ICICI Direct has given Buy recommendation for Inox Leisure with a target price of Rs. 670 in its research report issued on May 04, 2022

ICICI Direct’s research report on Inox Leisure

Inox Leisure is the second largest player in terms of multiplex screen count in India. Currently, the company operates 681 screens in 161 cinemas in 72 cities in India with an aggregate seating capacity of ~1.53 lakhs seats. It is the only national multiplex, which enjoys a net debt free balance sheet.

Outlook

We maintain BUY rating on the company. We value Inox at Rs 670 i.e. 15x FY24E EV/EBITDA. Higher implied target multiple is owing to overall merger led benefits.

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