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Last Updated : May 15, 2019 01:26 PM IST | Source: Moneycontrol.com

Buy Inox Leisure; target of Rs 385: ICICI Direct

ICICI Direct is bullish on Inox Leisure has recommended buy rating on the stock with a target price of Rs 385 in its research report dated May 14, 2019.

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ICICI Direct's research report on Inox Leisure


Inox Leisure reported stupendous growth across all parameters, driven by a strong box office show. It is noteworthy that Q4FY19 was one of the best quarters for the industry with net box office collections (ex-regional) witnessing staggering growth of 40%+ YoY. For Inox, net box office collections for the quarter were up 49.9% YoY at Rs 284.0 crore, with 42.5% YoY growth in footfalls. F&B revenues grew 58.3% YoY to Rs 123 crore while ad revenues grew 29.5% YoY to Rs 43 crore, better than our expectations of 25% YoY growth.


Outlook


Therefore, we continue to prefer Inox over PVR. We maintain our BUY recommendation and value it at 9.4x FY21E EV/EBITDA (~25% discount to PVR target multiple of 12.5x EV/EBITDA) to arrive at a target price of Rs 385/share.


For all recommendations report, click here


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.

First Published on May 15, 2019 01:26 pm
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