We value AAL at | 215 i.e. 9x P/E on FY20 EPS of | 24 and assign BUY rating. Although the 3-W segment is one of the hardest hit due to social distancing norms amid Covid-19, it is also difficult to catch the bottom of the cycle. Hence, at the CMP, AAL provides an attractive risk-reward opportunity with inexpensive valuations, healthy balance sheet and sound capital efficiency....