Goal: ₹1,535

CMP: ₹1,188.95

Affle’s (India) Q4FY24 income stood at ₹506.20 crore up, 1.5 per cent q-o-q/42.3 per cent y-o-y, beating our estimates of ₹499.8 crore, pushed by regular progress in CPCU income. EBITDA margin was flat at 19.4 per cent, on q-o-q and y-o-y foundation, barely beating our estimate of 19.2 per cent.

CPCU income recorded regular progress at ₹503.8 crore, up 5.5 per cent q-o-q/57.8 per cent y-o-y. Transformed customers grew 5.5 per cent q-o-q/41.7 per cent y-o-y to ₹8.8 crore. The corporate is poised to additional speed up its progress trajectory in FY2025 with a gradual enhance in profitability margin.

The corporate is experiencing a powerful market alternative as advertisers are persistently growing their digital spending.

We keep Buyt on Affle with an unchanged PT of ₹1,535, as the corporate is anticipated to speed up the expansion trajectory, pushed by a wider adoption of its CPCU mannequin and elevated digital spending by advertisers.

Key Dangers: Entry of a big know-how participant on this area; incapability to generate related knowledge for focused advertisers; and authorities rules associated to the administration of shopper knowledge and respect for privateness.

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