ICICI Direct has given Hold recommendation for Affle India with a target price of Rs. 1126 in its research report issued on Oct 08, 2021

ICICI Direct’s research report on Affle India

Affle (India) is a technology platform, which enables advertisers to do targeted advertising. It helps advertisers to measure the effectiveness of advertisement as it charges only when a user downloads an app or completes a transaction • In FY19-21, revenue, PAT have grown at a CAGR of 44%, 45%, respectively.


However, on expensive valuation, we are now assigning HOLD recommendation on the stock, we would revisit our numbers, TP and rating post Q2 results. We value Affle at Rs 1,126 i.e. 65x FY23E EPS.

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