Initiate coverage with BUY rating and a TP of Rs 1,200 (18x Sep-19E + Rs 100/sh for Solara + Rs 30/sh for the biopharma investments). Over the last decade, Strides Shasun (STR) has given its shareholders a phenomenal ~30% compounded annual return. Capital invested in Oct-07 would have grown ~10x today. While STRs aggressive M&A; activity can be viewed negatively in-terms of capital allocation, its track record of value creation cannot be questioned. The companys philosophy on this remains unchanged and its focus remains firmly on enhancing shareholder wealth.