CAMS - A Play On Industry Assets Under Management Growth: ICICI Securities Initiates Coverage
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ICICI Securities Report
Computer Age Management Services Ltd. is the leading Mutual Fund Registrar and Transfer Agent of India (69.2% market share as of January 2021).
A play on the Indian mutual fund industry (approximately 90% of the company’s nine months FY21 revenues are based on a percentage fee of AUM of client MFs), the company has clocked revenue/Ebitda compound annual growth rates of 14%/19% from FY16 to FY20 against comparable 18% CAGR in India’s overall MF assets under management.
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