Buy PVR; target of Rs 144: ICICIdirect.com

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Buy PVR; target of Rs 144: ICICIdirect.com

ICICIdirect.com is bullish on PVR and has recommended buy rating on the stock with a target of Rs 144 in its August 11, 2011 research report.

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ICICIdirect.com is bullish on PVR and has recommended buy rating on the stock with a target of Rs 144 in its August 11, 2011 research report.

"PVR reported its Q1FY12 numbers which were better than our expectations on the operational front but due to higher than expected interest cost, they were only in line with our expectations on the PAT front. The topline for the company stood at Rs 117.2 crore against our expectation of Rs 101.5 crore, growing 13.6% YoY driven by a relatively better quality of content leading to higher occupancy. EBITDA, for the quarter, stood at Rs 19.9 crore against our expectation of Rs 14.7 crore., growing 28.7% YoY. The EBITDA margin stood at 17.0%, representing an increase of 199 bps YoY but remaining more or less flat QoQ. PAT for the quarter stood at Rs 15.5 crore against our expectation of Rs 14.2 crore, growing 205.7% YoY."

"The quarter was marked by relatively better quality of content leading to an improvement in all performance indicators. The occupancy stayed flat YoY at 29% while the ATP grew by ~ 3% over Q1FY11 to stand at Rs 162. The company entertained ~5.5 million people, representing a growth of ~9% over Q1FY11. Exhibition revenues grew by 11.9% YoY to Rs 106.1 crore as compared to Rs 94.9 crore in Q1FY11."

"Q1FY12 was marked by a relatively better quality of content than that of World cup hit Q4FY11 and the industry is excited about the quality of content lined up for the subsequent quarters as well. We expect 7.2% revenue CAGR over FY11-13E and 118.4% PAT CAGR over the same period. At the CMP of Rs 122, the stock is trading at 9.3x FY12E EPS of Rs 13.2 and 8.5x FY13E EPS of Rs 14.4. We value the stock at 10x FY13E and arrive at a target price of Rs 144, implying upside of 18%. We continue to rate the stock as BUY," says ICICIdirect.com research report.  

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To read the full report click on the attachment