CDSL’s IPO jackpot comes with a valuation catch. Jefferies sets Rs 1,315 target

Jefferies retained a Hold on CDSL with a Rs 1,315 target, implying 7% downside from Rs 1,414.90. While the IPO revival could add 3–4% to earnings, CDSL’s EPS is expected to grow 19% CAGR over two years, driven by new demat accounts, IPO income and margin expansion.