At 23/22x FY18/19E earnings (a significant discount to MCX (39/32x FY18/19E EPS) and at par with global averages, BSE merits a BUY. Our SoTP for BSE factors Rs 430/sh from CDSL and assigns 25x to Sep-19 earnings (ex-CDSL) and works out to Rs 1,200 (22% upside from CMP). The Bombay Stock Exchange Ltd (BSE) is Asias oldest stock exchange (estd. 1875 and listed in Feb-17). Long term investors should take cognizance of its recent (if overdue) renaissance under a market savvy management, including its recent listing. With the latest technology platform (6 microsecond response time), BSE claims to be ten times faster than NSE (its much larger competitor).