PVR INOX Ltd. share price target

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;...

ICICI Securities Ltd | Retail Equity Research Revenue growth of 7.4% YoY was maintained owing to upbeat performance in the F&B; segment wherein the Spends Per Head (SPH) grew ~12.0% YoY to | 83.0 driving the total F&B; revenues to | 134.9 crore, up 19.0% YoY. The after effects of demonetisation led to lower net box office collections which came in at | 269.2 crore, lower than expectations of | 275.0 crore. The footfalls came in at 17.9 million, up 8.5% YoY (Idirect estimates: 18.3 million). The...

ICICI Securities Ltd | Retail Equity Research Revenue growth of 16.8% YoY was led by strong ad revenue growth of 35.3% to | 62.4 crore vs. estimated 24.0% YoY. Net box office collections came in at | 278.1 crore, up 1.3% YoY, aided by 8.0% YoY growth in average ticket prices (ATP) to | 202.0 & box-office performance of movies such as Sultan, Pink, Rustom, etc. Food & beverage (F&B;) revenues came in at | 139.6 crore, aided by 24% YoY growth in spends per head (SPH) to | 84.0...

ICICI Securities Ltd | Retail Equity Research Net ticketing revenues grew 11.5% YoY to | 305.6 crore aided by a 8.9% increase in the footfalls to 20.7 million (includes one month of DT Cinemas footfall) and 6.6% YoY increase in average ticket prices (ATPs) to | 195. Spends per head grew 5% YoY to | 78 resulting in 13.7% YoY growth in F&B; revenues to | 147.5 crore. Advertisement revenues grew 12.7% YoY to | 51.5 crore EBITDA came in at | 116.7 crore vs. our expectation of | 105.7 crore...

PVRL is currently subject to multiple indirect taxes: (a) entertainment tax of 26.9% in FY16 on net box office collection (ticket sales constituted ~54% of FY16 revenue), (b) service tax of 14.5% on advertising revenue (~11% of FY16 revenue),...

ICICI Securities Ltd | Retail Equity Research Revenue growth of 37.7% YoY was aided by footfalls of 15.3 mn (vs. estimate of 14.9 mn), up 35.2% YoY. Net collections came in at...

Revenue and EBITDA margin ahead of estimates: PVR Ltd (PVR) reported overall revenue of INR4.1b (vs. our estimate of INR3.7b) in 4QFY16, marking a growth of 38% YoY, driven by an all-round performance. EBITDA margin...