Key takeaways  from CEO track; introducing merged entity estimates : Hosted Mr Tom Albanese, CEO of Vedanta (VEDL) at our 12 AGIC in Mumbai. Cairn India’s (CAIR) minority shareholders have approved the merger, recently. In this note, we introduce VEDL’s estimates on merged entity basis along with the highlights of Mr Albanese’s presentation.

VEDL’s diversified portfolio of natural resources is witnessing multiple tailwinds, which will drive earnings.They expect attributable EBITDA to grow at a CAGR of 22% over FY16-18 to INR183b.The target price is reduced by INR10 to INR160/share based on FY18E SOTP. And are optimistic about the business, but current stock price has 2% downside. Maintain Neutral.