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Subscribe to Affle India: Hem Securities
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Subscribe to Affle India: Hem Securities


Company is a global technology business. It have two business segments: Consumer Platform; and Enterprise Platform. Company’s Consumer Platform primarily provides the services like new consumer conversions (acquisitions, engagements and transactions) through relevant mobile advertising; retargeting existing consumers to complete transactions for e-commerce companies through relevant mobile advertising; and an online to offline (“O2O”) platform that converts online consumer engagement into in-store walk-ins. Company’s Enterprise Platform primarily provides end-to-end solutions for enterprises to enhance their engagement with mobile users.

Company’s business is asset light and scalable as its employee benefit expenses, depreciation and amortization expenses and other expenses have remained relatively unchanged despite significant changes in company’s revenue in the last three fiscal years.

Valuation and Outlook

The company is bringing the issue at p/e multiple of approx. 39 on post issue FY19 eps basis at higher end of price band of Rs 740-745/share . Company being in a leading position in India has a high growth market with substantial barriers to entry. Also, company has proven international track record. Company with its profitable, low-cost business model built on an asset light, automated and scalable platform is well placed to tap opportunities present in the sector. Hence we recommend “Subscribe” on issue .

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