At the CMP of Rs 82.3, PVR is trading at 9.3x TTM EPS of Rs 8.9 We believe the
slowdown in rollout plans. We believe company to post a robust growth in FY10
inspite of slowdown because 45 big-budget films are ready to hit the screens from
June onwards. From Akshay, SRK, Aamir, Hrithik to Shahid, Salman, Abhishek,
John, Ajay Devgan, everyone`s going to have multiple films in the next seven
months [June to December this year].
As in Q4FY09, company had opening its first project - a 24-lane Bowling Alley
Center at Ambience Mall in Gurgaon, which would help them to diversify their
revenue model and it had also helped company to open new revenue stream.
We maintain BUY rating with target price from Rs 120 based on SOTP valuations,
an upside of 46% from current levels.
| NIFTY 
