PVR pioneered the multiplex revolution in India by establishing its first multiplex in 1997. Since then the company has spread its wings across 106 properties in 43 cities having 474 screens as of Aug-15. It acquired Cinemax in 2012 to become the largest multiplex operator in the country. Low density of screens as compared to emerging and developed world and better movie watching experience provided by multiplexes is leading to a preference change among the public towards multiplexes. After a subdued FY15 we expect the company to grow its revenues/PAT by 27%/227% respectively over FY15-FY17 driven by higher footfalls, increased F&B; spend and greater focus on in-cinema ad revenues. We assign BUY rating for...