474.45 0.04
01/Oct/19 190.30 0.05 11,877.45 0.04
01/Nov/19 168.05 -0.12 12,056.05 0.02
01/Dec/19 163.90 -0.02 12,168.45 0.01
01/Jan/20 166.50 0.02 11,962.10 -0.02
01/Feb/20 158.00 -0.05 11,201.75 -0.06
01/Mar/20 79.40 -0.50 8,597.75 -0.23
 CAPM Model
Apollo Average 0.89%
Apollo Return 10.73%
Apollo Beta 1.36
10 year Bond rate 5.84%
Market Return (Rm) 6.77%
Index Average 0.56%
Index Return 6.77%
Moody's Rating Baa3
Default Spread Rate 2.58%
Risk Free Rate (Rf) 3.26%
Actual return 10.73%
Beta (β) 1.36
Apollo's Expected Return (Ke) -> Rf + β*(Rm - Rf) 8.02%
(In Cr) 2013 2014
Long term Borrowings 1338.37 713.73
Short Term Borrowings 539.42 180.67
Total Interest Bearing Debt 1877.79 894.4
Interest Expense (Finance Costs)
Tax Expense
Profit Before Tax
Effective Tax Rate
Before Tax Kd = Interest / Avg Debt
After Tax Kd = Before Tax Kd *(1-t)
 2015 2016 2017 2018 2019
333.94 257.29 834.03 1,864.39 2,443.86
462.66 7,398.99 10,886.27 7,454.40 5,546.72
796.6 7656.28 11720.3 9318.79 7990.58
 2020
3,208.32
14,320.01
17528.33
280.83
67.04
543.44
0.1233623
2.59%
2.27%
 Cost of Capital
Cost of Equity 8.02%
Cost of Debt 2.27%
# shares outstanding (In Crores) 7370.86
Current Share price (As on 8th Aug 2020) ₹ 129.30
Market Value of Equity ₹ 953,052.20
Debt Value ₹ 17,528.33
Debt + Equity ₹ 970,580.53
Weight of Debt 1.81%
Weight of Equity 98.19%
WACC 7.92%

Note: All values are in Crores