PVR INOX Ltd. share price target

ATP growth for the quarter grew 6.5% YoY to | 212 in line with our expectations, aided by the star studded release of Tiger Zinda Hai, Golmaal Again and Judwaa 2 during the quarter. Footfalls declined 2.8% YoY to 17.4 million (mn), in line with our expectations, on account of content heavy base (Dangal, MS Dhoni, Ae Dil Hai Mushkil, etc.). Spend per head (SPH) grew 12% YoY to | 92. Net box office collections came in at | 293.1 crore, up 8.9% YoY, aided by strong growth in ATP. F&B; revenues came in at | 143.8 crore, up...

Results below estimates; margin expands 290bp YoY: PVR's revenue increased 5% YoY to INR5,573m (est. of INR6,184m) in 3QFY18. EBITDA rose25% YoY to INR1,003m (est. of INR1,218m), with the margin expanding 290bp YoY to 18% (est. of 19.7%) due to a 90bp reduction in rent cost (to17.8% of net sales) and a 440bp reduction in administrative & other expenses (to 22.5% of net sales). Adjusted PAT stood at INR289m in 3QFY18(est. of INR403m) v/s INR239m in 3QFY17

PVRs (PVRL) Q2 performance was largely in line with expectations. Limited box-office success resulted in lower occupancy (29.6% vs. 32% YoY) and flattish footfalls, despite ~8% increase in screens.

ICICI Securities Ltd | Retail Equity Research Topline at | 555.4 crore was largely in line with our estimate of | 561.3 crore. The company reported net ticketing revenue of | 299.3 crore (up 7.6% YoY but strictly not comparable owing to exclusion of government subsidy provided by various state governments under previous tax regime). Footfalls at 18.7 million, up 1.1% YoY (down 5% YoY on a comparable basis), were muted owing to weaker than anticipated performance of star studded movies like Jab Harry Met...

significantly lower admin expenses (-500bp to 24.7%), partly offset by higher movie exhibition cost (+290bp to 24%). Consequently, adj. PAT increased to INR255m (est. of INR291m) in 2QFY18 from INR291m in the year-ago period. Significant screen additions planned for 2HFY18: PVR has already added 21 screens in 1HFY18 (13 additions in 2QFY18 10 in Pune and 3 in Delhi). The company plans to further add 48 screens in 2HFY18, with 65% of these to be in south India. With Golmaal Again running well on box office and the content pipeline appearing promising with the likes of Padmavati and Tiger...

PVRs (PVRL) Q1 performance was in line with expectations, as EBITDA grew 8% YoY to Rs 1.26 bn. This was largely led by 31% jump in ad revenue, given benefits from content-led premium pricing (for Bahubali).

ICICI Securities Ltd | Retail Equity Research PVR reported its Q1FY18 numbers with revenues at | 636.6 crore, up 11.6% YoY (vs. Idirect estimates of | 624.6 crore). ATP growth, at 7.5% YoY to | 214, was boosted by strong content slate in Q1FY18 led by Baahubali 2 and decent grosser such as Tubelight, Fate of the Furious and Hindi Medium. Footfalls at 21 million, down 0.3% YoY, were muted as other movies barring Baahubali 2 falied to meet expectations. The consequent net ticketing revenues were up 12.3%...

Growth in F&B;/Ad rev. lead to a healthy performance PVR reports revenue growth of 11.6% YoY on back of F&B; and strong ad. revenue. EBITDA margin declined 135bps YoY to 17.6% due to higher other expenses. We expect Q2FY18 to be strong on the back of a healthy content pipeline led by release of some big Hindi Movies. We believe GST (service tax reversal) will lead to an improved EBITDA margin and expect benefits of the same to kick in towards H2FY18. Further, PVR is trading at fair valuations of 13.3x/11x based on FY19/FY20 EV/EBITDA which largely...

PVR's (PVRL) Q4 operational performance in an otherwise seasonally weak quarter was encouraging. While footfalls grew 19% (31.7% occupancy vs. ~29% in Q4FY16) on relatively better movie content, ATP^ and SPH# grew 4.4% and 7% YoY respectively (+4% for comparable screens).

ICICI Securities Ltd | Retail Equity Research PVR Ltd reported its Q4FY17 numbers with revenues slightly lower than estimates at | 482.6 crore, up 17% YoY (vs. I-direct estimate of | 486.2 crore). Some such as Dangal, Kaabil, Raees, etc in an otherwise seasonally weak quarter led to better-than-expected footfall growth of 19% YoY to 18.2 mn vs. expectation of 18 million (mn) footfalls. Consequently, net box office revenues came in higher by 23.3% to | 264.4 crore better than estimates of | 258.2 crore. F&B;...