We like MBL owing to its superior execution, capital allocation, return ratios and cash flows. Acquisition of Big FM has the potential to add feather in the cap. Music Broadcast (MBLs) 4QFY19 was in-line. Key highlight is MBLs audacious acquisition of Reliance Broadcast Network (RBNLs) for Rs 10.5bn viz. 12.3x FY19E EBITDA. The multiple is in-line with MBLs current valuation; fair in our view. MBLs current EV is Rs 14bn (Mcap Rs 16.2bn). It would tantamount to acquisition of RBNLs brand Big FMs 40 radio stations vs. 39 of MBL. We foresee the acquisition to be positive from both strategic and financial perspective. It could potentially boost MBLs EPS by -4/+25/+46% in FY21/22/23E. We arent building the upside from acquisition. BUY with a TP of Rs 78 (25x FY21E FCFE).