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We see value in MCX based on (1) Embedded non linearity, (2) Strong recovery in ADTV, and (3) Net cash of Rs 14bn (35% of Mcap). We estimate revenue/PAT CAGR of 23/30% over FY18 20E. Maintain BUY with a TP of Rs 1,040 implying a P/E of 30x FY20E EPS (earlier 35x)..

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