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Valuation Provides a Margin of Safety At 240 per share (current), VST trades at: 17.8x trailing PE (below Indian market at 24x) 4.18% dividend yield 4,070 crore market cap Debt-free balance sheet For a business that just demonstrated three straight quarters of 10%+ volume growth, posted 400 bps of margin expansion, and operates in a sector with pricing power and inelastic demand thats not expensive

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