We continue to believe that the multiplex industry is the best placed media segment for growth driven by traction in content performance. Both PVR and Inox remain key beneficiaries of a flourishing multiplex business, which is one of the proxies on rising urban discretionary consumption spends. We value PVR at 14.5x FY21E EV/EBITDA (ex-Ind-AS 116) and arrive at a target price of | 2200 with a BUY rating. We value Inox at 10x FY21E (ex-Ind-AS 116) EV/EBITDA (~30% discount to target EV/EBITDA multiple of PVR) to...