Estimates broadly unchanged: We have broadly maintained our estimates for FY18/19. We expect EBITDA to increase 18.3%/15.2% in FY18E/FY19E. Also, our net profit forecasts are higher by 12.3%/16.2% for FY18E/FY19E, respectively. Outlook and valuation: We believe that Exide's focus on technology upgradation to lower costs, improvement in after-sales service and timely price hikes are likely to improve its sales/ margins over FY18-19. We value the core business at a FY19 EBIT multiple of 14x leading to standalone value of Rs222/share. We value the insurance business at 2x B/V (Rs32/share), and value the rest of the subsidiaries at 1.5x B/V...