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Feb 14, 2017, 06.14 PM | Source: Moneycontrol.com

Sell PVR; target of Rs 1020: Axis Direct

Axis Direct is bearish on PVR has recommended sell rating on the stock with a target price of Rs 4020 in its research report dated February 09, 2017.

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Sell PVR; target of Rs 1020: Axis Direct

Axis Direct is bearish on PVR has recommended sell rating on the stock with a target price of Rs 4020 in its research report dated February 09, 2017.

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, Axis Securities Limited |


Axis Direct's research report on  PVR

PVR (PVRL) recorded healthy operational performance in Q3despite adverse impact of demonetization. While occupancy rates took a hit (32% vs. 34% YoY; partially due to weak content as well), ATP^ was flat YoY at Rs 199 while SPH# grew 12% YoY to Rs 83 (+8% for comparable screens). This was partially led by attractive combo offers launched. Ad revenue grew impressive 13% YoY (in line with screen addition), significantly higher than 2% growth recorded by Inox Leisure.

Outlook

While we like PVR for its strong geographical presence and ability to monetize footfalls (higher SPH/ ad revenue) in the medium term, we believe the near-term upside remains limited given the sharp stock price appreciation (up 14% in past month). Downgrade to SELL (HOLD earlier) on premium valuations (EV/EBITDA of 18x FY17E and 12.5x FY18E) with TP of Rs 1,020 (10x FY18E EV/EBITDA).

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Disclaimer:
The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

To read the full report click here

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Sell PVR; target of Rs 1020: Axis Direct

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