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Truecaller AB Class B
(TRUE.B)
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Rating:77Outperform
Price Target:
kr22.00
â–²(35.97% Upside)
Action:Reiterated
Date:07/18/26
The score is primarily driven by strong underlying financial quality (low leverage, solid profitability, and good cash conversion) despite recent deterioration in growth and free cash flow. Technicals are moderately supportive but capped by being below the 200-day average and somewhat stretched momentum. Valuation is reasonable (mid-teens P/E with a modest yield) but not compelling enough to fully counter the near-term deceleration.
Positive Factors
Profitability
Sustained mid-teens to high-teens net margins indicate a scalable software/ad/subscription model with durable operating leverage. High margins support reinvestment in product, marketing, and margins can buffer cyclical ad revenue swings, preserving long-term cash generation.
Negative Factors
Revenue Contraction
A sustained top-line decline erodes the scale that drives ad inventory, subscription conversion, and enterprise traction. Prolonged revenue contraction can pressure unit economics, slow product rollouts, and make it harder to sustain long-run R&D and go-to-market investments.
Read all positive and negative factors
Positive Factors
Negative Factors
Profitability
Sustained mid-teens to high-teens net margins indicate a scalable software/ad/subscription model with durable operating leverage. High margins support reinvestment in product, marketing, and margins can buffer cyclical ad revenue swings, preserving long-term cash generation.
Read all positive factors
Truecaller AB Class B (TRUE.B) vs. iShares MSCI Sweden ETF (EWD)
Market Cap
kr6.53B
Dividend Yield1.36%
Average Volume (3M)1.37M
Price to Earnings (P/E)27.2
Beta (1Y)0.60
Revenue Growth-15.19%
EPS Growth-47.39%
CountrySE
Employees429
SectorTechnology
Sector Strength88
IndustrySoftware - Application
Share Statistics
EPS (TTM)0.76
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
kr16.00Price Target Upside-1.11% Downside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)0.85
Revenue Forecast (FY)kr1.71B
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 primarily generates revenue through a mix of advertising, subscriptions, and business-to-business (B2B) services.
1) Advertising (consumer app monetization): The Truecaller app includes ad-supported functionality, and the company sells...
Truecaller AB Class B Financial Statement Overview
Summary
Income Statement
72
Positive
Balance Sheet
90
Very Positive
Cash Flow
78
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 1.67B | 1.91B | 2.43B | 1.73B | 1.77B | 1.13B |
| Gross Profit | 347.24M | 752.73M | 1.43B | 955.49M | 1.06B | 499.96M |
| EBITDA | 416.02M | 695.93M | 684.21M | 702.88M | 730.94M | 323.61M |
| Net Income | 253.02M | 388.63M | 524.32M | 536.33M | 535.23M | 258.31M |
Balance Sheet | ||||||
| Total Assets | 1.48B | 1.63B | 1.96B | 2.16B | 2.34B | 1.69B |
| Cash, Cash Equivalents and Short-Term Investments | 853.22M | 979.51M | 1.32B | 1.57B | 1.73B | 1.39B |
| Total Debt | 45.51M | 67.81M | 100.13M | 120.94M | 141.51M | 88.38M |
| Total Liabilities | 395.34M | 382.16M | 449.04M | 416.64M | 540.28M | 281.49M |
| Stockholders Equity | 1.09B | 1.25B | 1.51B | 1.74B | 1.80B | 1.41B |
Cash Flow | ||||||
| Free Cash Flow | 352.39M | 517.99M | 589.91M | 555.96M | 595.67M | 379.07M |
| Operating Cash Flow | 362.19M | 521.40M | 604.09M | 581.96M | 610.41M | 380.89M |
| Investing Cash Flow | 40.86M | 210.45M | 130.16M | -626.87M | -297.32M | -151.89M |
| Financing Cash Flow | -519.33M | -785.25M | -882.10M | -643.08M | -223.12M | 812.97M |
Truecaller AB Class B Technical Analysis
Positive
16.18
Price Trends
15.34
Positive
13.64
Positive
16.10
Positive
Market Momentum
1.20
Negative
68.93
Neutral
81.43
Negative
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 16.18 is below the 20-day moving average (MA) of 17.97, above the 50-day MA of 15.34, and above the 200-day MA of 16.10, indicating a bullish trend. The MACD of 1.20 indicates Negative momentum. The RSI at 68.93 is Neutral, neither overbought nor oversold. The STOCH value of 81.43 is Negative, 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 |
|---|---|---|---|---|---|---|---|
77 Outperform | kr6.53B | 27.20 | 21.22% | 1.73% | -15.19% | -47.39% | |
71 Outperform | kr3.03B | 26.84 | 32.94% | 1.41% | 8.48% | 19.59% | |
67 Neutral | kr9.37B | 21.15 | 9.37% | 1.69% | 5.39% | 16.79% | |
66 Neutral | kr6.87B | 24.33 | ― | ― | -9.37% | -8.66% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
52 Neutral | kr2.12B | -1.08 | -59.01% | ― | -14.28% | -2243.88% | |
51 Neutral | kr3.89B | -26.40 | ― | ― | 22.58% | 39.84% |
* Technology Sector Average
SE:TRUE.B
Truecaller AB Class B
20.60
-25.63
-55.44%
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Truecaller AB Class B Corporate Events
Truecaller lifts treasury stake to 7.25% amid ongoing share buybacks
Aug 10, 2026
Truecaller AB has repurchased 650,000 of its Class B shares during week 32 of 2026, equal to 0.19% of its outstanding capital, as part of an ongoing buyback programme authorized by shareholders at the 2026 annual general meeting. These purchases, ...
Truecaller deepens capital return with fresh share buybacks
Aug 3, 2026
Truecaller AB, the Swedish communications-tech company behind a leading global platform against fraud and unwanted calls, continues to deepen its presence in digital economies and emerging markets while serving more than 500 million active users w...
Truecaller Buybacks Push Own Shareholding Above 5% Threshold
Jul 27, 2026
Truecaller AB has continued its share buyback programme, repurchasing 5,270,000 Class B shares during week 30 of 2026, equal to 1.56% of its outstanding capital. The purchases pushed the company’s total holding of its own shares above the 5%...
Truecaller joins GSMA to bolster global mobile security and caller trust
Jul 21, 2026
Truecaller has joined the GSMA, the global association that unifies the mobile ecosystem, underscoring its growing influence in mobile security, caller identity and spam prevention. With a large user base concentrated in emerging markets and deep ...
Truecaller’s Profit Slumps in 2026 Amid India Revenue Drop Despite User Growth
Jul 17, 2026
Truecaller AB, a Swedish provider of caller ID and spam-blocking services, reported weaker financial performance for the second quarter and first half of 2026 despite continued growth in active users. The company maintains a strong balance sheet w...
Truecaller Buys U.S. VoIP Player TextPlus to Boost American Expansion
Jul 17, 2026
Truecaller has agreed to acquire all shares in U.S.-based communications software firm TextPlus Inc. for 15 million dollars, paid from its own funds, in a move designed to deepen its presence in the American market. TextPlus, founded in 2009 and h...
Truecaller Bolsters Financial Flexibility with SEK 850 Million SEB Loan
Jul 16, 2026
Truecaller has secured an SEK 850 million term loan facility from SEB and extended its undrawn SEK 500 million revolving credit facility to 2028, reinforcing its liquidity and strategic flexibility. The additional funding is intended to support a ...
Truecaller Sets July 17 Date for H1 2026 Interim Report Presentation
Jul 7, 2026
Truecaller will publish its interim report for the January-June 2026 period on Friday, July 17, 2026, at 07:30 CET. The release underscores the company’s continued engagement with investors and analysts around its performance in trusted digi...
Truecaller Ramps Up Share Buybacks, Amassing 4.12% of Its Own Stock
Jun 22, 2026
Truecaller AB has repurchased 3,972,108 Class B shares during week 25 of 2026, equal to 1.18% of its outstanding share capital, as part of a buyback programme running from June 2026 until the 2027 AGM. The buybacks, executed on Nasdaq Stockholm by...
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 ...
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.