Sharekhan has given Buy recommendation for Affle (India) with a target price of Rs. 5000 in its research report issued on Feb 08, 2021

Sharekhan’s research report on Affle (India)

For Q3FY2021, Affle continued to report stellar revenue growth, led by strong 46.4% y-o-y growth in converted users; EBITDA margin contracted by 340 bps y-o-y owing to higher employee costs and other costs. Given increasing time spent on mobile and connected devices and rising adoption of digital transformation by enterprises, management sees tremendous opportunity for further scale of its business as the digital ad spend would increase RoI of advertisers. Given the presence in high-growth verticals, wallet share gains, and focus on new markets, Affle is well placed to derive benefits going ahead. We expect earnings to post a 28% CAGR over FY2021-FY2023E.


We maintain Buy on Affle (India) Limited (Affle) with a PT of Rs. 5,000, given its end-to-end offerings, presence in high-growth industries, and unique CPCU business model.

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