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Accumulate Wonderla Holidays; target of Rs 278: Dolat Capital

August 13
21:25 2019

Dolat Capital’s research report on Wonderla Holidays

Wonderla posted good set of numbers in Q1FY20. Revenue grew 13.2% YoY, driven by 8.2% YoY growth in footfalls and a 4.1% rise in ARPU. Ticket revenue grew by 14% & non ticket revenue grew by 11% in Q1FY20. While Kochi and Bangalore park registered double digit revenue growth, Hyderabad park revenue was restricted due to lower footfalls on account of extreme weather conditions. We have revised our estimates marginally to factor in Q1 performance.

Outlook

Valuing the stock at 20x FY21E PE to arrive at a TP of ` 278. Maintain Accumulate.

 For all recommendations report, click here

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