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INOXLEISUR Consensus Forecast

No. of reports in last year
19
No. of analysts
6
Average Consensus Forecast
429.68
Consensus Potential
45.01%

INOXLEISUR Price Target Potential

BrokerageTargetPotential
ICICIdirect.com2353.00%
Prabhudas Lilladher34433.74%
Nirmal Bang58160.77%
Sharekhan57560.36%
Edelweiss47552.01%

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INOXLEISUR Ratings

Long term INOXLEISUR rating by FrontPage users
5/5 (14 Ratings)

19 INOXLEISUR share price target reports by brokerages below. See what is analyst's view on INOXLEISUR share price forecast, rating, estimates, valuation and prediction behind the target. You may use these research report forecasts for long-term to medium term for your investment or trades in 2020.
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INOXLEISUR Share Price Target

INOXLEISUR Share Price Target - Broker Reports - 2020

28-Apr-20
Price @ Call: 202.26
Target: 235
HOLD
We highlight that notwithstanding the recent Covid-19 scare, the structural story of multiplexes as a proxy play on urban discretionary remains. However, leisure activities and discretionary spend will take a backseat during stressed macroeconomic setup in the near term. Hence, we value PVR at 9x FY22E (ex-Ind-AS) EV/EBITDA and arrive at a target price of | 1060/share with a HOLD rating. We value Inox Leisure at 6x FY22E (ex- IndAS) EV/EBITDA and arrive at a target price of Rs 235/share with a HOLD rating.
... Read more
9-Apr-20
Price @ Call: 235.2
Target: 344
BUY
We cut our FY21E Ind-AS adjusted EBITDA estimates by ~30% each, for both PVR and Inox as we expect ~10% YoY decline in footfalls led by COVID-19 induced nationwide lockdown. We expect ZERO revenues for ~2 months (impact will be beyond the lockdown timeline) as entertainment is discretionary in nature and safety/health will take precedence in the initial days (footfall stabilization will be a gradual process). During lockdown, PVR/Inoxs’ fixed monthly opex outgo is expected to be in the region of Rs400- 450mn/Rs250-Rs300mn respectively resulting in significant downgrade in earnings. While there are near term headwinds due to COVID-19 we expect bounce back to be equally sharp due to pent up demand (movies delayed in 4QFY20 & 1QFY21 will get released in 2HFY21) and strong movie pipeline. We continue to maintain our POSITIVE stance on the sector as valuations have turned attractive amid ~40-50% correction in stock prices over the last few months. PVR/Inox trade at EV/EBITDA multiple of 6.7x/6.1x our revised FY22E EBITDA estimates. We upgrade PVR to BUY with a TP of Rs1,518 and retain BUY on Inox with a TP of Rs344. Prefer Inox over PVR given low leverage and attractive valuations.
... Read more
24-Feb-20
Price @ Call: 499.8
Target: 581
BUY
24-Feb-20
Price @ Call: 499.8
Target: 575
BUY
We re-work our estimates for FY2020E to factor in the expectation of soft Q4 performance coupled with adoption of lower tax regime from Q4FY2020E; hence numbers for FY2021E and FY2022E are adjusted for taxation accordingly. We remain Positive on Inox, as it has a strong balance sheet (net-debt free) along with healthy cash-flow generation profile. Moreover, a healthy content pipeline along with strategies to increase footfalls (loyalty program, non-movies contents, enhancing experience of cinema goers, etc.) and increasing footfall monetisation efforts coupled with improving operating metrics are expected to bode well for the company. At CMP, the stock is trading at 27.0x and 22.3x its FY2021E and FY2022E earnings respectively. Hence, we maintain our Buy rating on the stock with a revised PT of Rs. 575.
... Read more
7-Feb-20
Price @ Call: 418.14
Target: 476
BUY
We keep our EBITDA estimates broadly unchanged but raise our target EV/EBITDA multiple to 9.2x (earlier 8.7x) as 1) footfalls are showing resilience to weakness in regional film market (evident in case of PVR) due to low screen exposure in South (22% of the portfolio is in South versus 34% for PVR) 2) diversity arising from screening of non-movie based content (music concerts, sports leagues etc) which is boosting occupancy in lean periods (weekdays) 3) strong response to the newly launched loyalty program (~4mn patrons have already signed up in 2 months) which will result in consumer stickiness with no material impact on margins even in the near term and 4) strong screen addition pipeline (~1,018 screens are in fray to be opened post FY20E; as of 2QFY20 the figure was ~914 screens) which provides long term revenue visibility. While the stock has already appreciated by ~26% since our initiation report, we believe INOL’s premiumisation approach and strategic initiatives to boost advertisement and F&B sales is expected to yield rich dividends and further re-rating is on the cards (market leader PVR trades at a 21%/18% premium over our FY20/FY21 EBITDA estimates respectively). Maintain BUY with a revised TP of Rs476 (earlier Rs437).
... Read more

INOXLEISUR Share Price Target - Broker Reports - 2019

17-Dec-19
Price @ Call: 370.05
Target: 450
BUY
The occupancy levels appear lower than PVR’s as Inox has higher number of seats per screen (246 vs 205 for PVR) though admits per screen per show are broadly similar (~60). And as far as expansion is concerned, Inox has no plans to create a separate brand for Tier-2/3 cities expansion unlike PVR which has low cost sub-brand: Utsav. Post the analyst meet, we maintain our estimates and our Buy rating on INOL with a September 2021 target price (TP) of Rs450 (up 22% from the CMP). The TP is based on target EV/EBITDA multiple of 10x (20% discount to 12.5x that we plan to assign rival PVR) on September 2021E EBITDA. We continue to hold the view that the large valuation gap between INOL and PVR will narrow as the former tries to address problems connected with its ad and F&B revenue weakness (see our report here). PVR’s Gross ATP/Gross SPH/Ad revenue per screen are 10%/22%/50%, respectively, higher than that of INOL on FY19 basis.
... Read more
7-Dec-19
Price @ Call: 368.32
Target: 416
BUY
In order to penetrate deeper into the North, lot of screens have been signed in Gurgaon & Noida. However, Delhi continues to remain a challenge given scarcity of new malls. In all, the target of adding 70 screens for FY20E remains intact. A new loyalty program was also unveiled with a clear focus on premiumisation (premium screens constitute ~9% of screen mix). The emphasis is on improving margins by increasing the share of non-ticketing revenue (41% of sales mix in 2QFY20) while keeping the pricing (ATP) affordable. We believe INOL’s premiumisation approach and strategy to focus on metro/tier-1 markets is yielding rich dividends. Negligible debt and strong screen pipeline visibility (~900 new screens are in fray backed by signed agreements) gives additional comfort. We thus maintain our BUY rating with a TP of Rs416, valuing the stock at an EV/EBITDA multiple of 8.7x on FY21 Ind-AS compliant earnings.
... Read more
23-Oct-19
Price @ Call: 358.35
Target: 415
BUY
Valuation: Maintain Buy with revised PT of Rs 415: We have fine tunedour numbers for FY2020E/FY2021E to factor in the strong performance during H1FY2020. We remain positive on Inox Leisure as it has a strongbalance sheet (net-debt free) along with healthy cash-flow generation profile. Further, ILL’s treasury shares (Rs 150 crores at CMP) along withnon-core assets (valued at Rs 350 crores) represent around 15% of its current market capitalisation. At CMP, the stock is trading at 32.4x/25.8x FY2020E/ FY2021E earnings. Hence, we maintain our BUY rating on the stock with revised PT of Rs 415.
... Read more
24-Oct-19
Price @ Call: 375.05
Target: 450
BUY
The rationale put forth by INOL is that most developers that it deals with are financially strong and they should not face any problems in completing projects on time. The fewer addition of screens in 2QFY20 is a result of licenses not falling in place while most properties are ready. Post 2QFY20, we have tweaked our numbers up slightly. The higher EPS is mainly due to higher ‘other income’. we have maintained Buy rating on INOL with a September 2021 target price (TP) of Rs450 (up 28% from the CMP). The TP is based on target EV/EBITDA. Daily Vol. (3M NSE Avg.) multiple of 10x (20% discount to 12.5x that we plan to assign rival PVR) on March 2021E EBITDA. We continue to hold the view that the large valuation gap between INOL and PVR will narrow as the former tries to address problems connected with its ad and F&B revenue weakness (see our report here). PVR’s Gross ATP/Gross SPH/Ad revenue per screen are 10%/22%/50%, respectively, higher than that of INOL on FY19 basis.
... Read more
23-Oct-19
Price @ Call: 358.35
Target: 475
BUY
Albeit an unfavourable base, we envisage Q3FY20 to be favourable for INOX owing to the strong content performance and movie pipeline. We remain enthused by the company’s aggressive expansion strategy, focus on premiumisation and ramp-up of margin-accretive segments. We will keep tabs on: i) time window between theatrical & digital release; and ii) any hindrance to screen expansion. We retain our 20x EPS and TP of INR475. We maintain ’BUY/SO’. The stock is trading at ~26x/20x FY20/FY21E EPS (17x/14x ex-Ind AS 116 adjustment).
... Read more
24-Oct-19
Price @ Call: 375.05
Target: 435
BUY
Inox continues to deliver industry leading growth across metrics. We remain constructive on Inox with multiplexes poised for strong growth ahead. We maintain our BUY recommendation and value it at 9.5x FY21E EV/EBITDA –ex-Ind-AS (~30% discount to PVR target multiple of 13.5x EV/EBITDA) to arrive at revised target price of Rs 435/share.
... Read more
24-Oct-19
Price @ Call: 354.2
Target: 416
BUY
This was an excellent quarter for Inox with top-line increasing 42.3% YoY to Rs5,199mn (PLe of Rs4,095mn) buoyed by strong content (4/5 movies crossed Rs1bn in box office collections). Ind-AS adjusted EBITDA margin expanded 750bps YoY to 19.8%. Given 1) strong number 2 position in film exhibition market (~21% screen market share) 2) renewed focus on premium format screens (~9% of screen mix; aim to take it to ~10-12%) and 3) aggressive screen addition plans (44 screens are expected to be opened in 2HFY20) we expect sales/Ind-AS adjusted EBITDA to grow at a CAGR of 19%/22% over FY19-21E. We assign EV/EBITDA multiple of 8.7x (earlier 8.5x) to our FY21E EBITDA of Rs7.4bn and arrive at a TP of Rs416 (earlier Rs394). Retain BUY.
... Read more
24-Oct-19
Price @ Call: 354.2
Target: 416
BUY
This was an excellent quarter for Inox with top-line increasing 42.3% YoY to Rs5,199mn (PLe of Rs4,095mn) buoyed by strong content (4/5 movies crossed Rs1bn in box office collections). Ind-AS adjusted EBITDA margin expanded 750bps YoY to 19.8%. Given 1) strong number 2 position in film exhibition market (~21% screen market share) 2) renewed focus on premium format screens (~9% of screen mix; aim to take it to ~10-12%) and 3) aggressive screen addition plans (44 screens are expected to be opened in 2HFY20) we expect sales/Ind-AS adjusted EBITDA to grow at a CAGR of 19%/22% over FY19-21E. We assign EV/EBITDA multiple of 8.7x (earlier 8.5x) to our FY21E EBITDA of Rs7.4bn and arrive at a TP of Rs416 (earlier Rs394). Retain BUY.
... Read more
17-Oct-19
Price @ Call: 327.7
Target: 475
BUY
We estimate INOX would clock revenue, EBITDA and EPS CAGRs of about 19%, 24% and 35%, respectively, over FY19–21 underpinned by: i) aggressive expansion; ii) uptick in F&B and ad revenues; and iii) ramp-up of premium formats. Key risks: i) slower commercial real-estate development; and ii) shrinking time windows between theatrical and digital releases. We value the stock at 20x (33% discount to PVR) December 2020E EPS (ex of IND AS 116 impact), which yields a TP of INR475.Currently, the stock trades at ~16x/13x FY20/FY21E EPS (ex-IND AS 116 adjustment).
... Read more
16-Sep-19
Price @ Call: 296
Target: 432
BUY
We have tweaked our estimates for FY20 and FY21 and introduced our FY22 estimates. We continue our Buy rating on INOL with a target price of Rs432. We have assigned a target EV/EBITDA multiple of 10x on its September 2021E EBITDA (rolled forward valuation by 6 months). 10x is at a discount to 12.5x assigned to PVR because of the latter’s dominant position in the industry, its market-leading operating metrics in ticket pricing, F&B pricing and advertising revenue per screen. At this point in time, we like both the companies on an absolute basis but believe INOL represents more value.
... Read more
4-Aug-19
Price @ Call: 293.61
Target: 420
BUY
Reiterate Buy with a TP of INR 420
INOL has added 21 screens until now and has maintained healthy guidance of 80 new screens addition for FY20. We believe ad growth and SPH was slightly below par compared to the recent past where INOL had reported much better growth vs market leader PVR; INOL posted an ad CAGR of 36% over FY17-19 and PVR reported ad CAGR of 16% during the same period; INOL posted a SPH CAGR of 10% and PVR of 6% over FY17-19. However, this may be primarily due to PVR’sadvantage in Hollywood movies and higher urban presence, given success of Avengers Endgame in Q1. We expect outperformance on the above metrics (SPH and ad) vs PVR to come back on track in line with the recent past, which will drive better profitable growth, and, in turn, have a positive impact on valuation multiple. We will be closely monitoring INOL performance in the upcoming quarters vs PVR; we reiterate Buy with a TP of INR 420 on 10x one-year forward EV/EBITDA, which is at a 25% discount vs PVR.
... Read more
2-Aug-19
Price @ Call: 293.61
Target: 390
BUY
Maintain Buy with PT of Rs 390: We have tweaked our earnings estimates for FY2020E/FY2021E factoring in the implementation of Ind AS 116, effective April 1 2019. We remain positive on Inox Leisure as it has a strong balance sheet (net-debt free) alongwith healthy cash-flow generation profile. Further, ILL’s treasury shares(Rs 126 crores at CMP) along with non-core assets (valued at Rs 350 crores) represent around 15% of its current market capitalisation. At CMP, the stock is trading at 27.0x/21.4x FY2020E/ FY2021E earnings. Hence, we maintain our BUY rating on the stock with a revised PT of Rs 390.
... Read more
5-Aug-19
Price @ Call: 278.02
Target: 350
BUY
Inox continues to report industry leading growth across all parameters. On the valuations front, Inox, which is trading at 6.5x FY21E EV/EBITDA, continues to trade at a steep discount to PVR. We expect this discount to narrow eventually given the consistent outperformance of Inox on financial parameters. We continue to prefer Inox over PVR. We maintain our BUY recommendation and value it at 7.5x FY21E EV/EBITDA (~25% discount to PVR target multiple of 10x EV/EBITDA) to arrive at target price of Rs 350/share.
... Read more
5-Aug-19
Price @ Call: 290.95
Target: 413
BUY
INOL is of the view that some of these are one-off in nature which will be neutralised in the upcoming quarters. Post 1QFY20, we have maintained Buy rating on INOL with a March 2020 target price (TP) of Rs413 (up 42% from the CMP). The TP is based on target Daily Vol. (3M NSE Avg.)EV/EBITDA multiple of 10x (20% discount to 12.5x that we plan to assign rival PVR) on March 2021E EBITDA. We continue to hold the view that the large valuation gap between INOL and PVR will narrow as the former tries to address problems connected with its advertisement and F&B revenue weakness (see our report here). PVR’s Gross ATP/Gross SPH/Ad revenue per screen are10%/22%/50%, respectively, higher than that of INOL on FY19 basis. PVR has recently seen a steep stock correction and hence we believe both stocks PVR and INOL have ~40% upside on a 12 month basis.
... Read more
14-Jun-19
Price @ Call: 331.99
Target: 390
BUY
We have fine-tuned our earnings estimates forFY2020E and FY2021E given the management’sconfidence on number of screens addition andits guidance on growth rate in ATPs in FY2020E. We remain positive on Inox Leisure as it has a strong balance sheet (net-debt free) along withhealthy cash-flow generation profile. Further,ILL’s treasury shares (Rs 142 crores at CMP) along with non-core assets (valued at Rs 350 crores) represent around 15% of its current market capitalisation. Given the increasing footfalls monetisation efforts and higher screen openings, we expect the company to report healthy revenue and earnings CAGR of 18% and 16% respectively over FY19-21E. Hence, we maintain our BUY rating on the stock with a revised PT of Rs 390.
... Read more
4-Jun-19
Price @ Call: 375.65
Target: 416
BUY
We retain our estimates for FY20 and FY21 and continue to have a Buy rating on INOL with a target price of Rs416. We have assigned a target EV/EBITDA multiple of 10x on its FY21E EBITDA. 10x is at a discount to the 12.5x assigned to PVR because of the latter’s dominant position in the industry, its market-leading operating metrics in ticket pricing, F&B pricing and advertising revenue per screen. Post the recent strong run up, the considerable valuation gap which existed has got bridged to a great extent. At this point in time, we like both the companies. Our investment thesis on the sector is given inside this note.
... Read more
14-May-19
Price @ Call: 311.07
Target: 375
BUY
We have fine- tuned our earnings estimates for FY2020/ FY2021E on account of impressive revenue/ EBITDA growth in Q4FY2019. Higher screen openings along with increasing footfalls monetisation efforts is expected to bode well for the company’s earnings growth in coming years. We expect the company to report healthy revenue and earnings CAGR of 16% and 15% respectively over FY19-21E. Hence, we maintain our BUY rating on the stock with a PT of Rs 375.
... Read more
14-May-19
Price @ Call: 310.3
Target: 385
BUY
Recent consistency in content performance and a healthy pipeline signal strong growth ahead for the multiplex industry. Inox continues to impress with industry leading growth across all parameters. On the valuations front, Inox, which is trading at 7.5x FY21E EV/EBITDA, continues to trade at ~35- 40% discount to PVR. We expect this discount to narrow eventually given the consistent outperformance of Inox on financial parameters. Therefore, we continue to prefer Inox over PVR. We maintain our BUY recommendation and value it at 9.4x FY21E EV/EBITDA (~25% discount to PVR target multiple of 12.5x EV/EBITDA) to arrive at a target price of Rs 385/share.
... Read more
26-Feb-19
Price @ Call: 282.3
Target: 382
BUY
Post our meeting wth Inox Leisure’s management, we have sharply raised our 4QFY19 occupacy ratio leading to a sharp increase in EBITDA margin and PAT (see revision to earnings inside this note). This is on top of the upward revision to earnings done immediately post 3QFY19 (see report here). We retain Buy rating on Inox Leisure with a September 2019 target price (TP) of Rs382 (up 36% from the CMP). The TP is based on target EV/EBITDA multiple of 10x (20% discount to 12.5x that we plan to assign to rival PVR) on September 2020E EBITDA. TP has not changed much as the revisions have been entirely on FY19 numbers. We continue to hold the view that the large valuation gap between Inox Leisure and PVR will narrow as Inox tries to address problems connected with its advertisement and F&B revenue weakness.
... Read more
6-Feb-19
Price @ Call: 268.25
Target: 330
BUY

INOXLEISUR Share Price Target - Broker Reports - 2018

26-Dec-18
Price @ Call: 242.76
Target: 270
BUY
6-Dec-18
Price @ Call: 224.05
Target: 270
BUY
23-Oct-18
Price @ Call: 217
Target: 260
BUY
6-Sep-18
Price @ Call: 232.33
Target: 275
BUY
25-Jul-18
Price @ Call: 197.05
Target: 280
BUY
25-Jul-18
Price @ Call: 197.05
Target: 320
BUY
25-Jul-18
Price @ Call: 203.65
Target: 210
HOLD
25-Jul-18
Price @ Call: 197.05
Target: 260
BUY
8-May-18
Price @ Call: 296.38
Target: 360
BUY
7-May-18
Price @ Call: 281.9
Target: 320
BUY
8-May-18
Price @ Call: 296.38
Target: 330
ACCUMULATE
21-Mar-18
Price @ Call: 261.47
Target: 300
ACCUMULATE

INOXLEISUR Share Price Target - Broker Reports - 2017

18-Dec-17
Price @ Call: 284.8
Target: 350
BUY
22-Nov-17
Price @ Call: 287.67
Target: 337
BUY
1-Nov-17
Price @ Call: 257.17
Target: 335
BUY
27-Jul-17
Price @ Call: 259
Target: 325
BUY
4-Jul-17
Price @ Call: 271.1
Target: 325
BUY
2-May-17
Price @ Call: 292
Target: 240
SELL
3-May-17
Price @ Call: 292
Target: 325
BUY
28-Mar-17
Price @ Call: 272
Target: 332
BUY
29-Mar-17
Price @ Call: 274.75
Target: 340
BUY
24-Jan-17
Price @ Call: 239
Target: 207
SELL
25-Jan-17
Price @ Call: 239
Target: 271
BUY
24-Jan-17
Price @ Call: 238
Target: 310
BUY

INOXLEISUR Share Price Target - Broker Reports - 2016

28-Oct-16
Price @ Call: 263
Target: 302
ACCUMULATE
9-Aug-16
Price @ Call: 258
Target: 290
BUY
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  • INOXLEISUR Share Price Target Today- Technical Pivot Points (Classic)

    keyboard_arrow_down
    Upside Target 3240.7
    Upside Target 2236.35
    Upside Target 1229.7
    Pivot225.35
    Downside Target 1218.7
    Downside Target 2214.35
    Downside Target 3207.7
  • INOXLEISUR Share Price Target weekly- Technical Pivot Points (Classic)

    keyboard_arrow_down
    Upside Target 3251.28
    Upside Target 2246.37
    Upside Target 1239.83
    Pivot234.92
    Downside Target 1228.38
    Downside Target 2223.47
    Downside Target 3216.93
  • INOXLEISUR Share Price Target monthly- Technical Pivot Points (Classic)

    keyboard_arrow_down
    Upside Target 3400.62
    Upside Target 2359.18
    Upside Target 1292.87
    Pivot251.43
    Downside Target 1185.12
    Downside Target 2143.68
    Downside Target 377.37
  • INOXLEISUR Share Price Target today- Technical Pivot Points (Fibonacci)

    keyboard_arrow_down
    Upside Target 3236.35
    Upside Target 2232.15
    Upside Target 1229.55
    Pivot225.35
    Downside Target 1221.15
    Downside Target 2218.55
    Downside Target 3214.35
  • INOXLEISUR Share Price Target weekly- Technical Pivot Points (Fibonacci)

    keyboard_arrow_down
    Upside Target 3246.37
    Upside Target 2241.99
    Upside Target 1239.29
    Pivot234.92
    Downside Target 1230.54
    Downside Target 2227.84
    Downside Target 3223.47
  • INOXLEISUR Share Price Target monthly- Technical Pivot Points (Fibonacci)

    keyboard_arrow_down
    Upside Target 3359.18
    Upside Target 2318.02
    Upside Target 1292.59
    Pivot251.43
    Downside Target 1210.27
    Downside Target 2184.84
    Downside Target 3143.68
SOURCE: Data from D'Market via Quandl. Intraday data delayed 15 minutes.
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