Post their BUY recommendation in April 2016, CESC’s stock has moved up 24%. We retain faith owing to strong earnings outlook (all the businesses on an upward trajectory). While the Haldia ramp-up has led to 85%YoY consolidated earnings growth in FY16, substantial reduction of losses in Chandrapur will drive earnings CAGR of 58% over FY16-18E (79/39%YoY growth in FY17/18E), leading to RoE expansion from 7% to 13% over FY16-18E. HDFC Securities increase SOTP-based TP to Rs 685 (implied valuation of 1.2x P/B FY18E) from Rs 637 by factoring in (1) Better-than-expected performance of regulated operations (Parent + Haldia), (2) Trends from the 2015-16 annual report, and (3) Current valuations of FSL. CESC is currently trading at a reasonable valuation of 1.1x P/B FY18E.Trendlyne has 6 reports on CESC updated in the last year from 3 brokers with an average target of Rs 654. Broker has a rating for CESC with 2 price downgrades and 2 price upgrades in past 6 months.