Treat for movie patrons…
Q2FY13 has been an exceptional quarter for movie patrons on the back of
blockbuster Ek Tha Tiger. Also, Raaz 3, Barfi, Bol Bachchan and Cocktail
have chipped in with significant contributions to the box office. Our
interaction with the management suggested that Q2FY13 was comparable
to Q2FY12 when occupancy levels had increased to a whopping 36%.
Also, Q3FY13 is expected to bring patrons in large numbers to
multiplexes owing to the festive season and a slew of big starrer movies
to be released like Talaash, Jab Tak Hain Jaan, Dabangg 2, Son of Sardar,
Race 2 and Khiladi 786. We have revised our estimates for PVR to factor
in a better-than-expected Q2FY13 and festive driven Q3FY13. Our EPS
estimates for FY13 and FY14 stand at | 15.8 and | 20.0 against our
previous estimates of | 13.9 and | 18.8. Consequently, we have upgraded
the stock from HOLD to BUY with a revised target of | 220.
http://content.icicidirect.com/mailimages/ICICIdirect_PVRLimited_EventUpdate.pdf
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