Buy PVR; target of Rs 2130: ICICI Direct

ICICI Direct's research report on PVR

PVR Ltd is the market leader in terms of multiplex screen count in India. Currently, it operates 864 screens in 175 cinemas in 75 cities in India and Sri Lanka with an aggregate seating capacity of ~1.80 lakhs seats as on Q3FY23. With leadership in the high realisation/key markets of Maharashtra and NCR, it enjoys superior ATP, SPH and advertisement than peers.

Outlook

We maintain BUY rating on the company. We value PVR at Rs 2130 i.e. 15x FY24E EV/EBITDA.

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PVR - 191022 - icici