. PVR: Weak content slate affects performance (PVRL IN, Mkt Cap USD1.3b, CMP INR1688, TP INR1675, 1% Downside, Neutral) Recovering from the COVID-19 woes last quarter, PVR net income again turned negative to INR568m, pulled down by 39% QoQ fall in admits. While management attributed it to weak content slate, but the same movies are racking good viewership on OTT. The company indicated that a good content pipeline will provide for a healthy recovery from 3QFY23. This, along with 110-125 scr...
The independent financial analyst theScreener just awarded an improved star rating to PVR (IN), active in the Recreational Services industry. As regards its fundamental valuation, the title receives an improved star rating and now shows 3 out of 4 possible stars. With regard to its market behaviour, it remains unchanged and can be qualified as risky. theScreener considers that these elements allow slightly upgrading its rating to Neutral. As of the analysis date January 11, 2022, the closing pri...
Full Article at IIR has reaffirmed its Recommended rating for PIA after undertaking a review post the appointment of a new Portfolio Manager, Harding Loevner. The full report can be found on the IIR website. On 26 July 2021, Pengana International Equities Limited (PIA) announced a fully franked dividend of 1.35 cents per share for the June quarter. This represents an 8% increase on the March quarter dividend and takes the total dividends declared for FY21 of 5.1 cents per share, fully franked....
A director at PVR Limited sold 9,828 shares at 1,503.486INR and the significance rating of the trade was 76/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly s...
Q3FY20 Results Highlights (ex Ind-AS 116) Rev. growth of ~8.6% yoy was in-line with our expectations. Q3 was expected to be weak given strong base quarter performance and drag in Southern movie circuit. EBITDA stood at ~Rs1.8bn (+9.7% yoy; 6% beat) due to lower op. costs, with margins improving ~20 bps yoy to 19.7% (IDFCe: 18.8%). Lower tax rate (36.5% vs 37.8% yoy) led to PAT growth of ~14.2% yoy (26% beat). Exhibition Segment (Actuals): NBOC grew ~6.4% yoy – gross ATP fell ~1% yoy to ~Rs21...
(PVRL IN, Mkt Cap USD1.4b, CMP INR1898, TP INR2250, 18% Upside, Buy) ** PVR's third-quarter earnings were below estimates with revenue/EBITDA (pre-Ind-AS 116) miss of 8%/14%. Although Bollywood/Hollywood movie performance was good, the southern region performance was low contributing ~25%. ** PVR's SSSG has remained weak at 2%, coupled with weak ad revenue growth. However we have maintained estimates on the back of healthy movie pipeline and screen adds. Revenue/EBITDA miss estimates** Consol...
Q2FY20 Results Highlights (ex Ind-AS 116) Overall cons. performance was ahead of estimates (as content in the qtr was very strong); however, yoy comparisons are not truly comparable as SPI was amalgamated only from 18 Aug 2018 onwards. Cons. rev. at ~Rs9.7bn (+37.3% yoy; 5% beat) was led by strong content pipeline. Comparable properties footfalls grew by 6% yoy while overall footfalls/footfalls (ex SPI) grew by strong 25%/18% yoy. Ex. Ind-AS 116 impacts, cons. EBITDA stood at ~Rs1.94bn (+57% ...
PVR: First half ends well; screen adds making growth story interesting (PVRL IN, Mkt Cap USD1.3b, CMP INR1839, TP INR2280, 24% Upside, Buy) A beat on most fronts: revenue grew significantly by 37% YoY to INR9.7b, mainly driven by healthy screen addition (touched the vital mark of 800 screens) and a robust line-up of movie releases. In our view, this performance is remarkable given the prevailing economic slowdown. EBITDA grew 57% YoY to INR1.9b (30% beat), with the margin expanding 250bp ...
Q1FY20 Results Highlights (ex Ind-AS 116) Overall cons. performance was ahead of toned down estimates (as content in the qtr was lacklustre barring Avengers: Endgame vs strong pipeline in the base). Cons. rev. at ~Rs8.8bn (+26.4% yoy; 4% beat) was led by strong performance in SPI even as standalone was tepid. Comparable properties footfalls fell by 8% yoy while standalone footfalls grew by just 1.8% yoy. Ex. Ind-AS 116 impacts, cons. EBITDA stood at ~Rs1.6bn (+15.3% yoy; 10% beat on IDFCe, in...
PVR: Steady screen adds to drive healthy growth (PVRL IN, Mkt Cap USD1.2b, CMP INR1785, TP INR2050, 15% Upside, Buy) EBITDA up 16% YoY; PAT down 20% YoY (in-line): On a pre-Ind-AS 116 basis, consol. revenue grew strongly by 26% YoY, driven by healthy screen adds. EBITDA increased 16% YoY to INR1.6b (in-line). PAT declined 20% YoY (in-line), led by a significant increase in depreciation and interest cost, partly due to the SPI acquisition. On an Ind-AS 116 basis, PAT was down by a steep 69...
Q4FY19 Results Highlights Exhibition segment metrics (ex SPI): ATP fell 4% yoy to Rs201 (GST revised lower); footfalls rose by strong 24.7% yoy to 23.7m led by good content (Uri, Gully Boy, Simmba, Kesari, Captain Marvel, etc.). Occupancy stood at 37.1% (vs 31.5% yoy), while SPH grew 4.6% yoy to Rs91. Comparable metrics: Footfalls +18% yoy, ATP -2% yoy; SPH +5% yoy, Occupancy 36.3% (vs 31.3% yoy). Exhibition segment financials (ex SPI): Rev was up 28% yoy to ~Rs7.2bn led by strong 29% yoy gr...
PVR: Strong pace of screen addition continues (PVRL IN, Mkt Cap USD1.1b, CMP INR1723, TP INR1950, 13% Upside, Buy) Robust box office/F&B revenue drives growth: Continuing its strong momentum, PVRL (ex-SPI) reported robust revenue/EBITDA growth of 28%/50% YoY to INR7,239m/INR1,416m on the back of healthy net box office and F&B revenue. Further, consolidation of SPI Cinemas led to 43% YoY jump in consol. revenue to INR8,376m (10% beat). Consol. EBITDA at INR1,608m, grew 70% YoY (15% beat); ...
Q3FY19 Results Highlights Exhibition segment metrics (ex SPI): ATP grew by 4% yoy to Rs220; footfalls rose by strong 22.4% yoy to 21.3m led by good content (Badhai Ho, Andhadhun, Thugs, Simbaa, Zero, 2.0, etc.). Occupancy stood at 33% (vs 29.1% yoy), while SPH fell 2.2% yoy to Rs90. As it consciously is driving better value for consumers. Comparable footfalls grew 10% yoy, while comparable ATP rose 6% yoy. Exhibition segment financials (ex SPI): Rev was up 27% yoy to ~Rs7bn led by strong 26%...
PVR: Across-the-board traction; new screen additions – a key growth driver (PVRL IN, Mkt Cap USD1b, CMP INR1563, TP INR1850, 18% Upside, Buy) Robust performance across segments: 3Q was the first quarter with full three months impact of SPI Cinemas consolidation. Including SPI Cinemas, consol. revenue was up 51% YoY to INR 8.4b (6% beat). EBITDA surged 62% YoY to INR1.6b (11% beat), with the margin expanding 130bp YoY to 19.5%. PAT grew 79% YoY to INR518m (29% beat). However, excluding ...
Event: The Government of India has lowered the GST on movie tickets priced above Rs100 to 18% (from 28% currently) and below Rs100 to 12% (from 18% currently). The new rates are applicable from 1 January 2019. Impact: As per the anti-profiteering clause of the GST regime, all multiplexes and single screen theatres are expected to pass on the benefits to end consumers, thus reducing the cost of film entertainment for viewers. We expect listed players to pass on the benefit immediately. This is...
Q2FY19 Results Highlights LTL Exhibition segment does well: Rev. grew by 21.6% yoy led by 17.4% yoy growth in net box office rev., 25% yoy growth in F&B rev and 13.2% yoy growth in ad rev. Convenience fee increased sharply by 90% after the favourable deal with BookMyShow & PayTM. Strong exhibition segment metrics: LTL ATP grew by 4% yoy to Rs211 led by good content (Sanju, Stree, Gold etc); footfalls rose by strong 14% yoy to 21.4m. Occupancy stood at 33.4% versus 29.6% yoy, SPH fell by 3% y...
PVR: Strong quarter, outlook remains buoyant (PVRL IN, Mkt Cap USD0.8b, CMP INR1284, TP INR1650, 28% Upside, Buy) Healthy revenue drives EBITDA outperformance: Excluding SPI Cinemas consolidation, revenue grew 16% YoY to INR6.5b in 2QFY19, led by healthy growth in the movie exhibition business. Subsequently, EBITDA rose strongly by 21% YoY to INR1.1b, with the margin expanding 60bp to 16.9%. Including SPI acquisition, consol. revenue grew 28% YoY to INR7.1b (5% beat). Consol. EBITDA surge...
Event PVR Ltd. (PVRL) has approved the acquisition of 71.69% stake in SPI Cinemas Pvt. Ltd. (SPI) for ~Rs6.33bn in cash. The transaction is expected to conclude by September 2018, and the balance 28.31% stake would be acquired by H2FY20E (through issue of 1.6m new equity shares of PVRL – 3.3% dilution of existing equity capital). The deal is subject to NCLT/SEBI/Shareholder approvals. SPI Overview SPI is a key movie exhibitor in Southern India with 76 operational screens (68 operational scree...
Event In a filing to the exchanges, PVR Ltd. (PVRL) has informed that it has renewed its contract with BookMyShow.com (BMS) and PayTM, online ticketing aggregators, for a period of 3 years for a total consideration of Rs4.1bn which includes minimum guarantee (MG) towards convenience fee and refundable security deposit. ~Rs3.5bn would be received upfront, and the balance by end FY19E. Our interaction with the management suggests that bulk of the Rs4.1bn is MG towards convenience fee and would be...
Unfortunately, this report is not available for the investor type or country you selected.
Report is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.