We expect TAKE's USD revenue/EPS CAGR at 20/22% over FY18-20E, factoring 24/30% CAGR in Life Sciences revenues/order book (37/53% CAGR in the trailing three years). TAKE trades at 15.7/13x FY19/20E EPS. Based on 16x FY20E EPS, TAKE's fair value is Rs 280, supported by (1) ~15% RoIC and 22% EPS CAGR, (2) Likely value unlocking (SCM business divestment), (3) Midcap-IT valuations at 16.5x FY20E and global Life science tech/CRO valuations at 16x. Working capital intensity (an industry phenomenon) is a concern. Take Solutions (TAKE) is a niche technology-led service provider for the Life Sciences industry (91% of revenue). The company provides IP-based solutions in clinical, regulatory, safety and consulting processes to global Life science companies across multiple therapeutic areas. TAKE will benefit from (1) Large addressable market (favourable global trends), (2) Broad and high-growth portfolio (therapeutic segments) within Life science, (3) Strong growth visibility (order book, pipeline), and (4) Marquee clients (9 of top 10 global pharma giants) with low client concentration risk.