We expect Skipper to report PAT CAGR of ~16.7% over FY16-19E, with ROEs consistently over 20%. In contrast, valuations (12.6x FY19E EPS) look attractive, both on relative and absolute basis. Initiate coverage with a BUY and TP of Rs 220/share (15x FY19E EPS), implying 19% upside from current levels.