Valuation: We estimate SPL's total operating income to grow at 14.5% CAGR over FY17-20 to Rs. 18,066.4mn, while EBITDA and PAT to grow at 18.3% and 20.8% CAGR, respectively, over the same period to Rs. 3,922.7mn and Rs. 2,470.8mn. Based on EV/EBITDA multiple of 5.8x to FY20E EBITDA, we arrive at a target price of Rs. 393 per share, translating into a potential gain of 13.2%....