23 June 2020 Page Industries (PAG) 4QFY20 results missed estimates significantly on top line, and particularly, on EBITDA/PAT levels. Even with gradual reopening of stores, demand trend for the first 2-3 quarters of FY21 is likely to be weak. There is no evidence yet that the company has turned the corner toward recovering anywhere close to the ~30% earnings CAGR witnessed during FY08-18. The PAG stock is fully valued at 50.5x FY22E EPS.