SIL's strength lies in its access to 1b tonne of quality marine limestone reserves, which should allow it to sustainably add capacity over the next 15 years. We expect SIL's margins to expand by 8.4pp over FY17-20, led by its three-pronged strategy: (i) commissioning of a waste heat recovery system (WHRS), (ii) focusing more on the coastal mode of transportation by way of acquisition of ships and (iii) achieving a favorable revenue mix with higher proportion of Portland Pozzolana Cement (PPC). In our view, SIL is a strong candidate for a re-rating, led by (i) expected increase in its capacity from 4.1mt now to 8.2mt over the next 30 months and (ii) anticipated scale benefits led by diversification into new higher-priced markets