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Accumulate PVR; target of Rs 1275: Dolat Capital

Dolat Capital recommended Accumulate rating on PVR with a target price of Rs 1275 in its research report dated July 26, 2018.

September 18, 2018 / 16:59 IST
 
 
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Dolat Capital's research report on PVR

PVR reported revenue growth of 9.4% YoY on back of higher Net box office collection and better F&B revenue. EBITDA margin improved 211bps YoY to 19.7% due to lower overhead expenses due to GST credits. We expect occupancy levels to improve over the next two quarters helped by a strong Hindi content pipeline.

Outlook

PVR has corrected by almost 16% since the F&B announcement and is currently trading at inexpensive valuations of 10x/9x based on our FY20/FY21 EV/EBITDA estimates. We upgrade PVR to an Accumulate rating and rollover to Sep’19 TP of ` 1,275 (10.5x EV/EBITDA).

For all recommendations report, click here

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Broker Research
first published: Jul 30, 2018 04:48 pm

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