owning real estate where they have stores 2)cluster based strategyfocusing on few states 3) avoiding own labels in Non Food FMCG and 4) Everyday low prices (EDLP)andEverydaylowcosts(EDLC)whichhasenabledittoachieve14xinventory turnsandROEandROCEof~24%.Weestimate~15storeopenings/year,CAGRof 4.2% in bill/store/day and 5% in average bill value which will enable CAGR of 29.6%inEBIDTA,37.7%inPBTfromoperationsand39%inEPSoverFY1619.ASL will be a debt free company with an estimated net cash of Rs10b by FY19. We expectpremiumvaluationstosustaingivenstronggrowthandlimitedoptionsto...