Our FY14-16E PAT CAGR of 31% is 13% ahead of consensus given: (1) economic upturn benefits CVs the most, which portends growth; (2) truck operators improving profitability (better volumes and freight rates) will lower credit costs from a high of 1.8% to 1.1%; and (3) higher demand for PSL and with elimination of the regulatory overhang, securitisation income will form a healthy 2.6% of AUMs. Culmination of these vectors will propel RoA/RoE to 2.9%/20% plus and valuations to 2.5x P/ABV FY16E. We initiate coverage with buy and target price of R1,248 (30% upside). SHTF, being the pioneer in pre-owned CV financing, has now institutionalised its expertise in loan origination, valuation and collection. Business and franchise created over the past three decades is not easily replicable posing a strong entry barrier to banks/NBFCs and providing strong pricing power.