Wonderla Holidays Ltd. share price target

WHL’s Q3FY25 performance was weak, missing estimates on all fronts owing to lower footfalls and sharp decline in EBITDA margins which led to a sharp decline in the PAT.

Wonderla Holidays Ltd.’s (WHL’s) Q2FY2025 numbers were weak, with sharp decline in footfalls and margins. Footfalls fell by 13.9% y-o-y (like-for-like basis); EBITDA margins contracted to 1.2% versus 27.2% in Q2FY2024.

Wonderla Holidays’ (WHL’s) Q1FY2025 numbers were weak, as footfalls were hit by extreme heatwave
and elections, leading to 6% y-o-y decline in revenue; adjusted EBITDA margins fell ~700 bps y-o-y

Wonderla Holidays (Wonderla) delivered weak operational performance in Q4FY24 – revenue flat YoY, at INR 1bn (ISec estimate: 7% YoY revenue growth), owing to footfalls declining 12% YoY in the absence of large groups in Jan’24
at its Bengaluru/Kochi parks.

Wonderla Holidays Limited’s (WHL’s) Q4FY24 was soft on high base of Q4FY2023 and early school exams
in some of the key states impacting group footfalls; high EBIDTA margins were lower due to higher employee cost.

Wonderla Holidays (Wonderla) delivered another strong quarter in Q1FY24 with revenue growing 24% YoY to INR1.85bn and EBITDA growing 28% YoY to INR1.2bn led by a 25% YoY ARPU growth even as footfalls decline marginally by 1.4% YoY.

After a washout in FY21 and FY22 owing to Covid, Wonderla Holidays (Wonderla) staged a stellar bounce back in FY23 with revenue of Rs4.3bn which was up 58% vs. FY20 while EBITDA grew 102% over FY20 to Rs2.1bn.

Wonderla Holidays (Wonderla) delivered another strong quarter in Q4FY23 with revenue of Rs1.0bn. As a result, the company has clocked FY23 revenue of Rs4.3bn which is up 58% vs. FY20 while EBITDA has grown 102% over FY20 to Rs2.1bn.

Wonderla Holidays (Wonderla) delivered another strong quarter in Q3FY23 with revenue of Rs1.1bn which was 62% higher than pre-Covid (Q3FY20) levels on the back of total footfalls growing 28% over pre-Covid levels along with average ticket revenue per user (ARPU) up by 34% vs. pre-Covid levels.

Wonderla Holidays (Wonderla) delivered another strong quarter in Q2FY23 which is typically the weakest quarter owing to monsoon with revenue of Rs0.7bn which was 62% higher than pre-Covid (Q2FY20) levels on the back of total footfalls growing 32% over pre-Covid levels along with average ticket revenue per user (ARPU) up by 22% vs. pre-Covid levels.

Wonderla Holidays (Wonderla) delivered a blowout quarter in Q1FY23 with revenue of Rs1.5bn which was 27% higher than pre-Covid (Q1FY20) levels on the back of total footfalls growing 24% over pre-Covid levels.

Wonderla Holidays reported a strong recovery in earnings post reopening of parks at Bengaluru, Kochi and Hyderabad in Q4FY21. Revenue for the quarter improved sharply from | 4.9 crore to | 33.3 crore QoQ though revenue remained down 21.4% YoY as parks were functional only during Thursday-Sunday till February 2021 while they remained open all seven days in March. The company achieved total footfalls of 3.11 lakh against 4.05 lakh last year. Thus, Wonderla managed to clock EBITDA of | 2.5 crore vs. EBITDA loss of | 10.1 crore in Q3FY21. However, it was down 49.3% YoY....

Wonderla Holidays Limited's (WHL's) Q1FY2021 numbers were affected due to non-operation of core assets (amusement parks in Bangalore, Kochi and Hyderabad) as COVID-19 cases soared in India. We believe amusement parks, multiplexes and restaurants would be last in the government list to be given permission to restart operations. We expect operations of entertainment platforms to restart after a significant reduction in the intensity of Coronavirus spread (likely to see gradual opening from H2FY2021). On the other hand, commencement of some international amusement parks...