Tuesday 4 November 2008

PVR an outperformer: ICICIdirect.com

ICICIdirect.com has rated PVR as an outperformer with a target price of Rs 116 in its November 3, 2008 research report. "PVR (standalone) reported a topline of Rs 78.84 crore for Q2FY09, growing 30.93% QoQ and 27.34% YoY largely due to higher occupancy. With the given economic slowdown and higher inflation, multiplexes are facing a tough time coping with declining footfalls and occupancy levels. PVR, as the industry leader, has also felt the heat. The company has delayed the roll out plans and is coming up with only one more new property by the end of FY09. At the CMP of Rs 96, the stock is trading at P/E multiple of 9.03x FY09E EPS of Rs 10.63 and 7.46x FY10E EPS of 12.88. Given the near term slowdown we value the company conservatively at 9x FY10E EPS to arrive at a target price of Rs 116. Hence, we rate the stock as OUTPERFORMER," says ICICIdirect.com's research report.

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Source: Moneycontrol

Posted by Harsh at 09:53

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