Sharekhan has given Buy recommendation for Affle (India) with a target price of Rs. 6580 in its research report issued on Jul 02, 2021

Sharekhan’s research report on Affle (India)

Affle completed the acquisition of Jampp for $41.3 mn. This acquisition would expand its market presence in LatAm and North America, though it would be earnings dilutive in FY2022. Affle is confident of expanding Jampp’s EBITDA margins to high-single digits within a year. Further, margin would improve to company’s level of around 25-27% by FY2024. Presence in high-growth verticals, robust CPCU business model and favourable industry tailwinds makes the management confident of clocking a 25-30% CAGR in revenues over five years. We expect revenue/earnings to post a CAGR of 54%/23% over FY2021-FY2023E.


We maintain a Buy on Affle (India) Limited with a PT of Rs. 6,580, given strong revenue growth potential, inorganic expansion into new markets and a presence in high-growth markets.