ICICI Direct has given Buy recommendation for Affle India with a target price of Rs. 1140 in its research report issued on May 17, 2022

ICICI Direct’s research report on Affle India

Affle India (Affle) is a technology platform that 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 • As on FY22, 99.1% business comes from consumer platforms while the rest comes from enterprise platforms.

Outlook

We maintain BUY rating on the stock. We value Affle at Rs 1,140 i.e. 43x P/E on FY24E EPS.

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