Our recent interaction with Just Dial\u2019s (JD) management reinforces our confidence in the company\u2019s bright prospects. Key takeaways are: (i) management is confident of improvement in revenue growth led by rising collections; (ii) the company is mulling appointment of JD resellers to enhance penetration without adding feet-on-street; (iii) operating leverage is envisaged to boost Ebitda margin, but FY19 advertising spends are likely to be higher than FY18; and (iv) although focus is on monetising core search operations, management is investing in JD Omni & Search Plus with an eye on long-term growth. While we maintain our target multiple, we believe strong user engagement matrix will accelerate revenue growth and could warrant a rerating ahead. We revise FY19e and FY20e revenue\/PAT 3.6 and 5.5, respectively, to factor in revenue growth. Maintain Buy with revised target price of Rs 650 (20x FY20e EPS). Rising user engagement to spur revenue: In Q4FY18, unique visitors jumped 28.6% y-o-y led by 51.4% traffic surge on the mobile platform. This translated into better realisation\u2014 up 7.9% y-o-y in Q4FY18. We believe, higher traffic will also drive campaign growth, pushing revenue spurt to 14% in FY19 from 8.8% in FY18. Revenue acceleration to boost margin expansion: Focus on cost rationalisation and better execution led to 580bps margin expansion in FY18. We expect improving revenue growth and execution to lead to 360bps Ebitda margin expansion over FY18-20e, driving 23.9% PAT CAGR. Outlook and valuations: Fundamentals strong \u2014 JD continues to generate strong cash flow with 8% FCF yield. Considering ~Rs 175 cash per share, 23.9% PAT CAGR and high return ratios over FY18-20, we believe the stock is available at attractive valuations\u201417.4x FY20e EPS.