PAG's structural story remains attractive with the management targeting 20%revenue growth over the long term. Initiatives like outsourcing and EBO expansion are likely to facilitate faster growth and superior asset turns. In fact, as the annual report reveals, inventory days have already declined sharply from 100 days in FY17 to 85 days in FY18. Increased focus on technology implementation across the distribution channel should also ensure better efficiencies and decision making, and higher asset turns. Extension of the Jockey franchise agreement to the year 2040 (from 2030 earlier)and continuance of royalty at 5% (announced last month) provides comfort