Sharekhan's research report on Affle India
Management expects over 20% growth in FY25 and is confident of sustaining this momentum, driven by strong 9MFY25 performance, favourable industry trends, and broad-based growth across verticals and markets. Favourable macroeconomic trends in digital advertisiang such as the increasing adoption of Connected TV (CTV), mobile commerce, and increased focus on privacy compliance remain intact. Affle’s unified platform and AI-driven efficiencies have aided in reducing costs with management expecting medium-term EBITDA margins to stabilise around 23%.
Outlook
We reiterate BUY with an unchanged PT of Rs. 1,880 (valued at 45x its FY27E EPS). At CMP, the stock trades at 58.8/48.2/38.2x its FY25/26/27E EPS.
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