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Motilal Oswal Report
With structural tailwinds favoring the mutual fund business and a favorable macro environment emerging for all non-MF businesses, we anticipate a robust business momentum for Computer Age Management Services Ltd. in the foreseeable future.
Each of the new businesses has the potential to generate ~Rs 0.7-1 billion over the next three to four years.
We believe that with all the steps heading in the right direction, CAMS will achieve an overall revenue growth of 13% (MF business is projected to grow by 11% and the non-MF business is expected to surge by 20%) with Ebitda margins ranging between 43% and 45%.
The share of non-MF business is expected to increase from 10% to 15% over the next three-five years.
Currently, we have a 'Buy' rating on the stock, with a target price of Rs 2,850 (a price/earning multiple of 35 times on FY25 earnings).
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