CDSL has a diversified revenue stream, ~35% of the revenue is of annuity nature and ~47% is market linked (Transaction, IPO/corporate action and KYC). Big opportunity is emerging with the demat of ~60K unlisted public companies. The opportunity size is ~Rs 0.12bn per year (taking ~50% share) with negligible incremental cost. CVL KYC issues are behind and growth with resume with revised e-KYC regulations. New revenue streams like National Academic Depository (NAD) and e-warehouse receipts will start contributing meaningfully in 2HFY20E. We like CDSL based its (1) Annuity revenue stream, (2) Cash rich balance sheet (Net cash of Rs 6.53bn, ~28% of Mcap), (3) Option value and (4) Unlisted opportunity. We expect CDSL revenue/EBITDA/PAT to grow at a CAGR of 11/14/10% over FY19-21E. Risks include regulatory changes, market slowdown and increase in competition. We maintain BUY on CDSL based on better than expected 4QFY19. Annuity revenue stream is driving growth led by un-listed opportunity. We value CDSL on SoTP basis by assigned 30x multiple to core FY-21 earnings and adding net cash to arrive at a TP of Rs 335.