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PVR Ltd. (PVRL) - Qtr. Update - Dated - May 29, 2013




Axis Capital Limited


29 May 2013





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PVRL’s Q4FY13 performance was in line with our expectations. The company reported revenue of Rs ~2.5 bn, EBITDA of Rs 165 mn, and PAT of Rs 117 mn (consolidated numbers are not comparable YoY /QoQ due to the Cinemax acquisition during the quarter). The company recorded 55 mn footfalls for FY13, which is impressive. PVR now the largest multiplex chain in the country: During the quarter, the company successfully completed the acquisition of Cinemax. The consolidated entity now has 360 screens with ~ 89,000 seats across 85 properties. We expect synergy benefits to play out in FY14. Valuation: Given its dominant market share and wide geographic presence, we remain excited about the ability of this company to monetize footfalls. Maintain BUY with TP of Rs 410 (16x FY15E EPS of Rs 25.6), implying 21% upside from CMP of Rs 340. The stock trades at PE of 22x FY14E EPS of Rs 15.5 and 13x FY15E EPS of Rs 25.6. Regards, Chirag Negandhi (ED & Deputy Head of Research) Institutional Equity Research Axis Capital Ltd Tel.: + 91 22 4325 1106 Ankur Periwal (VP - Media) Institutional Equity Research Axis Capital Ltd Tel.: + 91 22 4325 1118

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