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ICICI Securities Report
Wonderla Holidays Ltd. delivered a blowout quarter in Q1 FY23 with revenue of Rs 1.5 billion which was 27% higher than pre-Covid (Q1 FY20) levels on the back of total footfalls growing 24% over pre-Covid levels.
As a result, Q1 FY23 Ebitda of Rs 0.9 billion was up 33% over pre-Covid levels and we have increased our total footfall/revenue assumptions by 59/43% for FY23/24E respectively leading to FY23E Ebitda of Rs 1.4 billion (37% above FY20 levels) and FY24E Ebitda of Rs 1.7 billion (61% above FY20 levels).
With net cash/investments of ~Rs 2 billion as of June 2022, Wonderla Holidays has signed its agreement with the Odisha State Government to build its next amusement park in Bhubaneshwar for Rs 1.3 billion. Key risks to our rating are fresh park closures owing to Covid and slow recovery in footfalls and pricing.
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