We expect TeamLease?s revenue/EBITDA/PAT to grow at 22/45/39% CAGR over FY17-19E. We like TeamLease because (1) Macro tailwinds are driving growth for flexi-staffing, (2) Focussed management team with strong execution capabilities, (3) Scope for margin expansion, (4) Low capital requirements and (5) Market leadership position. The stock is down ~19% in the last six months, and currently trades at P/E of 26.2/20.1x FY18-19E.