We resume our coverage on TLG with an OUTPERFORM rating and +11.0% Total Return. Solid FY16 and FY17 sales growth of 17% and 18%, driven by office supplies and exports.Weak input prices helped drive robust FY16 NPAT growth of 27% while conservative FY17 GPM assumption due to possible hike in oil prices still points to +14% NPAT growth in FY17. Demanding 15.9x FY17 PER reflects stable growth prospects and exceptionally solid fundamentals compared to peers.