MSS has enviable track record of strong performance with unwavering focus on capital allocation. MSS has evolved as a partner of choice for all most all OEMs in the world, reflecting in increasing share of business and market leadership in all the key businesses that it operates in. It is in sweet spot to benefit from evolving disruptive global automotive trends, which would drive its next wave of growth. MSS is now entrenched in the virtuous cycle of "scale begets scale", as it would significantly benefit from OEMs focus on vendor consolidation. MSS has strong organic growth opportunities in international as well as domestic market driven by increase in content per vehicle, strong order book and entry in new markets/segment. We estimate MSS's consolidated revenues/EBITDA/PAT to grow 22%/30%/33.5% CAGR FY17-20E. Consequently, we expect RoCE (post-tax) to improve to 21.2% in FY20 (14.7% in FY17). We initiate coverage with buy rating and target price of INR458