Hold Inox Leisure: target of Rs 350: ICICI Direct
ICICI Direct recommended hold rating on Inox Leisure with a target price of Rs 350 in its research report dated February 05, 2021.
February 10, 2021 / 06:34 PM IST
ICICI Direct's research report on Inox Leisure
Inox Leisure reported a washout Q3FY21 as expected due to low footfalls. Occupancy remained weak at 3% owing to lack of new content and prevailing Covid-19 situation, leading to revenue of Rs 14.9 crore, down 97.1% YoY. EBITDA loss (ex-Ind AS116) came in at ~Rs 86 crore. Inox recognised Rs 54.1 crore as rent concessions. Subsequently, the company reported net loss (ex-Ind AS116) at Rs 83 crore. On a reported basis, net loss was at Rs 102.5 crore.
We value the stock at 9x FY23E (ex-Ind-AS) EV/EBITDA with a target price of Rs 350/share (earlier TP: Rs 250/share).
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