Central Depository Services Ltd (CDSL) is one of the two depositories operating in
India, which facilitate the holding of securities in electronic form and enable
securities to be processed by book entry. It was originally promoted by BSE, which
subsequently divested part of its stake to leading banks as its sponsors.
Outlook & Valuation: CDSL has a unique business model with high entry barriers
coupled with decent growth prospects. The average ROE for the last six years has
been ~17%, which we believe will sustain going ahead as well. The incremental
capital required for doing business in this space is very minimal and this makes it
an interesting business model. At the issue price band of `145-149, the stock is
offered at 17.7x-18.2x its FY2017 EPS, which we believe is reasonably priced,
and hence, recommend SUBSRIBE to the issue.
Central Depository Services Ltd
Published on 15th June 2017
Related Post
KFin Technologies IPO
Incorporated in 2017, KFin Technologies Limited is a leading technology-driven financial s…
Sula Vineyards Limited IPO
Incorporated in 2003, Sula Vineyards Limited is Indias largest wine producer and seller as…
Archean Chemical Industries Limited IPO
Incorporated in 2009, Archean Chemical is a leading specialty marine chemical manufacturer…
Five Star Business Finance Ltd IPO
Incorporated in 1984, Five Star Business Finance Ltd (FSBFL) is an NBFC-ND-SI (Non-Banking…
Kaynes Technology India Ltd IPO
Incorporated in 2008, Kaynes Technology India Limited (KTIL) is a leading end-to end and I…
Bikaji Foods International Limited IPO
Incorporated in 1995, Bikaji Foods International Limited (Bikaji Foods) is among the India…
Global Health Limited IPO
Incorporated in 2004, Global Health Limited (GHL) is one of the largest private multi-spec…
Fusion Micro Finance Limited IPO
Incorporated in 1994, Fusion Micro Finance Limited (FML) is one of the youngest companies …
DCX Systems Limited IPO
Incorporated in 2011, DCX Systems Limited (DSL) is among the leading Indian players in the…
Electronics Mart India Limited IPO
Incorporated in 1980, Electronics Mart India Limited (EMIL) is the 4th largest consumer du…
KFin Technologies IPO
Incorporated in 2017, KFin Technologies Limited is a leading technology-driven financial s…
Sula Vineyards Limited IPO
Incorporated in 2003, Sula Vineyards Limited is Indias largest wine producer and seller as…
Archean Chemical Industries Limited IPO
Incorporated in 2009, Archean Chemical is a leading specialty marine chemical manufacturer…
Five Star Business Finance Ltd IPO
Incorporated in 1984, Five Star Business Finance Ltd (FSBFL) is an NBFC-ND-SI (Non-Banking…
Kaynes Technology India Ltd IPO
Incorporated in 2008, Kaynes Technology India Limited (KTIL) is a leading end-to end and I…
Bikaji Foods International Limited IPO
Incorporated in 1995, Bikaji Foods International Limited (Bikaji Foods) is among the India…
Global Health Limited IPO
Incorporated in 2004, Global Health Limited (GHL) is one of the largest private multi-spec…
Fusion Micro Finance Limited IPO
Incorporated in 1994, Fusion Micro Finance Limited (FML) is one of the youngest companies …
DCX Systems Limited IPO
Incorporated in 2011, DCX Systems Limited (DSL) is among the leading Indian players in the…
Electronics Mart India Limited IPO
Incorporated in 1980, Electronics Mart India Limited (EMIL) is the 4th largest consumer du…
KFin Technologies IPO
Incorporated in 2017, KFin Technologies Limited is a leading technology-driven financial s…
Sula Vineyards Limited IPO
Incorporated in 2003, Sula Vineyards Limited is Indias largest wine producer and seller as…
Archean Chemical Industries Limited IPO
Incorporated in 2009, Archean Chemical is a leading specialty marine chemical manufacturer…
Five Star Business Finance Ltd IPO
Incorporated in 1984, Five Star Business Finance Ltd (FSBFL) is an NBFC-ND-SI (Non-Banking…
Kaynes Technology India Ltd IPO
Incorporated in 2008, Kaynes Technology India Limited (KTIL) is a leading end-to end and I…
Bikaji Foods International Limited IPO
Incorporated in 1995, Bikaji Foods International Limited (Bikaji Foods) is among the India…
Global Health Limited IPO
Incorporated in 2004, Global Health Limited (GHL) is one of the largest private multi-spec…
Fusion Micro Finance Limited IPO
Incorporated in 1994, Fusion Micro Finance Limited (FML) is one of the youngest companies …
DCX Systems Limited IPO
Incorporated in 2011, DCX Systems Limited (DSL) is among the leading Indian players in the…
Electronics Mart India Limited IPO
Incorporated in 1980, Electronics Mart India Limited (EMIL) is the 4th largest consumer du…
