February 21, 2017 / 15:24 IST
Infibeam entered into an MoU with Avenues India Pvt. Ltd. (CC Avenues) for acquisition of 7.5% equity shares of the company for a consideration of INR 1,500 Mn. Infibeam already owns 3.85% stake in the company, held by its wholly owned subsidiary NSI Infiminium Global.
Outlook
Going ahead, we believe that volume of online transactions will grow multi-fold on account of improvement in domestic internet connectivity, traction in e-commerce space and Digital governance initiatives which in turn should drive revenue growth for payment aggregators like CC Avenues. We maintain a “ACCUMULATE” rating on the stock and arrive at a target price of INR 1,461 based on SOTP valuation methodology.
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