Buy PVR; target of Rs 780: ICICIdirect

ICICIdirect.com is bullish on PVR and has recommended buy rating on the stock with a target price of Rs 780, in its research report dated February 03, 2015.

February 19, 2015 / 18:12 IST

26 Aug, 2025 12:21

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ICICIdirect.com's report on PVR

PVR reported its Q3FY15 numbers with revenues coming in at Rs 420.3 crore, up 24.6% YoY (vs. expected Rs 437.4 crore). Though net ticketing revenues came in slightly lower than our estimates, there was a stellar 28.4% YoY jump in advertisement revenues to Rs 53.9 crore in the quarter

The EBITDA came in at Rs 83.1 crore, up 68.6% YoY, due to robustness in the high EBITDA contributing ad revenues. The EBITDA margins came in at 19.8% vs. our expectations of 17.1%

PAT came in higher at Rs 31.6 crore, more than our expectation of Rs 21.4 crore on account of high operating leverage

"We expect consolidated revenue and EBITDA CAGR of 13.5% & 18.4% in FY14-17E, led by ATP uptick and increased occupancies aided by the higher property roll-out. Moreover, a gradual recovery in the economic activity will increase the disposable income of the people and keep the growth buoyant. We continue to maintain BUY valuing it at 25x FY17E EPS of Rs 31.2 and, hence, arrive at a target price of Rs 780", says ICICIdirect.com research report.