Prabhudas Lilladher's research report on PVR
We increase our EBITDA estimates by 3%/4% for FY23E/FY24E respectively as we re-align our overhead assumptions amid tight cost control (fixed cost per screen is down by 2% over pre-COVID base of 1QFY20) further backed by increase in ATP/SPH estimates by ~1-3%. This was the best ever quarter for PVR and we maintain our positive bias given 1) healthy content pipeline 2) encouraging commentary on ad-revenue recovery 3) strong screen opening outlook 4) noteworthy improvement in KPIs (ATP/SPH was 23%/32% above pre-COVID base) which appear to be sustainable in nature and 5) improved BS strength (debt reduction of Rs911mn in 1QFY23). Further, the announced merger with Inox Leisure is progressing well and an application with NCLT is expected to be filed in the next couple of weeks.
Outlook
Retain BUY on the stock with a TP of Rs2,330 after assigning EV/EBITDA multiple of 15.5x (no change) to the merged entity.
More Info
At 17:30 PVR was quoting at Rs 1,939.90, up Rs 26.45, or 1.38 percent.
It has touched an intraday high of Rs 1,967.00 and an intraday low of Rs 1,926.00.
It was trading with volumes of 28,057 shares, compared to its thirty day average of 15,143 shares, an increase of 85.28 percent.
In the previous trading session, the share closed up 1.51 percent or Rs 28.50 at Rs 1,913.45.
The share touched its 52-week high Rs 2,010.35 and 52-week low Rs 1,224.70 on 28 March, 2022 and 20 December, 2021, respectively.
Currently, it is trading 3.5 percent below its 52-week high and 58.4 percent above its 52-week low.
Market capitalisation stands at Rs 11,847.00 crore.
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