9 Debt reduction and operational excellence are the only two areas we understand the companywillworkaggressivelyandthisisboundtoreratevaluations. 9 Giventhestocktradesatdeepdiscounttopeers(US$55/tonne),weseedeepvaluein thestock.EvenattargetstocktradesatUS$75/tonne(~40%discounttoreplacement) 9 At this stage we do not foresee any material risk to our estimates. There is scope for earningsupgradegivenarecoveryincementprices. 9 OurearlierpricetargetofRs125isnowmetandweupgradeourtargetmultipleto7.0x EV/EBITDA(vs.5.0xearlier).WemaintainBUYonthestockwitharevisedpricetargetof...