Buy Affle (India): Target Of Rs 3550: Sharekhan
Sharekhan is bullish on Affle (India) recommended buy rating on the stock with a target price of Rs 3550 in its research report dated November 09, 2020.
Nov 11, 2020 / 11:27 AM IST
Sharekhan's research repor on Affle (India)
For Q2FY2021, Affle has beaten our estimates on all fronts, aided by stellar 59.3% y-o-y revenue growth; organic revenue grew by 21% y-o-y; EBITDA margin contracted by 20 bps y-o-y to 25.2%. The e-commerce vertical (contributed 30% to overall revenue) continues to remain strong in Q3FY2021 as consumers are spending more time online and increasing percentage of transactions on mobile. Given increased spend on mobile advertising and presence in high-growth verticals, Affle is well placed to derive benefits going ahead. We expect earnings to post a 31% CAGR over FY2020-FY2023E.
We recommend Buy on Affle (India) Limited (Affle) with a price target of Rs. 3,550, given its end-to-end offerings and unique CPCU business model.
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