FRL to turn net cash positive by FY20, trades at 50% discount to D'Mart We are incorporating HyperCity merger in our estimates and cut PBT estimates by 11.3% and 8.7% for FY19 and FY20 due to higher interest and depreciation, lower other income and EBIDTA turnaround happening by 1HFY19 only. HyperCity merger has consolidated FRL's position in Hypermart format and will strengthen Big Bazaar Gen NXT brand which has premium positioning. Big Bazaar has sustained double digit SSG (7 quarters)...