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.

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RISK & CONCERNS:

Fall in level of discretionary spending due to any economic downturn, communal and terrorist events,
political unrest or outbreak of contagious diseases will negatively impact the company.

Any major accident or mishap at any of its parks can not only affect the financials but also the
reputation of the company.

Slower than expected ramp up in revenues and profitability in new parks

VIEW & VALUATION:

Globally, large Amusement parks are making losses, where Wonderla has exhibited robust and profitable
growth. Topline & Bottom line has grown at 14% & 21% CAGR over FY13-16. EBITDA Margin improved form
46.5% at FY13 to 50% in FY16. While the Average revenue per visitor has increased at 16% CAGR over the
same period. Going ahead also, we expect revenue and PAT CAGR of 26% and 18%, respectively, over FY16-
19E. RoCE and RoE are expected to increase to 25.2% and 18.5%, respectively in FY19 from 21.5% and
15.8% in FY16. While the footfalls are expected to witness growth of 15% over the same period.

Favorable Indian Demographics, Increased Discretionary Spending, competitive advantage of the

company, Robust Balance Sheet and Healthy Financial put company in the sweet spot. So, We initiate
Wonderla Holidays as a BUY with the sequential Targets of Rs 398 & 470 and add on dips of Rs 353-320.

Financial Summary:
(Rs Cr) Q2 FY17 Q2 FY16 YoY % Q1 FY16 QoQ % FY15 FY16 FY17E FY18E FY19E
Sales 50.2 43.2 16.2 88.9 -43.5 181.9 205.4 266.6 335.7 414.7
EBITDA 10.2 14.7 -30.7 39.2 -74.0 90.8 102.3 103.5 145.1 189.3
Net Profit 3.0 12.0 -75.0 22.5 -86.7 50.6 59.8 49.2 73.6 98.4
EPS (Rs) 9.2 10.6 8.7 13.0 17.4
P/E 38.4 33.3 40.6 27.1 20.3
EV/EBITDA 21.7 19.3 19.1 13.6 10.4
Source: Company, HDFC sec Research

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BUSINESS BACKGROUND:

Wonderla Holidays is one of the largest operators of amusement parks in India with over 16 years of
successful operations. The 1st amusement park was launched in 2000 in Kochi by promoters of V-Guard Ind.
Ltd- Mr. Kochouseph Chittilappilly and Mr. Arun Chittilappilly.

The company own and operate 3 amusement parks under the brand name Wonderla situated at Kochi,
Bangalore and Hyderabad and a resort at Bangalore. 3 rd Amusement park at Hyderabad has recently start its
operations in April 2016 and.

Now the company has planned to set up its 4th park at Chennai spread across 55 acres on the Old
Mahabalipuram Road. It will be built over the next 18 months at a total investment of Rs 350 Cr. The park
will open with 45 signature land and water rides along with a few new marquee rides/attractions.

Wonderla Resort, is a three-star leisure resort located beside its amusement park in Bangalore, comprising
84 luxury rooms, with amenities including banquet halls, a board room, conference rooms, a multi-cuisine
restaurant, a solar heated swimming pool, recreation area, kids activity center, and a well-equipped gym.

The Company and its first two parks have won 30 awards / certifications since inception, including National
Awards for Excellence from Indian Association of Amusement Parks & Industries in the areas of total number
& variety of rides, most innovative ride, etc.

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Wonderla Holidays Timeline:

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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. China is
set to overtake the U.S. as the world's biggest theme park ticket-seller by 2020. China is currently behind
the U.S. and Japan on the same metric.

The Indian amusement park segment is valued at US $400 mn, compared to the US $25 bn global
amusement park segment, offering immense growth opportunities.

Various studies estimate that this sector will grow at a CAGR of 20% to become Rs.60 bn industry in the next
5 years. The ~150 amusement parks in India register more than 50mn footfalls annually. Most Indian parks
have infrastructure inferior to their global counterparts. However, the Indian amusement-park segment is on
the verge of a transition, with several new parks being developed across the country. Footfalls are expected
to register a 10-15% CAGR and are likely to touch ~75mn-80mn in the next couple of years. 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.

Favorable Indian Demographics & increasing Discretionary Spending

66% of the population in India is below 35 years, with the median age of 27 years driving consumption.
Younger consumers have high spending power and are open to experiment with newer places and forms of
entertainment. Amusement parks have the greatest attraction for the age group of 0-14 years, which
constitutes 31% of the population. 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 also expected to rise significantly.
Leisure and Education spending is projected to quadruple from US $ 71 bn in 2010 to US $ 296 bn in 2020
a CAGR of 42.9%.

Level of urbanization is expected to increase from 27.8% in 2001 to 40% by 2030, increasing the
accessibility of the amusement parks.

The recent and best example of the above noted points is Chinas Theme Park. With favourable
demographics, increased income & increased discretionary spending Indian Theme Park industry can also
have same growth rise as China is having.

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Wonderla has Competitive advantages over other players

The Company has an early mover advantage- the 1st amusement park was launched in 2000 at Kochi and
since then the company has created a strong Brand name in the industry. Companys management also has
industry experience of almost 15 years in the sector.

There are ~140 amusement parks in India, of which only ~10% are of large formats. Thus, competitive
intensity is very low for the company.

The company has in-house design and manufacturing facilities for the Rides at Kochi. This enables the
company ensure cost-effectiveness, improve maintenance efficiency of rides and enable customisation and
modification of new rides purchased. In-house manufacturing leads to cost saving of up to ~30% as
compared to rides purchased from a vendor.

Wonderla has large land parcels at Bangalore (81.7 acres), Kochi (93.1 acres) and Hyderabad (49.5 acres)
within the proximity of the city. It has 39 acres, 64 acres and 23 acres land for future expansion at
Bangalore, Kochi and Hyderabad respectively. Hence, the existing parks can be further expanded by
developing peripheral infrastructure to create integrated parks, enhance visitor experience and build more
revenue streams.

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. So the company can rise the rate in the
future for further revenue generation.

Ticket Prices:
Wonderla Wonderla Wonderla Adlabs Essel
Particulars (Rs) Bengaluru Kochi Hyderabad Imagica Aquamagica World
Weekdays
General 920 770 850 1,299 899 1,299
Express 1,840 1,540 1,700 2,299 1,599 -
Peak Days
General 1,150 970 990 1,899 999 -
Express 2,300 1,940 1,980 3,099 1,699 -
Source: Company, HDFC sec Research

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Robust Balance sheet

Wonderla has strong balance sheet with nominal debt and excellent return ratio of almost 16% in FY16. It is
constantly paying dividend to its shareholders and Pay-out ratio of the company is also healthy at ~18-20%.
The company is planning to expand its presence in Chennai so it has to make some capex near future.

Companys 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. 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. In September, 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). 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.
Company said that they want to open a new park every 4 years and next in pipeline are Pune, Mumbai and
Ahmedabad. They are also focusing on increasing non-ticket revenue which will underpin increased per
visitor revenue so as to reduce volatilities related to footfalls.

Financials Update:
Globally where large Amusement parks are making loss, Wonderla Holidays has out shined with at an
excellent growth rate. Topline & Bottom line has grew at 14% & 21% CAGR over FY13-16. EBITDA Margin
improved form 46.5% at FY13 to 50% in FY16. While the Average revenue per visitor has increased at 16%
CAGR over the same period. So overall the company has shown strong growth over the other players in the
segment.

Talking about the Demonetization impact, the company has taken some heat but the major impact was
soften because it has shift to plastic money. Despite demonetization-led cash crunch, Wonderla Holidays
witnessed footfall growth of 3-5% YoY at Kochi Park and 10% at Bangalore park in November. And almost
double footfall at Hyderabad Park from October. This strong footfall growth at its parks was mainly led by
strong traction in institution ticket sales in November. However, the excess use of cards over cash is
expected to affect the margin of the company at around 100 basis points.

Going ahead, we expect revenue and PAT CAGR of 26% and 18% respectively, over FY16-19E. RoCE and RoE
are expected to be 25.2% and 18.5% in FY19E. While the footfalls are estimated to see 15% CAGR over the
same period.

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Number of Footfalls at Parks (in lakh) Revenue Split

Source: Company, HDFC sec Research

Source: Company, HDFC sec Research

Avg. Revenue per Visitor to witness 15% CAGR over

FY 15-19E Revenue Break up

Source: Company, HDFC sec Research Source: Company, HDFC sec Research (Above data is of H1 FY17)

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EBITDA and EBITDA Margin about to take off Strong Return Ratios (%)

Source: Company, HDFC sec Research

Source: Company, HDFC sec Research

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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 10.3 18.1 8.5 8.0 12.0 Share Capital 56.5 56.5 56.5 56.5 56.5
Reserves 300 347 381 437 514
Total Income 192 223 275 344 427
Shareholders' Funds 356.4 403.0 437.9 493.7 570.0
Growth (%) 23.1 16.3 23.1 24.9 24.2
Long Term Debt 10.2 5.2 14.4 19.5 21.8
Operating Expenses 101.3 121.2 171.7 198.6 237.3 Net Deferred Taxes 0.0 0.0 0.0 0.0 0.0
EBITDA 90.8 102.3 103.5 145.1 189.3 Long Term Provisions & Others 2.0 2.5 3.0 3.0 3.0
Growth (%) 24.8 12.6 1.2 40.2 30.5 Minority Interest 0.0 0.0 0.0 0.0 0.0
EBITDA Margin (%) 49.9 49.8 38.8 43.2 45.7 Total Source of Funds 369 411 455 516 595
Depreciation 16.2 13.9 28.7 32.8 39.6 APPLICATION OF FUNDS
EBIT 75 88 75 112 150 Net Block 179 312 373 430 491
Interest 1.7 1.3 1.4 2.4 2.9 Deferred Tax Assets (net) 1.1 5.2 3.8 3.8 3.8
Long Term Loans & Advances 7.6 10.7 13.8 19.3 31.0
Extraordinary Items 0.0 0.0 0.0 0.0 0.0
Total Non Current Assets 188 327 391 453 525
PBT 73 87 73 110 147
Current Investments 194.3 84.4 79.0 44.0 34.0
Tax 22.3 27.2 24.2 36.3 48.5 Inventories 4.1 6.6 8.0 10.1 12.5
RPAT 51 60 49 74 98 Trade Receivables 0.5 0.8 0.7 0.9 1.1
Growth (%) 26.9 18.1 -17.8 49.7 33.6 Short term Loans & Advances 2.3 3.8 5.8 6.9 8.3
EPS 9.2 10.6 8.7 13.0 17.4 Cash & Equivalents 8.3 28.0 19.2 54.7 73.2
Source: Company, HDFC sec Research Other Current Assets 0.3 1.3 1.7 2.5 3.8
Total Current Assets 210 125 114 119 133
Short-Term Borrowings 0.8 0.0 0.0 0.0 0.0
Trade Payables 3.5 9.8 15.0 18.5 22.1
Other Current Liab &
Provisions 9.8 14.7 16.1 17.7 19.5
Short-Term Provisions 14.9 17.3 18.5 20.1 21.8
Total Current Liabilities 28.9 41.7 49.7 56.3 63.4
Net Current Assets 180.9 83.3 64.8 62.9 69.6
Total Application of Funds 369 411 455 516 595
Source: Company, HDFC sec Research

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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 87.0 73.4 109.9 146.9 EBITDA Margin 49.9 49.8 38.8 43.2 45.7
Non-operating & EO items 143.7 -20.9 -8.5 -8.0 -12.0 EBIT Margin 41.0 43.0 28.0 33.5 36.1
APAT Margin 27.8 29.1 18.4 21.9 23.7
Interest Expenses 1.7 1.3 1.4 2.4 2.9
RoE 20.0 15.8 11.7 15.8 18.5
Depreciation 16.2 13.9 28.7 32.8 39.6
RoCE 20.2 21.5 16.4 21.8 25.2
Working Capital Change -190.3 117.3 9.7 37.4 11.9
Solvency Ratio
Tax Paid -22.3 -27.2 -24.2 -36.3 -48.5 Net Debt/EBITDA (x) -2.1 -1.0 -0.8 -0.5 -0.5
OPERATING CASH FLOW ( a ) 21.9 171.5 80.4 138.2 140.7 D/E 0.0 0.0 0.0 0.0 0.0
Capex -33.9 -145.6 -90.0 -90.0 -100.0 Net D/E -0.5 -0.3 -0.2 -0.2 -0.1
Free Cash Flow -12.0 25.9 -9.6 48.2 40.7 Interest Coverage 44.7 66.4 54.5 47.2 51.7
Investments -2.0 -7.1 -1.8 -5.5 -11.6 PER SHARE DATA
Non-operating income 10.3 18.1 8.5 8.0 12.0 EPS 9.2 10.6 8.7 13.0 17.4
INVESTING CASH FLOW ( b ) -25.6 -134.6 -83.3 -87.5 -99.6 CEPS 11.8 13.1 13.8 18.8 24.4
BV 63.1 71.3 77.5 87.4 100.9
Debt Issuance / (Repaid) -12.4 -4.6 9.7 5.1 2.3
Dividend 1.5 2.0 2.0 2.5 3.2
Interest Expenses -1.7 -1.3 -1.4 -2.4 -2.9
Turnover Ratios (days)
FCFE -26.1 20.1 -1.2 50.9 40.2
Debtor days 1.0 1.4 1.0 1.0 1.0
Share Capital Issuance 14.5 0.0 0.0 0.0 0.0 Inventory days 7.5 9.5 11.0 11.0 11.0
Dividend -8.5 -11.3 -14.3 -17.8 -22.1 Creditors days 12.5 29.4 32.0 34.0 34.0
FINANCING CASH FLOW ( c ) -8.0 -17.2 -5.9 -15.1 -22.6 VALUATION
NET CASH FLOW (a+b+c) -11.7 19.7 -8.8 35.5 18.5 P/E 38.4 33.3 40.6 27.1 20.3
Closing Cash 8.3 28.0 19.2 54.7 73.2 P/BV 5.6 4.9 4.6 4.0 3.5
Source: Company, HDFC sec Research EV/EBITDA 21.7 19.3 19.1 13.6 10.4
EV / Revenues 10.8 9.6 7.4 5.9 4.8
Dividend Yield (%) 0.4 0.6 0.6 0.7 0.9
Source: Company, HDFC sec Research

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Rating Chart

R HIGH
E
T
U MEDIUM
R
N LOW
LOW MEDIUM HIGH
RISK

Ratings Explanation:

RATING Risk - Return BEAR CASE BASE CASE BULL CASE

IF RISKS MANIFEST
IF INVESTMENT
PRICE CAN FALL 15%
IF RISKS MANIFEST RATIONALE
LOW RISK - 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 - 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%

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Rating Definition:

Buy: Stock is expected to gain by 10% or more in the next 1 Year.

Sell: Stock is expected to decline by 10% or more in the next 1 Year.

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I, Nisha Sankhala, MBA, author and the name subscribed to this report, hereby certify that all of the views expressed in this research report accurately reflect our views about the subject
issuer(s) or securities. We also certify that no part of our compensation was, is, or will be directly or indirectly related to the specific recommendation(s) or view(s) in this report.
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Associate may have beneficial ownership of 1% or more in the subject company at the end of the month immediately preceding the date of publication of the Research Report. Further
Research Analyst or his relative or HDFC Securities Ltd. or its associate does not have any material conflict of interest.
Any holding in stock No

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