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Truecaller AB Class B
(TRUE.B)
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Rating:73Outperform
Price Target:
kr15.50
▲(29.38% Upside)
Action:Reiterated
Date:06/17/26
The score is driven primarily by strong financial quality (excellent cash conversion and very low leverage), supported by reasonable valuation (moderate P/E and ~2% yield). These positives are weighed down by weaker technical signals (negative MACD and price still well below the 200-day moving average) and a recent fundamental slowdown (TTM revenue decline and margin compression).
Positive Factors
Strong cash generation
Consistent high cash conversion (OCF well above net income and FCF ≈ net income) gives durable funding for product development, B2B expansion and marketing without reliance on external financing. This supports sustainable reinvestment, optional shareholder returns and resilience through ad cycles.
Negative Factors
Revenue decline
A TTM revenue decline (-7.1%) suggests weakening monetization or lower ad demand, reducing scale benefits and the growth runway. If this trend persists over several quarters, it pressures long-term product investment, B2B traction and the sustainability of ad-driven margins.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong cash generation
Consistent high cash conversion (OCF well above net income and FCF ≈ net income) gives durable funding for product development, B2B expansion and marketing without reliance on external financing. This supports sustainable reinvestment, optional shareholder returns and resilience through ad cycles.
Read all positive factors
Truecaller AB Class B (TRUE.B) vs. iShares MSCI Sweden ETF (EWD)
Market Cap
kr4.71B
Dividend Yield1.94%
Average Volume (3M)1.37M
Price to Earnings (P/E)15.0
Beta (1Y)0.49
Revenue Growth-8.07%
EPS Growth-34.88%
CountrySE
Employees418
SectorTechnology
Sector Strength88
IndustrySoftware - Application
Share Statistics
EPS (TTM)0.94
Shares Outstanding288,642,500
10 Day Avg. Volume913,674
30 Day Avg. Volume1,366,084
Financial Highlights & Ratios
PEG Ratio-0.68
Price to Book (P/B)5.29
Price to Sales (P/S)3.46
P/FCF Ratio12.78
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
kr18.00Price Target Upside50.25% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)0.88
Revenue Forecast (FY)kr1.68B
Truecaller AB Class B Business Overview & Revenue Model
Company Description
Truecaller AB (publ), operating globally via its subsidiary True Software Scandinavia AB, provides a communication platform designed to authenticate contacts and intercept unsolicited calls and messages. This service facilitates secure and pertine...
How the Company Makes Money
Truecaller makes money primarily through a combination of advertising, subscriptions, and business-facing solutions. (1) Advertising: The company sells digital advertising inventory within the Truecaller app (e.g., display and other in-app ad form...
Truecaller AB Class B Financial Statement Overview
Summary
Income Statement
72
Positive
Balance Sheet
88
Very Positive
Cash Flow
85
Very Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 1.78B | 1.91B | 1.86B | 1.73B | 1.77B | 1.13B |
| Gross Profit | 531.32M | 752.73M | 863.68M | 955.49M | 1.06B | 590.37M |
| EBITDA | 500.93M | 695.93M | 684.21M | 702.88M | 736.22M | 459.95M |
| Net Income | 319.35M | 388.63M | 524.32M | 536.33M | 535.23M | 258.31M |
Balance Sheet | ||||||
| Total Assets | 1.55B | 1.63B | 1.96B | 2.16B | 2.34B | 1.69B |
| Cash, Cash Equivalents and Short-Term Investments | 922.62M | 979.51M | 1.32B | 1.57B | 1.73B | 1.39B |
| Total Debt | 60.61M | 67.81M | 100.13M | 120.94M | 141.51M | 88.38M |
| Total Liabilities | 355.10M | 382.16M | 449.04M | 416.64M | 540.28M | 281.49M |
| Stockholders Equity | 1.20B | 1.25B | 1.51B | 1.74B | 1.80B | 1.41B |
Cash Flow | ||||||
| Free Cash Flow | 487.95M | 517.99M | 589.91M | 555.96M | 595.67M | 379.07M |
| Operating Cash Flow | 499.98M | 521.40M | 604.09M | 581.96M | 610.41M | 380.89M |
| Investing Cash Flow | 361.78M | 210.45M | 130.16M | -626.87M | -297.32M | -151.89M |
| Financing Cash Flow | -911.17M | -785.25M | -882.10M | -643.08M | -223.12M | 812.97M |
Truecaller AB Class B Technical Analysis
Positive
11.98
Price Trends
12.71
Positive
12.06
Positive
19.86
Negative
Market Momentum
-0.01
Negative
50.24
Neutral
55.95
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:TRUE.B, the sentiment is Positive. The current price of 11.98 is below the 20-day moving average (MA) of 12.62, below the 50-day MA of 12.71, and below the 200-day MA of 19.86, indicating a neutral trend. The MACD of -0.01 indicates Negative momentum. The RSI at 50.24 is Neutral, neither overbought nor oversold. The STOCH value of 55.95 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for SE:TRUE.B.
Truecaller AB Class B Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
73 Outperform | kr4.71B | 15.03 | 29.49% | 1.94% | -8.07% | -34.88% | |
68 Neutral | kr2.63B | 23.13 | 32.28% | 1.41% | 6.61% | 20.90% | |
67 Neutral | kr9.10B | 20.09 | 8.26% | 1.14% | 5.39% | 7.51% | |
66 Neutral | kr6.87B | 24.01 | ― | ― | -9.37% | -8.66% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
54 Neutral | kr2.10B | -1.06 | -50.59% | ― | -14.28% | -2243.88% | |
51 Neutral | kr3.63B | -25.24 | ― | ― | 22.58% | 39.84% |
* Technology Sector Average
SE:TRUE.B
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Truecaller AB Class B Corporate Events
Truecaller’s Ad Inventory Flag Lifted as Company Pushes Long-Term Monetisation Overhaul
Jun 16, 2026
Truecaller has reported that a flag placed on its advertising inventory by its largest demand partner in August 2025 has been removed, leading to a modest recent uptick in revenue from that partner. The flag had stemmed from an unannounced algorit...
Truecaller to Resume Share Buybacks Under Expanded Mandate
Jun 15, 2026
Truecaller’s board has resolved to resume repurchases of its Class B shares under a mandate from the May 2026 annual general meeting, aiming to adjust the company’s capital structure and enhance shareholder value. The program, which ru...
Truecaller Targets Entry-Level Android Users With Lightweight Anti-Fraud App
Jun 10, 2026
Truecaller, the Stockholm-listed caller ID and spam-blocking specialist, has launched Truecaller Lite, a stripped-down Android app tailored for entry-level smartphones in fast-growing emerging markets across Africa, Latin America, and Asia. The 10...
Truecaller Tightens Capital Structure with Share Cancellation and Conversions
May 29, 2026
Truecaller AB has cancelled 16,274,926 Class B shares that were previously repurchased under its share buy-back program and converted 2,924,288 Class C shares into Class B shares to facilitate delivery under its share-based incentive schemes. Afte...
Truecaller Extends Share Buybacks After SEK 1.45 Billion Repurchase Drive
May 25, 2026
Truecaller has repurchased 800,000 of its own Class B shares during week 21, 2026, as part of a broader buyback programme that ran from May 2025 to May 2026 and totaled 20.18 million shares, or 5.81% of outstanding capital. Following these transac...
Truecaller AGM Approves Dividend, Board Mandates and Share Buyback Flexibility
May 22, 2026
Truecaller’s annual general meeting approved the 2025 accounts and confirmed a dividend of SEK 0.28 per A and B share, with the remaining earnings carried forward. Shareholders also granted discharge from liability to the board and CEO for 2...
Truecaller Enters Global Data Market With Travel eSIM Launch Across 29 Countries
May 21, 2026
Truecaller has entered the mobile data services market with the launch of its Travel eSIM, a fully digital roaming data product now available in 29 countries and sold via its iPhone app and website to both iOS and compatible Android users. The mov...
Truecaller Expands Share Buyback, Now Holds Over 8% of Its Own Capital
May 18, 2026
Truecaller AB continued its share buyback programme in week 20 of 2026, repurchasing 800,000 class B shares, equivalent to 0.23% of its outstanding capital, through transactions executed on Nasdaq Stockholm by DNB Carnegie. These purchases bring t...
Truecaller expands share buyback as multi-year capital return tops SEK 1.4 billion
May 11, 2026
Truecaller AB, a Nasdaq Stockholm-listed provider of caller verification and spam-blocking services, continues to strengthen its position as a key trust and safety platform in digital communications, especially in emerging markets where fraud and ...
Truecaller Warns of Global Surge in Automated Spam Calls
May 5, 2026
Truecaller reports that spam and fraud calls have entered a new “machine era,” with automated systems replacing human callers and scaling to unprecedented volumes worldwide. Using its internal data, the company identified more than 68 ...
Truecaller sets date for Q1 2026 results and investor presentation
Apr 27, 2026
Truecaller AB, a Stockholm-listed provider of a global platform for safe and trusted communication, focuses on reducing fraud and unwanted communication, especially in emerging markets, and serves over 500 million active users worldwide. Its app h...
Truecaller Launches Family Protection Feature to Combat Scam Calls
Apr 24, 2026
Truecaller has introduced a new Family Protection feature designed to help households guard collectively against scam and fraudulent calls. The tool lets users create family groups with shared blocking settings and real-time protection, strengthen...
Truecaller Calls 2026 AGM, Proposes Board Changes and Governance Resolutions
Apr 20, 2026
Truecaller AB has called its shareholders to an annual general meeting to be held at the company’s Stockholm headquarters on 22 May 2026, outlining registration procedures, voting rights rules, and proxy requirements for participation. The a...
Truecaller Taps Meta Veteran Sandeep Bhushan to Strengthen Board’s Ad Expertise
Apr 20, 2026
Truecaller’s Nomination Committee has proposed Meta and Samsung veteran Sandeep Bhushan as a new board member at the 22 May 2026 AGM, while recommending the re-election of existing directors including chairman and co-founder Nami Zarringhala...
Truecaller Halts 2026 Buybacks After Repurchasing 2.7 Million B Shares in Week 14
Apr 7, 2026
Truecaller has repurchased 2.7 million of its own Class B shares during week 14 of 2026, equal to 0.76% of its outstanding capital, under its ongoing buyback programme running until the 2026 AGM. The company has now accumulated 18.33 million B sha...
Truecaller Hits 500 Million Users as Premium Subscriptions Surge
Mar 31, 2026
Truecaller, the Stockholm-based caller ID and spam-blocking platform, has reached 500 million monthly active users worldwide, with more than 150 million users outside India, underscoring its global role in combating fraudulent and unwanted communi...
Truecaller Resets Business Messaging With Global Multi-Partner Shift
Mar 30, 2026
Truecaller AB, the Nasdaq Stockholm–listed communications platform, is expanding its business messaging ecosystem from a single exclusive partner to a multi-partner model in India and worldwide, working with new players such as Gupshup, Onex...
Truecaller Expands Share Buyback, Now Holding Nearly 7% of Its Own Stock
Mar 30, 2026
Truecaller has continued its ongoing share buyback programme, repurchasing 500,000 Class B shares during the week of 23–27 March 2026, equal to about 0.14% of its outstanding capital. These transactions, executed via Nasdaq Stockholm by DNB ...
Truecaller Lifts Treasury Stake to 6.8% After Latest Share Buyback
Mar 23, 2026
Truecaller AB has continued its ongoing share buyback programme, repurchasing 750,000 Class B shares during the week of 16–20 March 2026, equal to 0.21% of its outstanding capital. These purchases, executed on Nasdaq Stockholm via DNB Carneg...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.