Affle India - Ride The Digital Wave With India’s Ad Tech Leader: Prabhudas Lilladher Initiates Coverage
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Prabhudas Lilladher Report
We are initiating coverage on Affle India Ltd. on a positive note as -
It is a play on rising digital adoption with mobile being the preferred channel,
it operates in emerging markets that have high growth in digital advertising (30% compound annual growth rate over FY21-25E) and are underpenetrated at ~30% digital ad spend versus ~50% globally,
it has differentiated end-to-end digital advertising capability with high return on investment driven pricing model,
ability to expand addressable market share by profitably scaling up acquisitions with unique tech capabilities and
Affle India has maintained above average margins despite operating in emerging markets with low unit economics.
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