Affle India’s share price increased by almost 7% to a 52-week high of ₹1,464.95 on NSE after Citi initiated coverage, citing significant growth possibilities.
Citi initiated coverage of Affle India shares with a ‘Buy’ rating and a target price of ₹1,600 per share, implying a 17% upside potential from Monday’s closing price.
The target price is based on 48x FY26E P/E, which indicates a ~50% premium to global ad-tech peers. While scale is key in Adtech, Citi believes that exposure to growing markets or sub-segments, as well as higher-than-average expected growth, justify the premium multiple.
In a report, Citi said, “Affle has positioned itself as one of the alternates to walled gardens (Facebook and Alphabet primarily). Key competitive advantages: verticalization (focus on select high-growth sectors), conversions-based business model (customers pay for performance), data advantage in India/EM and strategic partnerships on the supply side with OEMs to access premium touchpoints.”
As of 11:43 am, Affle India shares were trading 3.14% higher at ₹1411.75.
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