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B e t t e r n u m b e r s t h a n k s t o b e t t e r c o n t e n t . . .
PVR reported its Q1FY12 numbers which were better than our
expectations on the operational front but due to higher than expected
interest cost, they were only in line with our expectations on the PAT
front. The topline for the company stood at | 117.2 crore against our
expectation of | 101.5 crore, growing 13.6% YoY driven by a relatively
better quality of content leading to higher occupancy. EBITDA, for the
quarter, stood at | 19.9 crore against our expectation of | 14.7 crore.,
growing 28.7% YoY. The EBITDA margin stood at 17.0%, representing an
increase of 199 bps YoY but remaining more or less flat QoQ. PAT for the
quarter stood at | 15.5 crore against our expectation of | 14.2 crore,
growing 205.7% YoY.
ƒ Highlights of the quarter
The quarter was marked by relatively better quality of content
leading to an improvement in all performance indicators. The
occupancy stayed flat YoY at 29% while the ATP grew by ~ 3%
over Q1FY11 to stand at | 162. The company entertained ~5.5
million people, representing a growth of ~9% over Q1FY11.
Exhibition revenues grew by 11.9% YoY to | 106.1 crore as
compared to | 94.9 crore in Q1FY11.
V a l u a t i o n
Q1FY12 was marked by a relatively better quality of content than that of
World cup hit Q4FY11 and the industry is excited about the quality of
content lined up for the subsequent quarters as well. We expect 7.2%
revenue CAGR over FY11-13E and 118.4% PAT CAGR over the same
period. At the CMP of | 122, the stock is trading at 9.3x FY12E EPS of |
13.2 and 8.5x FY13E EPS of | 14.4. We value the stock at 10x FY13E and
arrive at a target price of | 144, implying upside of 18%. We continue to
rate the stock as BUY.
India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
B e t t e r n u m b e r s t h a n k s t o b e t t e r c o n t e n t . . .
PVR reported its Q1FY12 numbers which were better than our
expectations on the operational front but due to higher than expected
interest cost, they were only in line with our expectations on the PAT
front. The topline for the company stood at | 117.2 crore against our
expectation of | 101.5 crore, growing 13.6% YoY driven by a relatively
better quality of content leading to higher occupancy. EBITDA, for the
quarter, stood at | 19.9 crore against our expectation of | 14.7 crore.,
growing 28.7% YoY. The EBITDA margin stood at 17.0%, representing an
increase of 199 bps YoY but remaining more or less flat QoQ. PAT for the
quarter stood at | 15.5 crore against our expectation of | 14.2 crore,
growing 205.7% YoY.
ƒ Highlights of the quarter
The quarter was marked by relatively better quality of content
leading to an improvement in all performance indicators. The
occupancy stayed flat YoY at 29% while the ATP grew by ~ 3%
over Q1FY11 to stand at | 162. The company entertained ~5.5
million people, representing a growth of ~9% over Q1FY11.
Exhibition revenues grew by 11.9% YoY to | 106.1 crore as
compared to | 94.9 crore in Q1FY11.
V a l u a t i o n
Q1FY12 was marked by a relatively better quality of content than that of
World cup hit Q4FY11 and the industry is excited about the quality of
content lined up for the subsequent quarters as well. We expect 7.2%
revenue CAGR over FY11-13E and 118.4% PAT CAGR over the same
period. At the CMP of | 122, the stock is trading at 9.3x FY12E EPS of |
13.2 and 8.5x FY13E EPS of | 14.4. We value the stock at 10x FY13E and
arrive at a target price of | 144, implying upside of 18%. We continue to
rate the stock as BUY.
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