View: Double digit growth in Retail channel; Maintain Accumulate Bata's Q4FY19 revenues and EBITDA were below our estimates, but APAT was in line. The lower revenue growth in the quarter was due to the belownormal performance in the e-commerce channel and a one-off institutional order in base quarter. However, the retail channel grew in double digits. We have broadly maintained our FY20E and FY21E EPS estimates at ` 27.9 and ` 31.1, respectively. We value Bata at 45x FY21E EPS to arrive at a TP of ` 1,415. We believe that the company has a high growth potential, especially after the recent changes at the stores and strong new brand...