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* Affle India (Affle) is a technology platform that enables advertisers to do targeted advertising. It helps advertisers to measure the effectiveness of advertisement as it charges only when a user downloads an app or completes a transaction. As on FY22, 99.1% business comes from consumer platforms while the rest comes from enterprise platforms

* The company is a key beneficiary of a shift of advertising budget to digital medium

* The company expects six billion connected consumer devices to be added globally by 2025. It also expects significant increase in India’s digital user base from 525 millionn (mn) in FY20 to 902 mn by FY25E at 11.4% CAGR while mobile ad spend is expected to rise at 32.4% CAGR in the same period

* The company expects 32% revenue growth in FY22-24E (organic & inorganic combined)

* Affle’s share price has grown by ~6.7x since its listing (from ~| 174 in Aug 2019 to ~| 1,167 levels in Aug 2022). We value Affle at | 1,295 i.e. 53x P/E on FY24E EPS

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