Sharekhan's research report on Wonderla Holidays
Wonderla Holidays Limited’s (WHL’s) Q4FY24 was soft on high base of Q4FY2023 and early school exams in some of the key states impacting group footfalls; high EBIDTA margins were lower due to higher employee cost. Old park footfalls to grow by 4-5%; ARPU to grow by 10%. Odisha park to add 4-5 lakh incremental footfalls with ARPU at Rs. 800-850 per visitor in year one of operations. EBIDTA margins expected to be lower in FY25 due to operationalisation of Odisha Park.
Outlook
However, same will improve in the medium to long run. Stock trades at 18x and 13x its FY2025E and FY2026E EV/EBIDTA, respectively. With growth momentum expected to sustain (company to add to 3-4 more parks over the next 5 years), we maintain Buy with an unchanged PT of Rs. 1,085.
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