INVESTMENT IDEA 21 Jan 2017

PCG RESEARCH
Wonderla Holidays Ltd.

Industry CMP Recommendation Add on Dips to band Target Time Horizon
Other Leisure Facilities Rs. 353 BUY Rs. CMP & 320 Rs. 398-470 12 Months

HDFC Scrip Code WONHOL
An Exciting Ride Set to Take off
BSE Code 538268
Wonderla Holidays is one of the largest operators of amusement parks in India with over 16 years of
NSE Code WONDERLA successful operations. The 1st amusement park was launched in 2000 in Kochi by promoters of V-Guard Ind.
Bloomberg WONH IN Ltd- Mr. Kochouseph Chittilappilly and Mr. Arun Chittilappilly.

CMP as on 20 Jan 17 353 The company own and operate 3 amusement parks under the brand name Wonderla situated at Kochi,
Equity Capital (Rs Cr) 56.5 Bangalore and Hyderabad and a resort at Bangalore. 3rd Amusement park at Hyderabad has recently started
its operations in April 2016 and now company has planned to set up its 4 th park at Chennai in FY19.
Face Value (Rs) 10
Favorable Indian Demographics, Increased Discretionary Spending, competitive advantage of the
Equity O/S (Cr) 5.65 company, Robust Balance Sheet and Strong Financials put company in the sweet spot. So, we
Market Cap (Rs Cr) 1,995.3 initiate Wonderla Holidays as a BUY at CMP and add on dips to Rs315 with the sequential Targets
of Rs 398 & 470 over the next 12 months.
Book Value (Rs) 71
Avg. 52 Week INVESTMENT RATIONALE:
72745
Volumes
The Indian amusement park segment is valused at $400 mn, compared to the $25 bn global amusement park
52 Week High 420 segment, offering immense growth opportunities. Various studies estimate that this sector will grow at a CAGR
52 Week Low 316 of 20% to become Rs. 60 bn industry in the next 5 years. So the Industry is at nascent stage and have huge
opportunity lying ahead.
India had favorable demographics and increased Discretionary spending for the industry to grow. Amusement
Shareholding Pattern (%) parks have the greatest attraction for the age group of 0-14 years, which constitutes 31% of the population.
Promoters 71.0 This group drives families to visit parks. With rising income, the share of discretionary spending will also be
seen increasing from 59% in 2010 to 67% by 2020. Spending on education, recreation and leisure activities is
Institutions 16.6
also expected to rise significantly.
Non Institutions 12.4
The Company has nurtured its brand for last 16 years. There are ~140 amusement parks in India, of which
only ~10% are of large formats. Thus, competitive intensity is very low for the company. Lower Ticket pricing,
PCG Risk Rating* Yellow
* Refer Rating explanation
surplus land for future expansion and in-house manufacturing facilities put company in the Competitive
advantage among the other players.
Nisha Sankhala Wonderla has strong balance sheet and excellent return ratios of ~20%. Company has three operational parks
nishaben.shankhala@hdfcsec.com and has planned park at Chennai, which is expected to be on stream in the next 18 months. Moreover,
company aims to add a new park in the cities like Mumbai, Pune and Ahmedabad in every three-four years.

Private Client Group - PCG RESEARCH Page |1

where Wonderla has exhibited robust and profitable growth. Going ahead also.4 33. Increased Discretionary Spending.0 12. Favorable Indian Demographics.2 88.7 50.3 103.4 EPS (Rs) 9.2% and 18. HDFC sec Research Private Client Group .6 59.5 181. large Amusement parks are making losses.2 73.2 16.9 -43.2 -74. We initiate Wonderla Holidays as a BUY with the sequential Targets of Rs 398 & 470 and add on dips of Rs 353-320.7 39. Topline & Bottom line has grown at 14% & 21% CAGR over FY13-16.1 20.4 266.0 17. competitive advantage of the company.7 -30.2 43. we expect revenue and PAT CAGR of 26% and 18%. EBITDA Margin improved form 46. political unrest or outbreak of contagious diseases will negatively impact the company.3 40.2 14.5% at FY13 to 50% in FY16. Robust Balance Sheet and Healthy Financial put company in the sweet spot. over FY16- 19E.0 90.7 19.3 19. respectively in FY19 from 21.5%.1 189.6 27. While the footfalls are expected to witness growth of 15% over the same period.6 335.5 -86.9 205.6 10. Financial Summary: (Rs Cr) Q2 FY17 Q2 FY16 YoY % Q1 FY16 QoQ % FY15 FY16 FY17E FY18E FY19E Sales 50.2 10.8% in FY16.1 13.  Any major accident or mishap at any of its parks can not only affect the financials but also the reputation of the company.3 EV/EBITDA 21.  Slower than expected ramp up in revenues and profitability in new parks VIEW & VALUATION: Globally. communal and terrorist events.6 98.0 22.5% and 15. respectively.7 EBITDA 10.0 -75.4 Source: Company.8 49.8 102.7 13. RoCE and RoE are expected to increase to 25.3 Net Profit 3.6 8. While the Average revenue per visitor has increased at 16% CAGR over the same period.7 414. So.4 P/E 38. PCG RESEARCH RISK & CONCERNS:  Fall in level of discretionary spending due to any economic downturn.5 145.PCG RESEARCH Page |2 .

with amenities including banquet halls. PCG RESEARCH BUSINESS BACKGROUND: Wonderla Holidays is one of the largest operators of amusement parks in India with over 16 years of successful operations.PCG RESEARCH Page |3 . The Company and its first two parks have won 30 awards / certifications since inception. Now the company has planned to set up its 4th park at Chennai spread across 55 acres on the Old Mahabalipuram Road. conference rooms. most innovative ride. a board room. Bangalore and Hyderabad and a resort at Bangalore. is a three-star leisure resort located beside its amusement park in Bangalore. Kochouseph Chittilappilly and Mr. 3 rd Amusement park at Hyderabad has recently start its operations in April 2016 and. Arun Chittilappilly. and a well-equipped gym. kids’ activity center. Private Client Group . recreation area. It will be built over the next 18 months at a total investment of Rs 350 Cr. Ltd.Mr. a solar heated swimming pool. The park will open with 45 signature land and water rides along with a few new marquee rides/attractions. a multi-cuisine restaurant. The 1st amusement park was launched in 2000 in Kochi by promoters of V-Guard Ind. etc. The company own and operate 3 amusement parks under the brand name Wonderla situated at Kochi. including National Awards for Excellence from Indian Association of Amusement Parks & Industries in the areas of total number & variety of rides. Wonderla Resort. comprising 84 luxury rooms.

PCG RESEARCH Page |4 . PCG RESEARCH Wonderla Holidays Timeline: Private Client Group .

Favorable Indian Demographics & increasing Discretionary Spending 66% of the population in India is below 35 years. Footfalls are expected to register a 10-15% CAGR and are likely to touch ~75mn-80mn in the next couple of years. the share of discretionary spending will also be seen increasing from 59% in 2010 to 67% by 2020.8% in 2001 to 40% by 2030. China is currently behind the U.60 bn industry in the next 5 years. compared to the US $25 bn global amusement park segment.9%. The Indian amusement park segment is valued at US $400 mn. with several new parks being developed across the country. increased income & increased discretionary spending Indian Theme Park industry can also have same growth rise as China is having.S. Amusement parks have the greatest attraction for the age group of 0-14 years. The ~150 amusement parks in India register more than 50mn footfalls annually.PCG RESEARCH Page |5 . Various studies estimate that this sector will grow at a CAGR of 20% to become Rs. offering immense growth opportunities. Level of urbanization is expected to increase from 27. Leisure and Education spending is projected to quadruple from US $ 71 bn in 2010 to US $ 296 bn in 2020 – a CAGR of 42. Spending on education. With favourable demographics. with the median age of 27 years driving consumption. which constitutes 31% of the population. Private Client Group . and Japan on the same metric. as the world's biggest theme park ticket-seller by 2020. This group drives families to visit parks. However. The recent and best example of the above noted points is China’s Theme Park. Younger consumers have high spending power and are open to experiment with newer places and forms of entertainment. the Indian amusement-park segment is on the verge of a transition.S. China is set to overtake the U. New parks and new rides and attractions at existing parks are likely to enhance the amusement-park market in India in the next few years. With rising income. Most Indian parks have infrastructure inferior to their global counterparts. recreation and leisure activities is also expected to rise significantly. increasing the accessibility of the amusement parks. PCG RESEARCH INVESTMENT RATIONALE: Indian Amusement Park at nascent stage Asia is currently one of the hottest theme park markets in the world and China is at the epicenter.

Thus. There are ~140 amusement parks in India.PCG RESEARCH Page |6 . of which only ~10% are of large formats.840 1.980 3.599 - Peak Days General 1. Hence.300 1.700 2.299 1. competitive intensity is very low for the company. 64 acres and 23 acres land for future expansion at Bangalore.540 1. Company’s management also has industry experience of almost 15 years in the sector. enhance visitor experience and build more revenue streams. The company has in-house design and manufacturing facilities for the Rides at Kochi. PCG RESEARCH Wonderla has Competitive advantages over other players The Company has an early mover advantage.150 970 990 1.899 999 - Express 2.699 - Source: Company. Wonderla has large land parcels at Bangalore (81. Kochi (93. It has 39 acres. This enables the company ensure cost-effectiveness. The company has low tickets rate compare to other player and it also has only one entry fee for both dry and water rides where as other amusement park take different charges.299 899 1.7 acres). HDFC sec Research Private Client Group .1 acres) and Hyderabad (49.299 Express 1.940 1. In-house manufacturing leads to cost saving of up to ~30% as compared to rides purchased from a vendor. So the company can rise the rate in the future for further revenue generation.the 1st amusement park was launched in 2000 at Kochi and since then the company has created a strong Brand name in the industry. Kochi and Hyderabad respectively. improve maintenance efficiency of rides and enable customisation and modification of new rides purchased.5 acres) within the proximity of the city. Ticket Prices: Wonderla Wonderla Wonderla Adlabs Essel Particulars (Rs) Bengaluru Kochi Hyderabad Imagica Aquamagica World Weekdays General 920 770 850 1.099 1. the existing parks can be further expanded by developing peripheral infrastructure to create integrated parks.

This strong footfall growth at its parks was mainly led by strong traction in institution ticket sales in November. The company is planning to expand its presence in Chennai so it has to make some capex near future. And almost double footfall at Hyderabad Park from October. Company said that they want to open a new park every 4 years and next in pipeline are Pune. Despite demonetization-led cash crunch. While the footfalls are estimated to see 15% CAGR over the same period. Going ahead. the company has taken some heat but the major impact was soften because it has shift to plastic money. PCG RESEARCH Robust Balance sheet Wonderla has strong balance sheet with nominal debt and excellent return ratio of almost 16% in FY16. the excess use of cards over cash is expected to affect the margin of the company at around 100 basis points. Topline & Bottom line has grew at 14% & 21% CAGR over FY13-16. EBITDA Margin improved form 46.5% in FY19E. we expect revenue and PAT CAGR of 26% and 18% respectively. So overall the company has shown strong growth over the other players in the segment. RoCE and RoE are expected to be 25.5% at FY13 to 50% in FY16. 2015 they have signed a memorandum of understanding (MoU) with the Tamil Nadu government to set up an amusement park in Chennai worth Rs 350 Cr (aims launching it till FY19). Private Client Group . over FY16-19E. Management is in talks with Turkish and Canadian firms to import thrilling new water slides that will provide users with a ‘James Bond’ kind of experience. Recently company has imported two rides from Italy at an investment of ~Rs 10 Cr and going further they are planning to improve infrastructure for batter Customer Experiences. While the Average revenue per visitor has increased at 16% CAGR over the same period. Talking about the Demonetization impact. Mumbai and Ahmedabad. Financials Update: Globally where large Amusement parks are making loss.2% and 18.PCG RESEARCH Page |7 . They are also focusing on increasing non-ticket revenue which will underpin increased per visitor revenue so as to reduce volatilities related to footfalls. However. Wonderla Holidays has out shined with at an excellent growth rate. Wonderla Holidays witnessed footfall growth of 3-5% YoY at Kochi Park and 10% at Bangalore park in November. In September. Company’s growth strategy to drive exponential growth in future The key growth strategy of the company is adding new parks and new rides in the existing parks. It is constantly paying dividend to its shareholders and Pay-out ratio of the company is also healthy at ~18-20%.

HDFC sec Research Source: Company.PCG RESEARCH Page |8 . HDFC sec Research Avg. HDFC sec Research Source: Company. PCG RESEARCH Number of Footfalls at Parks (in lakh) Revenue Split Source: Company. Revenue per Visitor to witness 15% CAGR over FY 15-19E Revenue Break up Source: Company. HDFC sec Research (Above data is of H1 FY17) Private Client Group .

PCG RESEARCH EBITDA and EBITDA Margin about to take off Strong Return Ratios (%) Source: Company.PCG RESEARCH Page |9 . HDFC sec Research Source: Company. HDFC sec Research Private Client Group .

3 27.7 49.4 2.7 73.1 24.1 Growth (%) 26.0 Growth (%) 24.8 0.8 0.7 2.0 437.8 5.0 17.1 8.3 121.1 17.7 33.5 56.9 24.3 1.5 145.7 32.0 0.0 0.9 8.5 8.3 23.0 44.7 1.4 Net Current Assets 180.8 49.2 40.4 79.0 0.PCG RESEARCH P a g e | 10 .1 -17.2 Source: Company.8 Long Term Loans & Advances 7.6 237.7 Total Source of Funds 369 411 455 516 595 Depreciation 16.3 18.2 54.2 30.6 Total Application of Funds 369 411 455 516 595 Source: Company.2 13.0 Trade Payables 3.8 3.7 16.0 3.9 17.0 Extraordinary Items 0.8 102.8 43.1 21.0 0.6 APPLICATION OF FUNDS EBIT 75 88 75 112 150 Net Block 179 312 373 430 491 Interest 1.1 16.3 18. HDFC sec Research Other Current Assets 0.5 56.8 Total Current Liabilities 28.3 84.3 48.1 6.6 8.8 Operating Expenses 101.7 198.0 18.0 0.0 0.5 22.5 20.3 1.5 3.9 1.2 171.5 9.0 0.0 2.2 14.2 10.3 31.0 Growth (%) 23.0 0.7 13.0 EBITDA Margin (%) 49.0 0.5 0.0 Share Capital 56.0 0.0 12.9 83.7 19.7 0.3 63.5 21.8 62.7 570.8 3.3 28.0 3.0 EBITDA 90.3 Long Term Provisions & Others 2.6 8.4 2.6 10.9 18.1 5.9 28.8 15.4 19.9 49.0 34.7 13. HDFC sec Research Private Client Group .2 24.4 Cash & Equivalents 8.5 3.2 45.3 1.5 Minority Interest 0.2 5.9 41.3 103.0 0.8 39.0 Total Non Current Assets 188 327 391 453 525 PBT 73 87 73 110 147 Current Investments 194.0 19.5 Short-Term Provisions 14.3 EPS 9.5 56.8 14.0 0.0 0. PCG RESEARCH Income Statement (Cr) (Standalone) Balance Sheet (Cr) (Standalone) Year ending March FY15 FY16 FY17E FY18E FY19E As at March FY15 FY16 FY17E FY18E FY19E Net Revenue 182 205 267 336 415 SOURCE OF FUNDS Other Income 10.1 12.6 1.0 0.9 493.8 19.0 10.5 RPAT 51 60 49 74 98 Trade Receivables 0.7 56.5 56.2 Long Term Debt 10.9 Deferred Tax Assets (net) 1.8 Total Current Assets 210 125 114 119 133 Short-Term Borrowings 0.1 Other Current Liab & Provisions 9.3 3.1 189.9 69.8 6.0 Tax 22.2 36.6 Short term Loans & Advances 2.3 64.8 12.2 3.3 Net Deferred Taxes 0.5 Reserves 300 347 381 437 514 Total Income 192 223 275 344 427 Shareholders' Funds 356.5 Inventories 4.8 38.0 0.4 403.

4 INVESTING CASH FLOW ( b ) -25.2 Working Capital Change -190.0 Dividend -8.6 8.8 29.0 0.0 EBIT Margin 41.5 0.7 13.1 -1.0 43.4 21.4 5.8 -0.2 Debtor days 1.4 2.0 15.2 54.3 1.0 1.0 33.0 28.2 13.0 0.7 15.3 -1.9 Debt Issuance / (Repaid) -12.6 27.0 17.2 -0.9 Turnover Ratios (days) FCFE -26.5 Net Debt/EBITDA (x) -2.4 1.0 EPS 9.1 13.1 8.8 9. HDFC sec Research EV/EBITDA 21.6 -134.2 21.2 40.0 3.6 -90.5 P/E 38.1 13.5 3.3 Dividend 1.7 5.7 Interest Coverage 44.3 -0.0 0.0 0.0 -7.5 -0.4 11.9 EBITDA Margin 49.5 9.3 -27.5 -11.8 -22.9 Solvency Ratio Tax Paid -22.6 7.0 Capex -33.4 -2.0 34.4 BV 63.7 0.8 11.0 73.3 40.5 Source: Company.9 28.2 140.3 117.6 0.2 -24.1 APAT Margin 27.0 0.6 4.4 -2.0 -12.6 PER SHARE DATA Non-operating income 10.2 P/BV 5.5 16.8 35.9 4.9 -9.0 87.5 18.7 D/E 0.7 19.8 39.5 29.3 28.0 34.5 8.4 2.8 Dividend Yield (%) 0.2 45.6 10.7 37.3 -17.7 19.3 -14.7 -20.9 -8.4 -4.1 -22.4 21.3 -48.0 0.5 36.6 9. HDFC sec Research Private Client Group .0 Net D/E -0.6 CEPS 11.6 -83.5 -8.9 4.4 54.5 80.6 0.0 Inventory days 7.5 2.1 -1.1 -1.9 -15.1 Free Cash Flow -12. PCG RESEARCH Cash Flow Statement (Cr) (Standalone) Key Ratio (Standalone) Year ending March FY15 FY16 FY17E FY18E FY19E (Rs Cr) FY15 FY16 FY17E FY18E FY19E Reported PBT 73.0 11.8 38.0 1.2 -0.5 OPERATING CASH FLOW ( a ) 21.0 19.4 138.4 0.5 11.7 Non-operating & EO items 143.2 -36.1 20.8 24.7 -1.0 Share Capital Issuance 14.1 20.0 FINANCING CASH FLOW ( c ) -8.0 0.7 1.8 -5.5 Depreciation 16.8 18.2 50.9 40.9 171.5 -0.4 33.0 -100.8 43.3 18.3 -87.9 -145.7 32.4 100.PCG RESEARCH P a g e | 11 .4 EV / Revenues 10.7 66.3 77.9 Source: Company.6 VALUATION NET CASH FLOW (a+b+c) -11.0 11.7 73.0 12.7 -8.7 Interest Expenses 1.5 -11.0 -0.1 18.0 25.2 51.1 Creditors days 12.1 71.4 32.3 9.2 Interest Expenses -1.0 -90.6 4.4 109.0 2.0 2.9 49.8 18.7 Investments -2.5 87.6 RoCE 20.3 19.9 RoE 20.3 Closing Cash 8.8 13.6 48.9 23.5 47.2 -5.0 -17.0 1.2 10.5 -99.9 146.1 2.8 25.

HIGH & IF INVESTMENT RED PRICE CAN FALL FRUCTFIES PRICE RETURN STOCKS RATIONALE 50% OR MORE CAN RISE BY 50% FRUCTFIES PRICE OR MORE CAN RISE BY 30% Private Client Group .Return BEAR CASE BASE CASE BULL CASE IF RISKS MANIFEST IF INVESTMENT PRICE CAN FALL 15% IF RISKS MANIFEST RATIONALE LOW RISK .PCG RESEARCH P a g e | 12 .LOW & IF INVESTMENT BLUE PRICE CAN FALL FRUCTFIES PRICE RETURN STOCKS RATIONALE 20% OR MORE CAN RISE BY 20% OR FRUCTFIES PRICE MORE CAN RISE BY 15% IF RISKS MANIFEST IF INVESTMENT PRICE CAN FALL 20% MEDIUM RISK . IF RISKS MANIFEST RATIONALE & IF INVESTMENT YELLOW HIGH RETURN PRICE CAN FALL FRUCTFIES PRICE RATIONALE STOCKS 35% OR MORE CAN RISE BY 35% OR FRUCTFIES PRICE MORE CAN RISE BY 30% IF RISKS MANIFEST IF INVESTMENT PRICE CAN FALL 30% IF RISKS MANIFEST RATIONALE HIGH RISK . PCG RESEARCH Rating Chart R HIGH E T U MEDIUM R N LOW LOW MEDIUM HIGH RISK Ratings Explanation: RATING Risk .

Sell: Stock is expected to decline by 10% or more in the next 1 Year. Private Client Group .PCG RESEARCH P a g e | 13 . PCG RESEARCH Rating Definition: Buy: Stock is expected to gain by 10% or more in the next 1 Year.

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