Truecaller AB Class B (SE:TRUE.B)
:TRUE.B
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Truecaller AB Class B
(TRUE.B)
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Rating:72Outperform
Price Target:
kr15.00
â–²(25.21% Upside)
Action:Upgraded
Date:05/09/26
The score is driven primarily by strong financial resilience (low leverage, strong ROE, and strong cash conversion), tempered by deteriorating recent operating trends (TTM revenue decline and margin compression). Technicals are mixed with short-term strength but a still-weak longer-term trend, and valuation looks only moderately attractive given the P/E despite the dividend yield.
Positive Factors
Conservative balance sheet & high ROE
Very low leverage (debt-to-equity ≈0.05) and a TTM ROE around 26% provide durable financial flexibility and efficient capital use. This supports reinvestment, M&A optionality or steady dividends and helps the company weather cyclical ad markets over several quarters.
Negative Factors
Recent revenue decline
Top-line contraction (TTM revenue down ~7–8%) suggests weaker monetization or engagement in core markets. If this trend persists over the next few quarters, it will limit operating leverage, constrain reinvestment capacity and increase sensitivity of profits to any further ad-market or conversion pressure.
Read all positive and negative factors
Positive Factors
Negative Factors
Conservative balance sheet & high ROE
Very low leverage (debt-to-equity ≈0.05) and a TTM ROE around 26% provide durable financial flexibility and efficient capital use. This supports reinvestment, M&A optionality or steady dividends and helps the company weather cyclical ad markets over several quarters.
Read all positive factors
Truecaller AB Class B (TRUE.B) vs. iShares MSCI Sweden ETF (EWD)
Market Cap
kr4.76B
Dividend Yield1.94%
Average Volume (3M)1.37M
Price to Earnings (P/E)28.0
Beta (1Y)0.50
Revenue Growth-8.07%
EPS Growth-34.88%
CountrySE
Employees418
SectorTechnology
Sector Strength88
IndustrySoftware - Application
Share Statistics
EPS (TTM)0.94
Shares Outstanding301,993,130
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
kr20.00Price Target Upside66.94% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)0.84
Revenue Forecast (FY)kr1.62B
Truecaller AB Class B Business Overview & Revenue Model
Company Description
Truecaller AB (publ), through its subsidiary, True Software Scandinavia AB, operates a communication platform for verifying contacts and blocking unwanted calls and messages worldwide. It enables safe and relevant conversations between people and ...
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 | 519.42M | 863.68M | 955.49M | 1.06B | 590.37M |
| EBITDA | 500.93M | 583.80M | 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 | 1.65B | 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 | 130.59M | 100.13M | 120.94M | 141.51M | 88.38M |
| Total Liabilities | 355.10M | 398.49M | 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
11.85
Positive
13.36
Positive
24.74
Negative
Market Momentum
0.60
Negative
62.35
Neutral
52.10
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 12.99, above the 50-day MA of 11.85, and below the 200-day MA of 24.74, indicating a neutral trend. The MACD of 0.60 indicates Negative momentum. The RSI at 62.35 is Neutral, neither overbought nor oversold. The STOCH value of 52.10 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 |
|---|---|---|---|---|---|---|---|
72 Outperform | kr4.76B | 27.96 | 29.49% | 1.94% | -8.07% | -34.88% | |
72 Outperform | kr11.29B | 23.91 | 8.26% | 1.14% | 5.39% | 7.51% | |
68 Neutral | kr3.03B | 22.71 | 32.28% | 1.41% | 6.61% | 20.90% | |
66 Neutral | kr7.72B | 25.73 | ― | ― | -9.37% | -8.66% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
54 Neutral | kr2.10B | -161.26 | -50.59% | ― | -14.28% | -2243.88% | |
51 Neutral | kr3.36B | -22.60 | ― | ― | 22.58% | 39.84% |
* Technology Sector Average
SE:TRUE.B
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Truecaller AB Class B Corporate Events
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...
Truecaller Lifts Total Share Buybacks to Nearly 47 Million Shares
Mar 16, 2026
Truecaller AB has continued its ongoing share buyback programme, repurchasing 750,000 Class B shares on Nasdaq Stockholm during the week of 9–13 March 2026 via Carnegie, equal to 0.21% of outstanding capital. Since the current programme bega...
Truecaller Hits 4 Million Paying Users as Premium Business Accelerates
Mar 10, 2026
Truecaller has surpassed 4 million paying subscribers, underscoring the growing importance of its premium offering within its nearly 500 million-strong user base. The company’s business centers on providing caller identification, fraud preve...
Truecaller Lifts Treasury Stake With Continued Share Buybacks
Mar 9, 2026
Truecaller has continued its ongoing share buyback programme, repurchasing 970,000 Class B shares during the week of 2–6 March 2026, equivalent to 0.27% of its outstanding capital, at a weighted average price of SEK 11.49. This brings total ...
Truecaller Strikes Exclusive Reseller Deals to Boost Global Ad Sales
Mar 3, 2026
Truecaller AB, the Stockholm-listed communications and caller ID provider, generates most of its revenue from digital advertising sold through its Truecaller Ads platform to a global base of more than 450 million users. The company positions itsel...
Truecaller lifts total treasury stake to 6.11% through continued share buybacks
Mar 2, 2026
Truecaller AB has repurchased 2,000,000 of its own Class B shares during week 9 of 2026, equal to 0.57% of its outstanding share capital, as part of an ongoing buyback programme authorized until the 2026 annual general meeting. The latest purchase...
Truecaller boosts treasury stake with latest share buybacks
Feb 23, 2026
Truecaller AB has continued its ongoing share buyback programme, repurchasing 1.4 million Class B shares during week 8 of 2026, equal to 0.40% of the company’s outstanding capital. Since the start of the current programme in May 2025, the co...
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.