BSE has been investing in future growth drivers like INX, Insurance distribution, SME and StAR MF. Out of these only StAR MF has started generating revenue while the rest will require more investments. Incremental revenue from new platforms, volume revival and higher listing fee should lead on to revenue growth of 13.0/10.4% in FY20/21E. We expect some operating leverage to play out with growth (EBITDA margin of 13.0/17.0% for FY20/21E). Buyback size is healthy (~2.8x of last buyback) and will boost return ratios by ~100bps. We sense value emerging, with (1) Net cash of Rs 24bn (~73% of MCap), (2) New growth engines, and (3) High dividend yield of ~5%. Risks include rise in competition and loss of market share. We maintain BUY on BSE on based on better than expected quarter. The buyback of Rs 4.6bn (~14% of Mcap) at Rs 680/sh is a positive. We arrive at a SoTP based TP of Rs 802 by assigning on 25x to core FY21E PAT, Rs 149/share for the CDSL stake and adding net cash.