Nestle India has posted robust operating performance in 3QCY17. While its net sales came in at Rs25bn (vs. our estimate of Rs25.6bn), net profit rose by 23.3% YoY to Rs3.4bn (vs. our estimate of Rs2.9bn) and EBITDA margin rose by 260bps YoY to 23.4%. Introducing CY19E estimates for Nestle, we expect revenue and earnings CAGR of 12.5% and 16.6%, respectively through CY16-19E. However, as valuations at 41.2x CY19E earnings cap any near-term upside, we...