ICICIdirect.com is bullish on PVR and has recommended buy rating on the stock with a target price of Rs 673, in its research report dated June 01, 2014.
"PVR has an impressive market share of ~25% (including Cinemax) of the total 1600 multiplex screens in the country. After the Cinemax acquisition, the company has a combined revenue share of 20-22% (Bollywood) and 30-35% (Hollywood) of multiplex revenues. The company has about 421 screens as on date and plans to augment its market share by rolling out 60-70 screens each year. This leadership position gives PVR the leverage to negotiate better deals with movie producers. We expect the total tally at PVR to reach 481 screens (109 properties) and 537 screens (119 properties) in FY15E and FY16E, respectively. PVR also plans to approach the next government for a minimum window norm before movie releases are available on other platforms."
"We expect consolidated revenue and EBITDA growth at a CAGR of 13.0% and 18.8%, respectively, in FY14-16, led by ATP uptick and increased occupancies aided by the higher property roll-out. Moreover, a gradual recovery in economic activity will increase disposable incomes to keep growth buoyant. We continue to maintain our BUY recommendation. We value PVR at 10x FY16E EBITDA and arrive at a target price of Rs 673", says ICICIdirect.com research report.
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