ICICI Direct’s analysis record on Leisure Community
ENIL’s Q3FY19 efficiency was once a combined bag. Whilst non-FCT industry (~ 40% of topline), particularly global live performance drove topline beat, loss in the similar impacted EBITDA & PAT • Revenues got here in at Rs 200.nine crore (up 35.4% YoY), forward of our estimate of Rs 188.2 crore. The topline was once in large part pushed by way of upper percentage of non FCT industry at ~40% vs. 30% previous • EBITDA got here in at Rs 40.Four crore (up 13.5% YoY), a tad less than our expectation of Rs 42.three crore whilst EBITDA margins got here in at 20.1% vs. our expectation of 22.5%, in large part owing to the global live shows industry, which incurred losses • The reported PAT got here in a tad decrease at Rs 16.1 crore (vs. Rs 16.Five crore), because of a omit at the EBITDA entrance.
We had been enthused by way of the core expansion trajectory of ~20%, even though the global live performance losses had been disappointing. We minimize our income estimates factoring in vulnerable H1FY20. Alternatively, making an allowance for the inventory worth correction of ~15% within the ultimate 3 months, the valuations have became sexy. Therefore, we improve our score to BUY with a revised DCF primarily based goal worth of Rs 630, (implying ~26x FY21E P/E and ~10.5x FY21E EV/EBITDA).
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