Sharekhan's research report on Affle (India)
Company expects to achieve sustainable organic growth of 20% y-o-y with India and global emerging markets growing little over 20% y-o-y and developed markets growing at 17-20% y-o-y. Management expects 50-60 bps y-o-y expansion in EBITDA margin and aims to reach an aspirational EBITDA margin of 22-23%. Strong cash flows and healthy balance sheet ensures that it can continue to invest to drive long-term sustainable growth through technology innovation, market expansion, and consolidation.
Outlook
We maintain BUY with a revised PT of Rs. 1,820 (valued at 47x its Sep26E EPS). At CMP, the stock trades at 58.4/45.1/36.4x its FY25/26/27E EPS.
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