BUY with TP of Rs 492 (+47%) at 30x FY20E FCFE per share. Recent correction in MBL's stock price makes risk-reward even more favourable. Music Broadcast Limited (MBL) reported upbeat 4QFY18 with 14% revenue, 30% adjusted EBITDA (reported 65%) and 117% APAT growth (reported 261%) YoY. FY18 revenue/EBITDA growth was modest at 10%/6%. Launch expenses on new stations dragged EBITDA. FY18 PAT growth was 41% owing to Rs 4bn IPO proceeds (Mar17 @ Rs 333/sh) and thus higher other income.