Trustpilot - Post 1H23 Consensus Update
At its 1H23 results, published a month ago, Trustpilot maintained current guidance for mid-teens constant currency revenue growth YoY for FY23 but again forecast adjusted EBITDA to be above then consensus expectations. That has flowed into revised forecasts with the consensus mean forecast for adjusted EBITDA increased by c25% for 2023-25, a hike in forecasts for free cash flow and with minor changes to expectations for bookings and revenue. Estimates for EPS have turned positive for FY23 and increased substantially thereafter. The shares responded strongly both to the guidance and the confident management presentation at which Adrian Blair was introduced as the new CEO of the company. Despite slipping a little following the secondary placing of a 3% stake, the shares are trading above 2x on EV/sales for 2025, albeit that continues to look very undemanding in the context of Trustpilot's performance and potential, in our view.
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