As far as I know, Platform businesses like CDSL, CAMS and BSE have high OPM and while doing valuations for such business we can look at the Price To Sales ratio. For businesses having high OPM(30+) their Price To Sales ratio is higher i.e 13-16 as compared to businesses having low OPM. We can look at historical Price To Sales numbers to understand whether the business is trading at higher or lower Price To Sales ratio.
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