Capital intensity in biz remains high with pre-working capital CFO covering just ~58% of capital needs over FY14-19. Hence, while still manageable, leverage has inched up to 1x in FY19 (near-zero in FY17). We bake in Rev/EBITDA/PAT CAGR of 20/28/34% over FY19-22E and value RR/Core Retail at an EV of Rs.2.4/2.3tn (SOTP-based), implying 19/20x FY22 EV/EBITDA. Reliance Retail is Indias biggest retailer by revenue/network (~USD23bn/>27mn sq. ft) and is akin to an Everything store catering to the entire consumer basket. Grocery, Fashion & Lifestyle (F&L;) and Consumer Electronics (CE) form its core (~59% of rev; USD13.4bn, grew 37% CAGR over FY14-20) and is estimated to be spread across 4900 core retail stores.