Motilal Oswal's research report on PVR
PVR reported overall revenue of INR 6.4 b (est. INR 6.3 b) in 1QFY18 as against INR 5.6 b in 1QFY17 marking a YoY growth of 13.2 %. EBITDA margins declined to 17.6% in 1QFY18 (est. 20.5%) from 19% in 1QFY17. EBITDA stood at INR 1,120 m (est. INR 1,309 m) as against INR 1,065 m in 1QFY17. The margins declined on account of higher movie exhibition cost which increased by 90bp to 22.8% of net sales and higher employee expenses which increased by 100bp to 10.7%. Consequently, adjusted PAT stood at INR 445m in 1QFY18 (est. INR 506 m) as against INR 444m in 1QFY17.
Outlook
We expect revenue CAGR of 18 % and PAT CAGR of 49 % over FY17 -19E. We value the stock at 15 x EV/EBITDA and maintain our Buy rating with a target price of INR1, 628.For all recommendations report, click here
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