We like the GSPL owing to (1) robust volume outlook on back of strong demand from CGD entities and the power sector due to benign LNG prices (2) smoothening in cyclicality of its earnings post acquisition of controlling stake in Gujarat Gas (3) steady cash flow (FCF of Rs 32.28 bn over FY20-23E) from transmission business which will turn the company's position to a net cash one. We maintain BUY on GSPL post an in-line performance in 4QFY19. We value GSPLs transmission business using Discounted Cash Flow (DCF) at Rs 119/sh. To this, we add Rs 90/sh as value of its investments in Gujarat Gas, Sabarmati Gas (30% discount to EV/EBTDA valuation) and other investments (at book value) to arrive at the target price of Rs 209/sh