We value RNAM on a DCF-based multiple of 20.9x on its FY21E NOPLAT and add value of investments and cash to arrive TP of Rs200 (+28.3%). Our TP implies a FY20/21E P/E of 23.6/20.2x. RNAM reported a muted 3QFY19 with revenues/PAT at Rs 3.5bn/1.1bn (-12.3/-17.0% YoY). AUM growth was sluggish (-3.0/-3.5% YoY/QoQ) owing to volatile market conditions and weaker equity inflows. Revenues and other operating expenses declined 12.3/10.5% YoY and 26.4/12.9% QoQ, on account of regulatory changes which resulted in payment of commissions directly from scheme accounts.