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Hold PVR; target of Rs 2165: Emkay Global Financial

Emkay Global Financial is bullish on PVR has recommended buy rating on the stock with a target price of Rs 2165 in its research report dated May 09, 2022.

May 12, 2022 / 05:45 PM IST
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Emkay Global Financial's report on PVR

PVRL’s revenue declined 12.5% qoq to Rs5.4bn but beat our estimates on marginally higher ATP, SPH and footfalls. Footfalls saw a sharp rebound in March as the Omicron wave receded, with net box office collections in the month surpassing pre-Covid levels. Q4 footfall print of 14.3mn was impressive, considering fewer operational days, with March contributing ~64% of the footfalls. ATP inched up to Rs242, while SPH was down by 5.4% qoq to Rs122 on a high base. Though PVR’s screen additions lagged behind Inox in FY22, it is likely to make up for this in FY23 with additions of 120+. Ad revenue recovery is in a slow lane and should take 3- 4 months to reach pre-Covid levels as national advertisers are yet to fully come back.


We are raising FY23/24E revenue by 4.3%/4.1% to factor in higher screen rollouts. Maintain Buy with a revised TP of Rs2,165 (Rs2,230 earlier) as we cut the target multiple of the merged co. to reflect the higher CoE while rolling forward valuations to Jun’24E.


For all recommendations report, click here

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first published: May 12, 2022 05:45 pm
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