Wonderla Holidays Ltd. share price target

Wonderla Holidays Limited's (WHL) Q4FY2020 numbers were severely affected by the shutdown of amusement parks and resorts in the last few days of March after the nationwide lockdown was imposed. Revenue declined by ~30% to Rs. 42.4 crore largely driven by a 31% reduction in footfalls, while operating profits fell significantly as majority of operating costs are direct in nature. The Bangalore, Kochi and Hyderabad parks saw drop in footfalls by 38%, 31% and 22% respectively led by fall in group bookings and walk-ins. Average revenue per visitor increased by 1.1% in Q4FY2020 driven by a 2.5% increase in non-ticketing revenue. According...

Wonderla Holidays reported a subdued set of Q4FY20 numbers. Revenues declined 30% YoY to | 42.4 crore led by a 31% drop in overall footfalls. Park wise, the Bengaluru park witnessed a 38% drop in footfalls to 1.37 lakh, Kochi Park saw a decline of 31% YoY to 1.33 lakh footfalls and Hyderabad park saw footfalls decline 22% YoY to 1.35 lakh during the quarter. Kochi park was closed from March 11 while the Bengaluru Park (along with the resort) and Hyderabad Park were shut from March 14 and March 15, respectively. Average revenues per footfall increased marginally by 1.2%...

Wonderla Holidays Limited (Wonderla) reported strong operating performance in Q1FY2020 with revenue and PAT growing by ~13% and ~28%, respectively, in Q1FY2020. Footfalls grew by 8% with the Bangalore and Kochi parks seeing a rise of 9% and 12% respectively, in footfalls in a seasonally strong quarter. Higher footfalls and operating efficiencies helped operating margins (OPM) expand by 298 bps to 58.3%. The company has acquired 62 acres in Kelambakkam, Chennai for its fourth park and work will begin once regulatory approvals come in....

View: Footfall growth expected to continue. Maintain Accumulate Wonderla posted good set of numbers in Q1FY20. Revenue grew 13.2% YoY, driven by 8.2% YoY growth in footfalls and a 4.1% rise in ARPU. Ticket revenue grew by 14% & non ticket revenue grew by 11% in Q1FY20. While Kochi and Bangalore park registered double digit revenue growth, Hyderabad park revenue was restricted due to lower footfalls on account of extreme weather conditions. We have revised our estimates marginally to factor in Q1 performance. Valuing the stock at 20x FY21E PE to arrive at a...

Footfall growth in single digit; expect recovery in FY20E Wonderla faced challenges in its Kochi Park due to Nipah virus and the floods significantly impacting the business. This led to a 14.1% dip in the footfalls at the Kochi Park, down from 8.8 lakh in FY18 to 7.6 lakh in FY19. This drag overshadowed the double digit footfall growth of Bangalore and Hyderabad Park, thus ending FY19 at 1% footfall growth rate. During Q4FY19, Bangalore Park's footfalls grew by 10.4% while those of Kochi and Hyderabad staged a 4.8% growth each. Going ahead with the initiatives by...

View: Footfall growth expected to continue. Maintain Accumulate Wonderla posted good set of numbers in Q42019. Revenue grew 10.4% YoY, driven by a 6.8% YoY growth in footfalls and a 2.6% rise in ARPU. Kochi park has stabilized after the floods. All three parks witnessed positive trend in top-line and footfall growth in Q4. However, the overall footfall growth during the quarter was restricted by festive season shift to Q1FY20 (vs Q4 last year) and delayed school vacations. We have revised our estimates marginally to factor in Q4 performance. Valuing the stock at 12x FY20E...

ICICI Securities Ltd | Retail Equity Research TTK reported robust revenue growth (net of discounts) of 20.5% YoY to | 552.0 crore (I-direct estimate: | 549.9 crore). The healthy growth can be attributed to buoyant consumer sentiment and a shift of the festive season. Domestic sales grew 23% YoY to | 588 crore while exports grew 14.4% YoY to | 9.6 crore EBITDA margins for the quarter expanded 100 bps YoY to 15.5% (Idirect estimate: 14.5%) mainly on account of a favourable product mix and lower other expenses. Higher employee expenses (up 30%...

Wonderla Holidays posted disappointing numbers for Q2FY19, below our expectation. Its net revenue decreased by 16.4%, led by decline in footfalls. Companys EBITDA and PAT declined by 16.5% and 60% yoy respectively due to increase in overall expense and depreciation.

Wonderla Holidays' results were below our estimates. The performance has mainly been impacted by a sharp fall in footfalls in Kerala (down 61% YoY) due to outbreak of Nipa virus & floods) and Hyderabad (down 6% YoY). However, healthy average realisations (up 13% YoY) helped arrest the drop in revenues, to some extent Total footfalls for the quarter were down 26% YoY to 3.45 lakh. Hyderabad (new), Kochi park reported 6% and 61% YoY drop in...

Net Sales decreased 16.4% YoY to ` 413mn, due to 26% decline in footfalls. Footfall decline was primarily led by 61% footfall decrease in Kochi due to floods and shift in festive season. The Hyderabad park also posted 5.9% footfall drop due to uneven rains during the quarter. Nevertheless, Bangalore park witnessed 4% increase in footfalls as it witnessed better response from Chennai visitors. Wonderla continued to witness increase in non-ticket ARPU across parks. Going ahead, we believe that footfalls would increase with calibrated pricing and increase in marketing. Further,...