Truecaller AB (publ)

OM:TRUE B Stock Report

Market Cap: SEK 15.6b

Truecaller Valuation

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

Valuation Score

5/6

Valuation Score 5/6

  • 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 (SEK45.5) is trading below our estimate of fair value (SEK96)

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?

Key metric: As TRUE B is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for TRUE B. This is calculated by dividing TRUE B's market cap by their current earnings.
What is TRUE B's PE Ratio?
PE Ratio31.9x
EarningsSEK 490.13m
Market CapSEK 15.62b

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.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average62.7x
VIT B Vitec Software Group
47.8x18.1%SEK 18.8b
BFG Byggfakta Group Nordic HoldCo
94.2x52.1%SEK 11.2b
FNOX Fortnox
58.6x22.7%SEK 40.4b
LIME Lime Technologies
50.2x23.6%SEK 4.5b
TRUE B Truecaller
31.9x23.6%SEK 15.6b

Price-To-Earnings vs Peers: TRUE B is good value based on its Price-To-Earnings Ratio (31.9x) compared to the peer average (62.7x).

Price to Earnings Ratio vs Industry

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

1 CompanyPrice / EarningsEstimated GrowthMarket Cap
SPEONE SpectrumOne
1.9xn/aUS$10.62m
No more companies available in this PE range
TRUE B 31.9xIndustry Avg. 27.7xNo. of Companies2PE020406080100+
1 CompanyEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: TRUE B is expensive based on its Price-To-Earnings Ratio (31.9x) compared to the European Software industry average (27.7x).

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 Ratio31.9x
Fair PE Ratio34.9x

Price-To-Earnings vs Fair Ratio: TRUE B is good value based on its Price-To-Earnings Ratio (31.9x) compared to the estimated Fair Price-To-Earnings Ratio (34.9x).

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.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentSEK 45.50
SEK 63.40
+39.3%
12.9%SEK 79.00SEK 55.00n/a5
Nov ’25SEK 48.14
SEK 58.40
+21.3%
12.0%SEK 71.00SEK 52.00n/a5
Oct ’25SEK 38.40
SEK 57.20
+49.0%
13.0%SEK 71.00SEK 50.00n/a5
Sep ’25SEK 35.72
SEK 57.20
+60.1%
13.0%SEK 71.00SEK 50.00n/a5
Aug ’25SEK 33.10
SEK 54.83
+65.7%
15.7%SEK 71.00SEK 43.00n/a6
Jul ’25SEK 35.80
SEK 54.50
+52.2%
14.6%SEK 69.00SEK 43.00n/a6
Jun ’25SEK 37.00
SEK 54.17
+46.4%
15.4%SEK 66.00SEK 43.00n/a6
May ’25SEK 35.66
SEK 53.83
+51.0%
16.8%SEK 66.00SEK 43.00n/a6
Apr ’25SEK 32.74
SEK 54.67
+67.0%
23.7%SEK 77.00SEK 40.00n/a6
Mar ’25SEK 27.99
SEK 55.33
+97.7%
24.6%SEK 77.00SEK 40.00n/a6
Feb ’25SEK 29.66
SEK 58.17
+96.1%
22.6%SEK 77.00SEK 40.00n/a6
Jan ’25SEK 34.87
SEK 67.80
+94.4%
32.8%SEK 108.00SEK 40.00n/a5
Dec ’24SEK 31.50
SEK 67.80
+115.2%
32.8%SEK 108.00SEK 40.00n/a5
Nov ’24SEK 26.92
SEK 70.20
+160.8%
32.4%SEK 108.00SEK 40.00SEK 48.145
Oct ’24SEK 38.12
SEK 79.00
+107.2%
25.0%SEK 112.00SEK 55.00SEK 38.405
Sep ’24SEK 34.32
SEK 79.00
+130.2%
25.0%SEK 112.00SEK 55.00SEK 35.725
Aug ’24SEK 41.66
SEK 75.00
+80.0%
26.9%SEK 112.00SEK 55.00SEK 33.106
Jul ’24SEK 29.59
SEK 73.83
+149.5%
31.6%SEK 112.00SEK 48.00SEK 35.806
Jun ’24SEK 32.37
SEK 72.67
+124.5%
29.5%SEK 105.00SEK 48.00SEK 37.006
May ’24SEK 30.52
SEK 71.14
+133.1%
28.6%SEK 105.00SEK 48.00SEK 35.667
Apr ’24SEK 30.47
SEK 74.86
+145.7%
26.8%SEK 110.00SEK 48.00SEK 32.747
Mar ’24SEK 32.96
SEK 78.43
+138.0%
27.9%SEK 110.00SEK 48.00SEK 27.997
Feb ’24SEK 36.97
SEK 85.57
+131.5%
30.1%SEK 130.00SEK 55.00SEK 29.667
Jan ’24SEK 32.76
SEK 96.86
+195.7%
27.6%SEK 130.00SEK 55.00SEK 34.877
Dec ’23SEK 39.60
SEK 103.83
+162.2%
21.3%SEK 130.00SEK 73.00SEK 31.506
Nov ’23SEK 41.55
SEK 115.67
+178.4%
19.6%SEK 140.00SEK 79.00SEK 26.926

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

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