Overhang of F&B; impact largely factored into inexpensive valuations Inox reported healthy revenue growth YoY supported by better spend per head despite muted growth in BO revenue. EBITDA margin improved 70bps YoY to 20.1% due to healthy ad/SPH growth. Hindi Box office revenue is estimated to grow 27% and 53% YoY basis for Q2 and Q3 of FY19 respectively and scope of go downside from current levels is limited. Inox is currently trading at inexpensive valuations of 6.9x/5.8x based on our FY20/FY21 EV/EBITDA estimates. Maintain our BUY rating with a Sep'19...