Looking ahead, we expect BAL to benefit from the expected industry growth over FY19-FY20 despite competitive intensity. We believe exports to grow ahead of domestic sales owing to improving Middle East markets and expansion/penetration into newer markets, which coupled with INR depreciation would aid in margin expansion for BAL. We expect BAL's volume to clock ~12% CAGR over FY18-FY20E. We further expect BAL to record an EPS of Rs188.4 on revenue of Rs335bn in FY20E. In view of ~22% RoE, healthy margin profile and positive export outlook, we recommend BUY on BAL with a Target Price of Rs3,165, valuing the stock at 16x...