ABL is well placed to capitalize on the upcoming infra opportunities with a strong balance sheet (0.3x FY19 net D/E). Speedy BOT asset monetization (incl. Macquarie's exit) would allow ABL the flexibility to bid for more HAM/ BOT projects, without increasing leverage (~ABL has guided for peak standalone debt of Rs 7-8bn, current debt is Rs 7.2bn). We maintain BUY. Key risks (1) Delay in SBI Macquarie deal closure; (2) Slow traffic recovery; (3) High interest rate; and (4) Delay in ADs. We maintain BUY on ABL with a SOTP of Rs 261/sh. We value the EPC business at 15x FY21E EPS (similar to Sadbhav Eng. and vs. 18x to KNR and PNC).