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PVR 4QFY2008 Result Update

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PVR 4QFY2008 Result Update PVR 4QFY2008 Result Update BUY Performance Highlights Price Rs184 Modest Revenue growth, up 33% yoy: For 4QFY2008, PVR reported a Target Price Rs263 modest Topline growth of 32.9% yoy to Rs54.3cr (Rs40.9cr) on a standalone basis, driven by a 25% increase in Net Ticket revenues, 79% jump in Net Investment Period 12 months Advertisement revenues and 31% higher F&B revenues. Growth was largely driven by higher ATP and seat additions as lower Occupancy (4Q being a Stock Info seasonally weak quarter) led to flattish Footfall growth. On a full year basis, the company registered a 43.3% yoy growth in standalone revenues to Sector Media Rs236cr (Rs165cr) and a 49.7% yoy growth in consolidated revenues to Market Cap (Rs cr) 423 Rs266cr (Rs178cr), which includes revenue of Rs29.8cr from PVR Pictures. Beta 0.7 Margins disappoint, decline 350bp: At the operating front, PVR delivered a disappointing performance, registering a 350bp decline in standalone 52 WK High / Low 377 / 160 Operating Margins to 13% (16.5%) largely owing to a sharp 556bp increase Avg Daily Volume 37,359 in Rental costs (on account of service tax levies on lease rentals) and higher overheads (as % of Net Sales) owing to lower revenue base. During the Face Value (Rs) 10 quarter, the company also made an additional provision for higher rentals in future period to comply with AS-19 norms. However, on a full year basis, BSE Sensex 15,770 PVR registered a 334bp jump in standalone Operating Margins to 19.1% Nifty 4,677 (15.8%) aided by a decline in E-Tax (down 350bp as a % of Gross Ticket Sales) and lower overheads. On a consolidated basis, the Operating BSE Code 532689 Margins improved by 300bp to 18.4% (15.4%). NSE Code PVR Net Profit growth muted, up 23% yoy: For the quarter, PVR registered a Reuters Code PVRL.BO muted Bottomline growth of 22.7% yoy on a standalone basis to Rs2.7cr (Rs2.2cr) impacted by a sharp Margin contraction and relatively slower Bloomberg Code PVRL IN revenue growth. However, on a full year basis, the company delivered a robust 99.4% yoy growth in standalone earnings to Rs21.1cr (Rs10.6cr) and Shareholding Pattern (%) 112.2% yoy growth in consolidated earnings to Rs21.6cr (Rs10.2cr). Promoters 40.5 MF/Banks/Indian FIs 16.0 Key Financials (Consolidated) FII/ NRIs/ OCBs 31.3 Y/E March (Rs cr) FY2007 FY2008 FY2009E FY2010E Indian Public 12.2 Net Sales 177.7 265.9 388.0 581.6 % chg 69.4 49.7 45.9 49.9 Net Profits 10.2 21.6 30.8 49.1 Abs. 3m 1yr 3yr# % chg 92.7 112.2 42.3 59.5 Sensex (%) (4.7) 8.5 60.8 OPM (%) 15.4 18.4 20.1 20.8 PVR (%) (23.8) (21.7) (43.3) FDEPS (Rs) 3.9 9.0 12.7 20.3 Note: # Since listing on January 4, 2006 P/E (x) 47.0 20.4 14.5 9.1 P/BV (x) 2.1 2.0 1.8 1.5 Anand Shah RoE (%) 5.1 10.4 12.2 16.5 Tel: 022 – 4040 3800 Ext: 334 RoCE (%) 4.8 9.1 12.7 16.9 e-mail: [email protected] EV/Sales (x) 2.3 1.8 1.3 0.9 EV/EBITDA (x) 18.2 11.2 7.2 5.0 Source: Company, Angel Research June 05, 2008 1 PVR Media Key Highlights for the Quarter Exhibit 1: Exhibition Capacity 4QFY2008 4QFY2007 Addition Current Addition Properties Under Operation 22 19 3 24 5 Screens Under Operation 84 68 16 97 29 Seats Under Operation 21,853 17,710 4,143 24,830 7,120 Source: Company, Angel Research, Note: Capacity is excluding Franchise Theaters Exhibition Capacity: At the end of FY2008, PVR had 84 screens and 21,853 seats under operation (excluding Franchise Theaters). No new addition took place during 4QFY2008 and the company ended its Franchise contracts with PVR SRS (Faridabad) and Spice World (Noida). While, this development will not have any material impact in revenue terms (both properties together contributed only Rs1-2cr in form of Management Fees), it is likely to impact footfalls to the extent of 1.3mn-1.4mn in the future. During May 2008, the company added two new multiplexes - Oberoi Mall, Mumbai (6 screens with 1,783 seats) and Ambience Mall, Gurgaon (7 screens with 1,194 seats) taking its total tally to 97 screens. Exhibit 2: Revenue Breakup (Standalone) (Rs cr) 4QFY2008 4QFY2007 % chg FY2008 FY2007 % chg Ticket Sales 35.9 30.2 19.1 163.3 121.7 34.2 Income from Rev Sharing 4.9 4.0 23.3 26.9 19.0 41.4 Gross Ticket Sales 40.9 34.2 19.6 190.2 140.7 35.2 Less: Ent Tax 6.5 6.7 (2.5) 32.6 29.2 11.9 Net Ticket Sales 34.3 27.5 25.0 157.5 111.5 41.2 Sale of F&B 10.5 8.0 31.2 46.5 33.2 40.1 Advt & Royalty Income 9.0 5.0 78.8 29.3 18.4 59.5 Mang Fees 0.2 0.2 14.8 1.2 0.9 35.2 Convenience Fees 0.3 0.2 41.7 1.5 0.7 106.9 Net Operating Income 54.3 40.9 32.9 236.0 164.7 43.3 Source: Company, Angel Research Net Ticket Sales: Net Ticket Sales (including income from revenue sharing) for the quarter registered a 25% yoy growth to Rs34.3cr (Rs27.5cr) primarily on account of higher average ATP, which increased by 13.8% yoy to Rs132 (Rs116), a 23.4% yoy jump in seating capacity (excluding franchise theaters) and lower E-tax outflow (down 2.5% yoy). The reduction in average E-tax liability was on account of addition of new screens which are eligible for exemption. Currently, 40% of PVR’s screens enjoy E-tax exemption. However, a weak box-office movie pipeline and seasonality associated with the quarter (exam-season) affected the Occupancy rate (down 430bp yoy to 31.9%) leading to flat Footfalls (3.7mn). Other Revenues: Advertising and Royalty Income for the quarter registered a sharp 79% yoy growth to Rs9cr (Rs5cr) on account of growth in corporate alliances and increase in sponsorship revenues from existing as well as new cinema properties. F&B revenues witnessed a 31% yoy growth to Rs10.5cr (Rs8cr) achieved primarily on account of higher spend per head (SPH), which increased by 21.8% yoy to Rs34 (Rs28) as Footfalls for the quarter remained flat. Sharp jump in SPH was aided by addition of Select City Walk, Saket - a PVR Premiere property. Exhibit 3: Operational Parameters 4QFY2008 4QFY2007 % Chg FY2008 FY2007 % Chg Footfalls (Mn) 3.7 3.6 0.5 18.0 14.7 22.0 Occupancy (%) 31.9 36.2 39.9 42.7 Average Ticket Price, ATP (Rs) 132.0 116.0 13.8 127.0 117.0 8.5 Spend Per Head, SPH (Rs) 34.1 28.0 21.8 32.1 29.6 8.4 Source: Company, Angel Research June 05, 2008 2 PVR Media Key Developments Fund infusion in its Movie subsidiary, PVR Pictures: On June 5, 2008, PVR raised funds in its wholly owned movie subsidiary, PVR Pictures, by diluting 40% equity stake for Rs120cr to private equity firms, ICICI Venture and JP Morgan. Each firm picked up 20% stake for Rs60cr valuing the Movie arm at Rs300cr. PVR now holds 60% stake in the subsidiary. We are positively surprised with the valuations attracted by the Movie arm and view this deal as a testimony to PVR’s management capabilities. The funds raised would be utilised for enhancing the distribution network and production facility for PVR Pictures. This deal would enable PVR to emerge as a fully integrated film and entertainment company with interests across the entire value chain including production, distribution and exhibition. Moreover, we believe this deal is a stepping stone towards value unlocking of PVR Pictures (in terms of listing), albeit gradually. PVR Pictures’ first co-production with Aamir Khan Productions (AKPL), Taare Zameen Par, has already achieved significant success at the box-office and received critical acclaim. Its second movie with AKPL, JaaneTu Ya Jaane Na, is slated for release in 2QFY2009. Besides the tie-up with AKPL, PVR Pictures has another three co-productions lined up over the next 3-6 months including titles like Mere Khwabon Mein Jo Aaye, Contract and Ghost Ghost Na Raha. It is also betting big on the distribution side of the business and has acquired rights to distribute about 30-40 movies over the next 12-15 months including distribution rights in some territories for Amitabh Bachchan starrer, Sarkar Raj, a Rs15cr deal with Shemaroo for distribution rights of Ghatotkach and Mere Baap Pehle Aap and distribution deal with the US-based production house, Focus Features, for 13 movies. Foray into lifestyle retail entertainment, forms JV with Thailand based Major Cineplex Group: Recently, PVR entered into a 51:49 JV named Blu-O Rhythm & Bowl with Major Cineplex Group who is the market leader in Thailand’s entertainment industry with a market share of about 75%. The JV plans to set-up bowling alleys, karaoke centers, ice skating rinks and gaming zones in and around the Company's multiplexes. The venture plans to set up 100 to 150 bowling lanes over the next three years in India with its first project - a 24- lane Bowling Alley Center at Ambience Mall in Gurgaon expected to start in next 3-6 months.
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