We value RJio at 10x Jun-20E EV/EBITDA (vs. 9x for Bharti/Idea) at an EV of Rs 2.9tn (Rs 490/sh). Jios FY18 AR depicts that (a) its capex intensity remains high. It spent ~Rs 502bn in FY18 including Rs 133bn for capitalized interest and opex (b) Rs 700bn (30%) of its fixed assets is yet to be operationalized (c) vendor financing provided ~22% (or Rs 561bn) of Jios cumulative funding of Rs 2.4tn. It also accounts for ~40% of its net debt (Rs 1.4tn) outstanding as of Mar18 and (d) Jios gross cumulative investment of Rs 2.4tn is similar to Bhartis India business (Rs 2.5tn), but with network capacities that carried >3.7x data traffic in FY18 (3x in 1QFY19).