Suven Life Sciences (SVLS) is a compelling play on the recovery being witnessed in global R&D; spending, as reflected in strong fund raising by biotech start-ups as well as a fastgrowing research pipeline across multiple stages of clinical trials. Also, the global Clinical Development & Manufacturing Organizations (CDMO) industry has undergone significant consolidation, both at the Clinical Research Organizations (CRO) level as well as at the API manufacturing level. As a result, fewer and only niche players are left in both clinical services and API manufacturing. SVLS enjoys a strong margin profile with EBITDA margin of 30%+. Earnings CAGR over FY18-20E is estimated at 19% and ROIC of 28%. We initiate coverage on SVLS with a...