BUY with TP of Rs 827 at 30x FY20E FCFE per share. ENIL is best poised to capture the recovery with its strong radio footprint. Currently only 35 of its 76 stations contribute to profitability. ENILs 4QFY18 was in-line but muted. Revenue declined 3.7% YoY owing to high base and cut in ad volumes. EBITDA was flat YoY while APAT was up 13% (RPAT -15% due to higher tax).