We remain positive on Jio's wireless operations. Jio was already capitalizing a portion of its opex. The InvIT transaction raises additional concerns. Till now it was an interplay between PL (opex) and BS (capitalization of expenses). Now it will be off-balance sheet on InvITs. In our view, investors should look beyond the debt reduction and focus on incremental monetization options for the business tariff hikes and/or ancillary revenues. Jios 4QFY19 was marginally weak. To abate investors concerns of persistent capex, cash burn and rising debt, Jio/RIL finally re-engineered its BS with transfer of fiber and tower assets to SPVs majority owned by InvITs. This will lead to ~Rs 600bn de-leveraging for Jio. We value Jio at EV of Rs 2.9tn at 10x FY21E EV/EBITDA (Rs 490/sh of RIL).