ICICIdirect.com report on PVR
"PVR has an impressive ~25 percent market share (inclusive of Cinemax) of the total 1600 (approximately) multiplex screens in the country. The company has about 417 screens as on date and plans to augment its market share by rolling out 60-70 screens per year. The management indicated the strategic choice of locations for PVR screen roll-out has always kept it ahead in the race. PVR constantly makes investments in building its brand value so that it can corner a large proportion of the advertisement revenues. We have built in FY13-15E revenue and EBITDA CAGR of 41.5 percent and 64.8 percent to Rs 1616.3 and Rs 317.4 crore, respectively. The company has displayed strong execution in property rollout and been able to effectively pass on price hikes, which are reflecting in its improving margin profile. We continue to value PVR at 10x FY15E EV/EBITDA to arrive at a target price of Rs 673. We maintain our BUY recommendation," says ICICIdirect.com research report.
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