We like the GSPL owing to the (1) Robust volume outlook on the back of strong demand from CGD entities and the power sector (2) Smoothening of cyclicality in its earnings, post acquisition of a controlling stake in Gujarat Gas (3) Steady cash flows (FCF of Rs 38.73 bn over FY20-23E) from transmission business which will turn the company's position to a net cash one. We value the transmission business using Discounted Cash Flow (DCF) at Rs 150/sh. To this, we add Rs 97/sh as value of its investments in Gujarat Gas, Sabarmati Gas and other investments to arrive at the target price of Rs 247/sh. We maintain BUY on GSPL post a better than estimated performance in 1QFY20. We expect benign spot LNG prices (1) To drive strong volume growth from industrial customers and (2) Encourage RIL to continue to using LNG. We raise our volume estimates for FY20/21 by 11.4/13%, thus our SOTP based TP to Rs 247/share.