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Get your tickets! Macquarie Research upgrade Village Roadshow (VRL) to Outperform. We upgrade VRL to Outperform (from Neutral) and conduct a deep-dive analysis of the outlook for Australian cinema exhibitors and content distributors. VRL has an enviable portfolio of leisure assets and is the market leader in each of its businesses. It is trading at a 20%+ discount to key peer Aredent LeisureAAD. We believe AAD deserves a premium (superior growth outlook); our $8.50 PT for VRL implies a ~16%/~9% discount in FY15e/FY16e. Upgrade to Outperform.

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