Buy Wonderla Holidays; target of Rs 1146: ICICI Securities

ICICI Securities is bullish on Wonderla Holidays has recommended buy rating on the stock with a target price of Rs 1146 in its research report dated May 20, 2024.

Broker Research

May 30, 2024 / 16:55 IST

BUY

26 Aug, 2025 12:21

Volume

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ICICI Securities's research report on Wonderla Holidays

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. As per management, the Odisha Park is set to open in May’24; Chennai park is on track for a H1FY26 opening. Wonderla continues to engage with state governments across India (Gujarat/Madhya Pradesh/ Uttar Pradesh/Punjab) for new parks. With FY24’s weak performance, we cut our FY25E/26E revenue by 3–4%; and FY25E/26E EBITDA by 9–10%, factoring-in higher employee costs and other expenses.

Outlook

We retain BUY with a revised TP of INR 1,146 (earlier INR 1,221) based on 20x Mar’26E EV/EBITDA. Key risks are decline in footfalls and/or pricing.

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