With the opening of cinemas across the country, easing of lockdown and line-up of robust content we expect PVR to witness recovery in coming quarters. We expect the company to add screens to pre covid level in FY23. This coupled with increasing contribution from non-cinema content (like T20 cricket & gaming), receding competition from single screen theatres and strong screen addition in long run prompts us to be positive on the stock. Hence we upgrade our rating from HOLD to BUY on the stock with a target price of Rs 1,955 based on EV/EBITDA of 16x FY23 EBITDA. Key Highlights and Investment Rationale...