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PVR to sell Phoenix Mills property for over `100cr
According to media sources and as expected by the street, PVR has put up its Phoenix Mills
property for sale for over `100cr (we had estimated the value of the property at `80cr–
100cr, as per management’s guidance). As cited in our previous updates on PVR that the
company expects to fund exhibition capex largely via internal accruals and funds realised
from unlocking of Phoenix Mills property. PVR had mentioned that it will still continue to
run the theatre under a sale and leaseback model. In this kind of deal, the seller leases
back the property from the buyer. We believe the sale is a positive development for the
company. We have not factored the deal in our estimates as we wait for further
clarification. At the CMP of `106, the stock is trading at attractive valuations of 12.7x
FY2013E EPS. We maintain our Buy recommendation on the stock with a target price
of `125
India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
PVR to sell Phoenix Mills property for over `100cr
According to media sources and as expected by the street, PVR has put up its Phoenix Mills
property for sale for over `100cr (we had estimated the value of the property at `80cr–
100cr, as per management’s guidance). As cited in our previous updates on PVR that the
company expects to fund exhibition capex largely via internal accruals and funds realised
from unlocking of Phoenix Mills property. PVR had mentioned that it will still continue to
run the theatre under a sale and leaseback model. In this kind of deal, the seller leases
back the property from the buyer. We believe the sale is a positive development for the
company. We have not factored the deal in our estimates as we wait for further
clarification. At the CMP of `106, the stock is trading at attractive valuations of 12.7x
FY2013E EPS. We maintain our Buy recommendation on the stock with a target price
of `125
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