At present, ACE trades at 6.5x FY21E EV/EVITDA (historically, lower end of the valuation band), with most of the near term uncertainty priced in the stock. This has translated to a favourable risk reward scenario for the company. ACE, market leader in the ‘pick & carry’ cranes (>60% market share) with a healthy balance sheet, lean working capital, new product launches with a higher realisation & margin profile is poised to benefit from a pickup in infrastructure and industrial segment. On the whole, we estimate revenue, EBITDA and PAT to grow 1.1%, 7.9% and 9.5% CAGR in FY19-21E. We upgrade the stock to BUY recommendation with a target price of | 85 at 8x FY21E EV/EBITDA.