We highlight that notwithstanding the recent Covid-19 scare, the structural story of multiplexes as a proxy play on urban discretionary remains. However, leisure activities and discretionary spend will take a backseat during stressed macroeconomic setup in the near term. Hence, we value PVR at 9x FY22E (ex-Ind-AS) EV/EBITDA and arrive at a target price of | 1060/share with a HOLD rating. We value Inox Leisure at 6x FY22E (ex- IndAS) EV/EBITDA and arrive at a target price of | 235/share with a HOLD rating....