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Last Updated : May 14, 2019 01:27 PM IST | Source: Moneycontrol.com

Hold PVR; target of Rs 1910: ICICI Direct

ICICI Direct recommended hold rating on PVR with a target price of Rs 1910 in its research report dated May 13, 2019.

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ICICI Direct's research report on PVR


PVR’s Q4FY19 performance was strong on account of healthy box office collections as well as strong growth from F&B as well as advertisement revenues. Net box office collections came in at Rs 451.3 crore, with footfalls at 27.5 mn. F&B revenues came in at Rs 231.9 crore. Ad revenues grew 22.4% YoY to Rs 88.1 crore. EBITDA came in at Rs 160.8 crore, better than our expectations on account of superior advertisement as well as F&B performance. PAT came in at Rs 46.4 crore, largely in line with expectations as higher depreciation and interest cost offset the outperformance at EBITDA level.


Outlook


However, given the recent run up (up ~20% in last three months), we downgrade it to HOLD. We value it at 12.5x FY21E EV/EBITDA and arrive at a target price of Rs 1910.


For all recommendations report, click here


Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.



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First Published on May 14, 2019 01:27 pm
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