Truecaller Valuation

Q: What is the Fair Price of TRUE B when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

TRUE B (SEK35.48) is trading below our estimate of [[fair value]] (SEK71.36)

Is TRUE B undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

6/6

Valuation Score 6/6

Below Fair Value
Significantly Below Fair Value
Price-To-Earnings vs Peers
Price-To-Earnings vs Industry
Price-To-Earnings vs Fair Ratio
Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of TRUE B when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: TRUE B (SEK35.48) is trading below our estimate of fair value (SEK71.36)

Significantly Below Fair Value: TRUE B is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for TRUE B?

Other financial metrics that can be useful for relative valuation.

The above table shows the n/a ratio for TRUE B. This is calculated by dividing TRUE B's market cap by their current preferred multiple.
What is TRUE B's n/a Ratio?
n/a	0x
n/a	n/a
Market Cap	SEK 12.27b

TRUE B key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue	6.1x
Enterprise Value/EBITDA	16.1x
PEG Ratio	1.2x

Price to Earnings Ratio vs Peers

How does TRUE B's PE Ratio compare to its peers?

The above table shows the PE ratio for TRUE B vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
Company	Forward PE	Estimated Growth	Market Cap
Peer Average	67.8x
VIT B Vitec Software Group	59.4x	16.3%	SEK 20.6b
BFG Byggfakta Group Nordic HoldCo	94.2x	52.1%	SEK 11.2b
FNOX Fortnox	63.7x	21.1%	SEK 39.0b
LIME Lime Technologies	54x	21.5%	SEK 4.6b
TRUE B Truecaller	21.9x	17.6%	SEK 12.3b

Price-To-Earnings vs Peers: TRUE B is good value based on its Price-To-Earnings Ratio (21.9x) compared to the peer average (67.8x).

Price to Earnings Ratio vs Industry

How does TRUE B's PE Ratio compare vs other companies in the SE Software Industry?

0 Companies	Price / Earnings	Estimated Growth	Market Cap
Industry Avg.	n/a	33.4%
	n/a	n/a	n/a

Fetching data

0 Companies	Price / Earnings	Estimated Growth	Market Cap
Industry Avg.	n/a	33.4%
	n/a	n/a	n/a

No more companies

Price-To-Earnings vs Industry: TRUE B is good value based on its Price-To-Earnings Ratio (21.9x) compared to the Swedish Software industry average (55.4x).

Price to Earnings Ratio vs Fair Ratio

What is TRUE B's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

TRUE B PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio	21.9x
Fair PE Ratio	42x

Price-To-Earnings vs Fair Ratio: TRUE B is good value based on its Price-To-Earnings Ratio (21.9x) compared to the estimated Fair Price-To-Earnings Ratio (42x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst TRUE B forecast and predictions for the stock price in 12 month’s time.
Date	Share Price	Average 1Y Price Target	Dispersion	High	Low	1Y Actual price	Analysts
Current	SEK 35.48	SEK 54.50 +53.6%	14.6%	SEK 69.00	SEK 43.00	n/a	6
Jun ’25	SEK 37.00	SEK 54.17 +46.4%	15.4%	SEK 66.00	SEK 43.00	n/a	6
May ’25	SEK 35.66	SEK 53.83 +51.0%	16.8%	SEK 66.00	SEK 43.00	n/a	6
Apr ’25	SEK 32.74	SEK 54.67 +67.0%	23.7%	SEK 77.00	SEK 40.00	n/a	6
Mar ’25	SEK 27.99	SEK 55.33 +97.7%	24.6%	SEK 77.00	SEK 40.00	n/a	6
Feb ’25	SEK 29.66	SEK 58.17 +96.1%	22.6%	SEK 77.00	SEK 40.00	n/a	6
Jan ’25	SEK 34.87	SEK 67.80 +94.4%	32.8%	SEK 108.00	SEK 40.00	n/a	5
Dec ’24	SEK 31.50	SEK 67.80 +115.2%	32.8%	SEK 108.00	SEK 40.00	n/a	5
Nov ’24	SEK 26.92	SEK 70.20 +160.8%	32.4%	SEK 108.00	SEK 40.00	n/a	5
Oct ’24	SEK 38.12	SEK 79.00 +107.2%	25.0%	SEK 112.00	SEK 55.00	n/a	5
Sep ’24	SEK 34.32	SEK 79.00 +130.2%	25.0%	SEK 112.00	SEK 55.00	n/a	5
Aug ’24	SEK 41.66	SEK 75.00 +80.0%	26.9%	SEK 112.00	SEK 55.00	n/a	6
Jul ’24	SEK 29.59	SEK 73.83 +149.5%	31.6%	SEK 112.00	SEK 48.00	SEK 35.48	6
Jun ’24	SEK 32.37	SEK 72.67 +124.5%	29.5%	SEK 105.00	SEK 48.00	SEK 37.00	6
May ’24	SEK 30.52	SEK 71.14 +133.1%	28.6%	SEK 105.00	SEK 48.00	SEK 35.66	7
Apr ’24	SEK 30.47	SEK 74.86 +145.7%	26.8%	SEK 110.00	SEK 48.00	SEK 32.74	7
Mar ’24	SEK 32.96	SEK 78.43 +138.0%	27.9%	SEK 110.00	SEK 48.00	SEK 27.99	7
Feb ’24	SEK 36.97	SEK 85.57 +131.5%	30.1%	SEK 130.00	SEK 55.00	SEK 29.66	7
Jan ’24	SEK 32.76	SEK 96.86 +195.7%	27.6%	SEK 130.00	SEK 55.00	SEK 34.87	7
Dec ’23	SEK 39.60	SEK 103.83 +162.2%	21.3%	SEK 130.00	SEK 73.00	SEK 31.50	6
Nov ’23	SEK 41.55	SEK 115.67 +178.4%	19.6%	SEK 140.00	SEK 79.00	SEK 26.92	6
Oct ’23	SEK 37.60	SEK 116.50 +209.8%	19.1%	SEK 140.00	SEK 79.00	SEK 38.12	6
Sep ’23	SEK 54.64	SEK 116.50 +113.2%	19.1%	SEK 140.00	SEK 79.00	SEK 34.32	6
Aug ’23	SEK 78.64	SEK 111.83 +42.2%	20.1%	SEK 140.00	SEK 79.00	SEK 41.66	6
Jul ’23	SEK 49.14	SEK 112.00 +127.9%	21.2%	SEK 143.00	SEK 79.00	SEK 29.59	6

Analyst Forecast: Target price is more than 20% higher than the current share price and analysts are within a statistically confident range of agreement.