Religare Investment Call

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1 v-17 v-17 Dec-17 Jan-18 Jan-18 Feb-18 Mar-18 Mar-18 Apr-18 May-18 May-18 Jun-18 Jul-18 Aug-18 Aug-18 Sep-18 Oct-18 Oct-18 Q2FY19 Result Update Q2FY19 Result Update BUY CMP (Rs) 282 Target Price (Rs) 321 Potential Upside 13.7% Sensex 34,416 Nifty 10,376 Key Stock data BSE Code NSE Code WONDERLA Bloomberg WONH:IN Shares o/s, Cr (FV 10) 5.7 Market Cap (Rs Cr) 1,603 3M Avg Volume 36, week H/L 425/259 Shareholding Pattern (%) Mar-18 Jun-18 Sep-18 Promoter FII DII Others Year relative price performance Missed the ride Wonderla Holidays posted disappointing numbers for Q2FY19, below our expectation. Its net revenue decreased by 16.4%, led by decline in footfalls. Company s EBITDA and PAT declined by 16.5% and 60% yoy respectively due to increase in overall expense and depreciation. Going forward, footfalls are expected to improve across Bangalore and Hyderabad, however Kochi would face some near term pressure. We have revised our estimates and target price to Rs 321. We maintain a Buy on the stock. Q2FY19 Result Update: Wonderla s net revenue de-grew by 16.4% yoy to Rs 41.3 cr in Q2FY19, impacted by 6.3% decrease in overall footfalls. Footfalls in Bangalore Park increased by 4%, however Hyderabad witnessed de-growth of 6% due to heavy rainfall in the region while Kochi Park footfall de-grew by 61% because of outcome of Nipah virus and floods in Kerala, during the quarter. Going forward, it is expected that Bangalore Park and resort would continue to report strong growth (grew by 9% yoy and 18.5% yoy in Q2FY19). The company posted EBITDA of Rs 9 cr, decline of 18.4% yoy, while EBITDA margin contracted 54bps YoY to 21.9%. Its PAT de-grew by 60% yoy, with decline in PAT margins by 243bps yoy to 2.3%. Sharp fall in margins was mainly due to drop in revenue & footfall and at the same time increase in overall expense & depreciation. Concall Highlights: 1) Management expects an improvement in both revenue and footfalls across all the three parks with an increase in marketing and promotional activities. Also it has maintained its EBITDA guidance of 40% in FY19. 2) Bangalore and Hyderabad parks are expected to continue its strong growth, however, near term concern would continue in Kochi Park. 3) Construction of its fourth park in Chennai is well on track. 4) Introduction of Wonder pass would help to increase footfalls and also generate F&B revenue. 5) There are no plans to add new rides but management would refurbish its existing rides, if required. Outlook & Valuation: Wonderla Holidays is well placed in leisure segment with its three parks operational in Bangalore, Hyderabad and Kochi and one resort in Bangalore. Further, the company s plans to open park in Chennai is well on track. Going forward, we believe higher discretionary spending by consumers, pickup in footfalls, promotional and marketing activity by company and more food & beverage offerings would help drive revenues of Bangalore and Hyderabad Park. Also festive season demand would add to the growth. twithstanding the near term pressures, we expect a healthy revival in revenue and footfall from Kochi Park going ahead. We remain positive on the company s growth prospects and expect its Revenue, EBIDTA and PAT to grow at CAGR of 11%, 16.8% and 22.2%, respectively over FY18-FY20E. We have revised our estimates and target price to Rs 321. We maintain a Buy on the stock Financial Summary - standalone Particulars, Rs cr FY17 FY18 FY19E FY20E Wonderla Nifty Midcap 100 Net revenue EBITDA EBITDAM (%) APAT APATM (%) Research Analyst EPS (Rs) Nirvi Ashar, MBA nirvi.ashar@religare.com PE (x) RoE (%) vember 1, 2018

2 P&L Account - standalone Particulars (cr) Q2FY19 Q2FY18 Y-o-Y % Q1FY19 Q-o-Q % Sale of services Sale of products Net Sales & Other Operating Income Cost of Raw Materials Purchase of Finished Goods (Increase) / Decrease In Stocks Gross Margins Gross Margins % bps bps Employee Cost Other Expense Total Expenditure EBITDA EBITDA Margins (%) bps ,345bps Depreciation EBIT Other Income Interest PBT Tax PAT PAT Margin (%) bps ,947bps EPS

3 P&L Account - standalone Net sales Expenditure Raw material consumed Purchase of stock in trade (Increase) / Decrease In Stocks Employee cost Other expenses Total expenditure EBITDA EBITDAM (%) Other income Depreciation PBIT Interest expenses PBT Tax Reported PAT PATM (%) EPS Balance sheet - standalone Share Capital Reserves & Surplus Total Shareholder's Fund Long term borrowings Short term borrowing Total Debt Deferred tax liabilities Long term provision Current Liabilities Trade payables Short term provisions Other current liabilities Total liabilities Application of Assets Net Block Current work in process Other non-current assets Current Assets Current investments Inventories Trade receivables Cash & Bank Short term loans and advances Other current assets Total assets

4 Cash Flow statement - standalone Profit before tax Add: Depreciation Add: Interest cost Others Operating profit before working Changes in working capital Direct taxes Cash flow from operating Net cash used in Investing Purchase of fixed assets Others Cash flow from investing Cash flow from Financing Net proceeds from borrowings Dividend (Incl dividend tax) Interest cost Cash flow from Financing Net cash Inflow/Outflow Opening Cash & Cash Equivalents Cash with Bank Closing Cash & Bank Key Financial ratios - standalone Per share Data EPS (Rs) Book value per share (Rs) Dividend per share (Rs) Dividend Yield (%) Payout (%) Profitability Ratios EBITDAM(%) PBTM (%) NPM (%) RoCE (%) RoE (%) Efficiency Data Debt-Equity Ratio Interest Cover Ratio Fixed Asset Ratio Debotors (Days) Inventory (Days) Payable (Days) WC (Days) Valuation P/E P/BV EV/EBITDA EV/Sales

5 Before you use this research report, please ensure to go through the disclosure inter-alia as required under Securities and Exchange Board of India (Research Analysts) Regulations, 2014 and Research Disclaimer at the following link : Specific analyst(s) specific disclosure(s) inter-alia as required under Securities and Exchange Board of India (Research Analysts) Regulations, 2014 is/are as under: Statements on ownership and material conflicts of interest, compensation Research Analyst (RA) [Please note that only in case of multiple RAs, if in the event answers differ inter-se between the RAs, then RA specific answer with respect to questions under F (a) to F(j) below, are given separately] S.. Statement Answer Tick appropriate I/we or any of my/our relative has any financial interest in the subject company? [If answer is yes, nature of Interest is given below this table] I/we or any of my/our relatives, have actual/beneficial ownership of one per cent. or more securities of the subject company, at the end of the month immediately preceding the date of publication of the research report or date of the public appearance? Yes I / we or any of my/our relative, has any other material conflict of interest at the time of publication of the research report or at the time of public appearance? I/we have received any compensation from the subject company in the past twelve months? I/we have managed or co-managed public offering of securities for the subject company in the past twelve months? I/we have received any compensation for brokerage services from the subject company in the past twelve months? I/we have received any compensation for products or services other than brokerage services from the subject company in the past twelve months? I/we have received any compensation or other benefits from the subject company or third party in connection with the research report? I/we have served as an officer, director or employee of the subject company? I/we have been engaged in market making activity for the subject company? Nature of Interest ( if answer to F (a) above is Yes : Name(s) with Signature(s) of RA(s). [Please note that only in case of multiple RAs and if the answers differ inter-se between the RAs, then RA specific answer with respect to questions under F (a) to F(j) above, are given below] Copyright in this document vests exclusively with RBL. This information should not be reproduced or redistributed or passed on directly or indirectly in any form to any other person or published, copied, in whole or in part, for any purpose, without prior written permission from RBL. We do not guarantee the integrity of any s or attached files and are not responsible for any changes made to them by any other person. Research Disclaimer:

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