Weak macros (GST, demon, RERA etc), mgmt focus on price hikes during this tough times and excessive emphasis on non-FCT business (in our view) has led to failure in delivery over FY17-19. This has led to sharp 50% price correction from peak. However, with moderately supportive macros ENIL can deliver healthy growth in all segments of business viz. established 35 stations, new stations (Phase III, batch I & II) and growth plus margin improvement in non-FCT business. FCF generation can thus improve materially from ~Rs 0.8bn to Rs 1.3bn by FY21E and gradually to ~Rs 1.8-2bn. Maintain faith. Entertainment Network (ENIL) 4QFY19 was in-line but weak with flat advertising revenue in core radio business (MBL 7.8%). Maintain faith. BUY with TP of Rs 696 (+37%) @ 25x FY21E P/FCFE.