ADD (Maintain) 

CMP: INR 2,603 Target Price: INR 2,976 (INR 2,515)  14% ICICI Securities Limited is the author and distributor of this report

13 September 2023 India | Equity Research | Company Update

Computer Age Management Services

Asset Management Companies

Business moats firmly transcend across segments

CAMS has showcased its business capabilities in all its segments in its recently held Analyst Day (on Sep 8).
Strategically, the company underlined that significant thrust in ex-MF RTA segment is backed by a suite of capabilities,
unique offerings and talented leadership, while the company’s pole position in MF RTA space has also manifested in
quality new account wins. The key, however, remains in the ability to monetise the new offerings effectively. We remain
enthused by the capability of the company to provide effective digital solutions in capital market and financial services
space while Indian AUM growth potential remains a long-term earnings growth driver. Maintain ADD.

Positioning business potential beyond core MF RTA; if it existed Ansuman Deb

earlier, it’s more pronounced now ansuman.deb@icicisecurities.com
+91 22 6807 7312
These include: (1) alternatives wealth platform, (2) payments, (3) insurance Ravin Kurwa
repository, (4) KYC services, (5) account aggregator offering and (6) pension ravin.kurwa@icicisecurities.com
CRA. CAMs believes businesses ex MF RTA has a potential of ~INR 5bn top Sanil Desai
sanil.desai@icicisecurities.com
line in 4-5 years. As such, there is enough scope to adequately deploy the
management bandwidth.

We like the open stance towards inorganic route for capacity

Market Data
build-up; underlines management’s focus on proper
Market Cap (INR) 128bn
monetisation of new initiatives Market Cap (USD) 1,538mn
Bloomberg Code CAMS IN
The company acquired Fintuple to help digital transformation of the ecosystem Reuters Code COMU BO
players to be able to better use alternatives platform CAMSWealthserv. 52-week Range (INR) 2,690 /2,002
Additionally, CAMS has collaborated with Temenos for its global fund Free Float (%) 71.0
administration platform Multifonds in the alternate space. The acquisition of ADTV-3M (mn) (USD) 4.2
Think360 is targeted towards enriching the Account Aggregator (AA) +
Price Performance (%) 3m 6m 12m
Technical Service Provider offering (TSP) with its full-stack AI suite for lending
Absolute 21.3 14.5 2.7
analytics.
Relative to Sensex 7.6 14.8 13.3

ESG Disclosure 2021 2022 Change

ESG score 32.4 34.8 2.4
Environment 7.5 11.7 4.2
Financial Summary Social 23.5 26.5 3.0
Y/E March (INR mn) FY22A FY23A FY24E FY25E Governance 66.1 66.1 -
Net Revenue 9,097 9,717 11,043 12,768 Note - Score ranges from 0 - 100 with a higher
score indicating higher ESG disclosures.
Net Profit 2,869 2,851 3,381 4,161
Source: Bloomberg, I-sec research
EPS (INR) 59 58 69 85
% Chg YoY 39.8 (0.6) 18.6 23.1
CEPS (INR) 69.2 70.6 83.0 100.8 Earnings Revisions (%) FY24E FY25E
EBITDA Margin (%) 46.6 43.3 44.1 46.6
Revenue 0.8 0.6
P/E (x) 44.5 44.8 37.8 30.7 EBITDA 1.9 1.3
Dividend Yield 1.5 1.4 1.7 2.1 EPS 1.5 1.2
RoCE (%) 64.0 50.5 49.9 53.4
RoE (%) 49.3 39.9 40.3 43.0 Previous Reports
09-08-2023: Q1FY24 results review
11-05-2023: Q4FY23 results review

Please refer to important disclosures at the end of this report

Computer Age Management Services | Company Update | 13 September 2023

Strong new client addition in MF RTA segment

CAMS has won 4 of the last 6 new-to-market MF RTA mandates, which include
Zerodha, Helios, Torus Oro and Angel One. The company mentions its new clients have
witnessed over 4x AUM growth vs competition after using its services.

AIF is a structural growth area, CAMS well placed to benefit from it

The structural growth driver for this segment may be the >25% AUM growth
expectations in the AIF/PMS space and increasing tendency for funds to outsource
fund administration activities in alternatives backed by increasing retail participation
and increasing regulations/scrutiny, resulting in need for digitisation and specialised
platform build-up to scale.

BimaCentral is an impressive insurance platform - can monetisation

happen beyond regulatory mandate?
BimaCentral is the first-ever insurance benefit realisation platform providing value to
both policyholder as well as insurer. For policyholder, the platform provides one-stop
solution for all insurance policies with the ability to integrate and aggregate benefits
(Ex: Loan against insurance policies). The distinction of the platform lies in having
similar interests as policyholder without any sales motive and based on customer
consent which is characteristically agnostic to all insurers. However, the primary
monetisation of insurance repository business will now depend on the regulatory
framework of charging demat policies. The company is also providing plug-n-play
customer interaction channels and processing capability to insurers like the digital
deep contract tracing to process unclaimed benefits.

AA story is beginning to have numbers

CAMS has clients across wealth management (19), stock broking (24), AMCs (17),
NBFCs (33), HFCs (8), banks (2) and insurance companies (12) for its AA subsidiary
CAMSfinserv. It currently has a monthly pull run rate of 500k (which is growing
significantly) with 12% market share (Source: Company Data) but the vision of the
company is to reach 1mn per day pulls by FY28.

Maintain ADD
We maintain ADD on CAMS with a revised target price of INR 2,976 (earlier: INR
2,515) based on 35x multiple (earlier 30x) on FY25E EPS of INR 85 (earlier: INR 84).
We expect CAMS’ AAUM to register a CAGR of 16.7% between FY23-FY25E with
realisation dipping from 0.027% in FY23 to 0.0253% in FY24E and 0.0250% in FY25E.
We expect EBITDA margin at ~44.1% / 46.6% in FY24E / FY25E, respectively, resulting
in INR 3.4bn / 4.2bn PAT in the respective years (21% CAGR between FY23-FY25E).
The increase in multiple reflects progress in capability in non MF business portfolio.

Key Risks
Key risks include monetisation challenges of new initiatives, and cut in yields due to
TER cut in AMC ecosystem.

India | Equity Research 2

Computer Age Management Services | Company Update | 13 September 2023

Summary of CAMS business segments

Segment Function Feature Highlights
CAMSKRA KYC services Instant KYC, Immediate Investment 18mn KYC records, 200k fresh KYC every month
Proprietary servicing portal Policy Genie
5 Mn e-Insurance (eIA) accounts, 272 Insurance
facilitates customer lifecycle management
CAMSRep Insurance Repository Service Centres, 5+ Mn e Policies under service,
including policy generation, renewal, payout
40% market share
and policy holder services.
Proprietary platform that can service both
BimaCentral
insurance companies and policy holders.
1st industry first “Customer Deep tracing”
~INR 10bn unclaimed amount traced
solution.
20mn Recurring Mandate Registrations (active),
Scalable, full-stack BFSI-focused payments
710mn transactions processed, 150,000 + UPI
platform, CAMSPay received in-principle
CAMSPay Payment Platform AutoPay Mandate Registrations, 60mn bank
authorisation from the RBI to operate as a
accounts validated.
payment aggregator.

Serviced 400+ funds, INR 1.80trn assets under

service, 100+ signups of CAMS Wealthserv and
AIF/PMS full stack Services include investor on-boarding, fund
CAMSWealthServ Fintuple digital on-boarding solution, 1st RTA at
service provider accounting and administration services.
GIFT City to set up full-stack operations for AIFs,
greater than 50% share of the outsourced market.
Fintuple aims to be a digital transformation
Fintuple
partner for banks and capital market ecosystem.
CAMS’ alternatively partners with Temenos
Multifonds to offer end-to-end services for
Multifonds partnership alternatives capable of multi-currency, multi-
geography accounting for
offshore funds from GIFT City.
National Pension
CAMSCRA System (NPS) Offers multiple KYC options Second position in eNPS segment.
platform
15K most downloaded AA mobile apps, 52 FIPs
RBI-licensed account Integrated offering with TSP solutions from
CAMSfinserv integrated including banks, insurance companies,
aggregator platform Think360.ai and Sterling Software
MF & CRA and 100+ enterprise signups
Served 100+ clients; 9 years in business; 100+ AI
Think360 Full stack data science and AI-focused firm
and data science experts
Source: I-Sec research, Company data

CAMS’ positioning the business as sum of multiple offerings

CAMS has become a preferred strategic partner to institutions by

offering various services in capital market and financial services space

Source: I-Sec research, Company data

India | Equity Research 3

Computer Age Management Services | Company Update | 13 September 2023

MF suite of offerings is rich with good execution track record

CAMS has played a major part in retail growth of MF industry

Segment
Technology and Digital
Drive
Folio Growth
Transaction Growth
Unique Investors
SIP Accounts Growth
Low Complaints and
High customer
satisfaction
Services to Retail Clients
Source: I-Sec research, Company data
Comments
Technology is a key enabler for CAMS to provide consistent and reliable
services. 98% of transactions done by CAMS are electronic/digital.
Total folios serviced have increased for CAMS from 40mn in Mar'15 to
82mn in Jul'23, showcasing a strong CAGR of 9.3%.
Total number of transactions have increased for CAMS from 100mn in
Mar'15 to 460mn in Mar'23, showcasing a strong CAGR of 21%.
Total transaction value processed for CAMS stood at INR 151trn in FY23.
CAMS has a unique investor base of 270mn as of Jul'23.
Total number of unique SIP accounts for CAMS have increased from 4.4mn
in Mar'15 to 380mn in Jul'23, showcasing a strong CAGR of 74%.
CAMS has 0.002% complaints rate in financial transactions. It has 96.2%
C-SAT score of highly satisfied/satisfied customers.
CAMS handles ~480mn transactions and 2bn API, per year
CAMS sends 960mn + emails and 740+ texts, per year

CAMS is driven by proprietary technology platform and has a vast suite

of integrated applications and solutions for MF clients

Source: I-Sec research, Company data

CAMS’ digital initiatives in MF RTA segment

Digital Initiatives Description
MyCAMS Largest MF focused platform
GoCorp Largest MF platform for Institutional Investors
edge360 Platform for distributors
CAMServ Chatbot with extension to WhatsApp and Facebook
digiSIP One click SIP renewal, pause and restart
digiNFO Digital NFO in 2 clicks
eKYC OTP based Aadhaar eKYC
CAMSpay eMandate, UPI, UPI AutoPay
Smart SOA SMART statement – interactive statement with click and view facilities
Digital Lien Digital loans against MF holdings – Instant online lien marking
Source: I-Sec research, Company data

India | Equity Research 4

Computer Age Management Services | Company Update | 13 September 2023

CAMS offers platform infrastructure to support growth at scale in

alternatives

Performance infrastructure to support alternatives growth at CAMS

WealthTrak
First of its kind analytics platform
for alternatives industry

NSDL
Camsonline.com
Integrations for eSign and
Investor & Distributor Portals
eStamp

Fintuple
Investrak Custom digital solutions for the
Get a Core Platform for Liability ecosystem.
Operations. Performance
Infrastructure for
CAMS

Multi-Currency, Multi Geography CAMS WealthServ

Accounting for offshore funds, Digital Onboarding & Servicing Stack
GIFT City funds.

Wealth Spectrum
AIF/PMS Accounting platform

Source: I-Sec research, Company data

Key offerings from Think360

CAMS is transforming customer on-boarding with Think360 to compliment AA offering

Source: I-Sec research, Company data

India | Equity Research 5

Computer Age Management Services | Company Update | 13 September 2023

CAMS’ progress on AA thus far

CAMS is transforming from a capital market player to a financial market

player as it partners with clients on AA
Sector Total Clients Top Clients
 Kotak Cherry
 Scrip Box
Wealth Management 19
 Alpha Capital
 Motilal Oswal
 Angel One
Stock Broking 24  Prudent
 Centrum
 Kotak MF
 Mahindra AMC
Asset Management Companies 17
 Whiteoak AMC
 HDFC AMC
 Bajaj Finserv
NBFC 33  Shriram Finance
 Nissan Financial Services
 Niva Bupa
Insurance 13  Tata AIG
 SBI general
 Aavas
Others 13  Aditya Birla Capital
 City Union Bank
Source: I-Sec research, Company data;
Note: Others include HFCs, Banks, and Coop Banks; Top clients are in random order and not as per size

AA business in Aug’23 has seen 490% growth over Jun’23. AA business has grown
55% MoM over the last 8 months. CAMS has a monthly run rate of 0.5mn pulls through
AA and 12%+ market share. Highest per day market share was recorded at 17%.

Shareholding pattern Price chart

% Dec‘22 Mar‘23 Jun‘23 4500
Promoters 19.9 19.9 19.9 3500
Institutional investors 44.9 47.8 47.5
2500
(INR)

MFs and others 4.7 3.8 3.7

FIs/Banks 0.5 0.6 0.4 1500
Insurance 7.0 6.9 6.1
500
FIIs 32.7 36.5 37.3
Feb-22
Mar-21
May-21
Jul-21

Nov-21

Aug-22

Mar-23
May-23
Jul-23
Apr-22
Jun-22
Dec-20

Sep-21

Dec-21

Dec-22

Sep-23
Oct-20

Jan-21

Oct-22

Jan-23

Others 35.2 32.3 32.6

Source: Bloomberg Source: Bloomberg

India | Equity Research 6

Computer Age Management Services | Company Update | 13 September 2023

Financial Summary
Profit & Loss Cashflow statement
(INR mn, year ending March) (INR mn, year ending March)

FY22A FY23A FY24E FY25E FY22A FY23A FY24E FY25E

Net Sales 9,097 9,717 11,043 12,768 Operating Cashflow 3,215 3,190 4,082 4,956
Operating Expenses 4,855 5,506 6,177 6,823 Working Capital Changes (501) (340) (52) (51)
EBITDA 4,241 4,211 4,865 5,945 Capital Commitments (621) (439) (400) (500)
EBITDA Margin (%) 46.6 43.3 44.1 46.6 Free Cashflow 2,594 2,751 3,682 4,456
Depreciation & Amortization 516 603 678 770 Other investing cashflow (688) (584) (478) (566)
EBIT 3,725 3,609 4,187 5,175 Cashflow from Investing
(1,309) (1,023) (878) (1,066)
Interest expenditure 71 76 74 76 Activities
Other Non-operating Issue of Share Capital - - - -
- - - -
Income Interest Cost - (76) (74) (76)
Recurring PBT 3,826 3,801 4,520 5,563 Inc (Dec) in Borrowings - - - -
Profit / (Loss) from Dividend paid (1,886) (1,848) (2,226) (2,740)
- - - -
Associates Others (149) (124) (7) 0
Less: Taxes 957 956 1,139 1,402 Cash flow from Financing
(2,035) (2,049) (2,308) (2,816)
PAT 2,869 2,845 3,381 4,161 Activities
Less: Minority Interest - (6) - - Chg. in Cash & Bank
(129) 118 896 1,074
Extraordinaries (Net) - - - - balance
Net Income (Reported) 2,869 2,851 3,381 4,161 Closing cash & balance 1,509 2,203 3,100 4,173
Net Income (Adjusted) 2,869 2,845 3,381 4,161
Source Company data, I-Sec research
Source Company data, I-Sec research
Key ratios
Balance sheet (Year ending March)
(INR mn, year ending March)
FY22A FY23A FY24E FY25E
FY22A FY23A FY24E FY25E Per Share Data (INR)
Total Current Assets 3,013 4,005 4,888 5,949 EPS(Basic Recurring) 58.7 58.3 69.1 85.0
of which cash & cash eqv. 1,508 2,203 3,100 4,173 Recurring Cash EPS 69.2 70.6 83.0 100.8
Total Current Liabilities & Book Value per share (BV) 132.4 159.9 183.4 212.4
1,739 1,683 1,650 1,617
Provisions Dividend per share (DPS) 38.7 37.9 45.6 56.2
Net Current Assets 1,274 2,322 3,238 4,332
Investments 3,169 3,298 3,776 4,342 Growth (%)
Net Fixed Assets 1,807 1,981 1,703 1,433 Operating Income 28.9 6.8 13.6 15.6
ROU Assets - - - - EBITDA 43.3 (0.7) 15.5 22.2
Capital Work-in-Progress - - - - Recurring Net Income 39.8 (0.6) 18.6 23.1
Total Intangible Assets 1,336 1,432 1,432 1,432 Recurring CEPS 35.7 2.0 17.5 21.5
Other assets 23 26 29 31
Deferred Tax assests 105 102 102 102 Operating Ratios (%)
Total Assets 7,831 9,293 10,404 11,791 Employee expenses/Sales 35.4 36.9 36.0 34.2
Liabilities Opex & Other exps /Sales 18.0 19.8 19.9 19.2
Borrowings - - - - Other Income / PBT 4.5 7.1 9.0 8.3
Deferred Tax Liability - - - - Effective Tax Rate 25.0 25.1 25.2 25.2
provisions - - - -
other Liabilities 1,355 1,468 1,432 1,398 Valuation
Equity Share Capital 489 490 490 490 P/E 44.5 44.8 37.8 30.7
Reserves & Surplus 5,987 7,327 8,482 9,903 P/B 19.7 16.4 14.3 12.3
Total Net Worth 6,476 7,817 8,972 10,393 Dividend Yield 1.5 1.4 1.7 2.1
Minority Interest (1) 7 (1) (1) Core P/E 45.0 46.2 39.3 31.3
Total Liabilities 7,831 9,293 10,404 11,791
Source Company data, I-Sec research Return/Profitability Ratios
(%)
Recurring Net Income
31.5 29.3 30.6 32.6
Margins
RoCE 64.0 50.5 49.9 53.4
RoNW 49.3 39.9 40.3 43.0
Dividend Payout Ratio 66.0 65.0 66.0 66.0
EBITDA Margins 46.6 43.3 44.1 46.6

Source Company data, I-Sec research

India | Equity Research 7

Computer Age Management Services | Company Update | 13 September 2023

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Computer Age Management Services | Company Update | 13 September 2023

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