Wonderla Holidays Ltd. share price target

Wonderla Holidays Ltd reported result for 1QFY17 with a ~32% growth in revenue at Rs.889 mn vs Rs.672 mn for 1QFY16. The company's EBITDA de-grew by ~3% whereas margin shrinked by 1584 bps to 44.1% vs 59.9% of preceding year. PAT de-grew by ~20% to Rs.225 mn from Rs.280 mn YoY. Being one of the fast growing companies in the niche segment, we expect Wonderla to grow faster on account of additional revenue from new parks, growing trend of amusement parks and...

New park addition leads to higher revenue Wonderla Holidays (WHL) reported a mixed set of Q1FY17 numbers. Revenues increased 32.2% YoY to | 88.9 crore (above I-direct estimate of | 82.5 crore) led by 17.9% YoY increase in realisation and 12.2% YoY increase in footfall on account of addition of the new park at Hyderabad Bengaluru park revenues increased 9.0% YoY to | 44.4 crore while revenues from Kochi park declined 7.5% YoY to | 22.0 crore mainly led by 24.4% YoY decline in footfall. Hyderabad park reported revenues of...

Revenue below estimates: Wonderla Holidays (WONH) saw its 1QFY17 revenues grow 32% YoY to INR889m (est. of INR975m) due to the opening of the Hyderabad Park, which recorded revenue of INR194m. Excluding the Hyderabad Park contribution, revenues grew at a subdued pace of 3% YoY. Footfalls declined sharply by 24% YoY in the Kochi Park and by 12% YoY in the Bangalore Park due to lesser participation of school/college groups on account...

Wonderla Holidays Ltd reported result for 4QFY16 with a 22% growth in revenue at Rs.445 mn vs Rs.365 mn for 4QFY15. The company's EBITDA grew by 8 % whereas margin shrinked by 324bps to 24.7 % vs 28 % of...

Wonderla Holidays reported a mixed set of Q4FY16 numbers. Revenues increased 22.1% YoY to | 44.5 core (above I-direct estimate of | 41.1 crore) led by 22.8% YoY increase in realisation while footfall declined...

Wonderla Holidays Ltd reported result for 3QFY16 with a ~7% growth in revenue at Rs.504 mn vs Rs.474 mn for 3QFY15. The company's EBITDA declined by ~13% and margin contracted by ~800bps to 36.1% vs 44.1%...

Wonderla's revenues increased 6.5% YoY to | 50.4 core led by 20.6% YoY in realisation while footfalls declined 11.7% YoY. Poor weather conditions adversely impacted the performance of the company,...

Valuation: Wonderla Holidays is one of the few profitable company in amusement park industry in India. The company has maintained its strong EBITDA/PAT margin in the range of ~44/27 in FY15. The company is trading at 35.4/27.2/19.1x...

Hyderabad & Chennai Parks are expected to be operational by April 2016 &December 2017 respectively. We expect footfall in Hyderabad park to be in the range of 0.6-0.8 Mn in first year and in next couple of years, footfalls are likely to reach 1 mn mark and ticket pricing to be similar to Bangalore park. Footfalls for the existing parks along with Hyderabad park for the next couple of years is likely to see CAGR growth of 17% during FY15-17E. Average Ticket Prices (ATP) are likely to witness 10% annual growth.