Trustpilot - Post FY22 results consensus update
Trustpilot recently reported a strong set of FY22 results, comfortably bettering consensus expectations for Adjusted EBITDA. However, in the outlook management guided to YoY revenue growth in the mid-teens percentage at constant currency but with the company moving to Adjusted EBITDA profitability and positive adjusted free cash flow (FCF) in FY23. Following the results, this guidance has been reflected in amendments to broker forecasts. The average revenue forecast has been cut by 5% for FY23 and by 8% for FY24 but the average forecast for Adjusted EBITDA has increased by $5.1m for FY23 and by $3.5m for FY24 with a consensus average forecast for adjusted EBITDA of $2.9m for FY23 and of $6.8m for FY24. Newly introduced forecasts for FY25 put average adjusted EBITDA at $14.4m. There was also a significant increase in expectations for FCF generation.
Capital Access Group advises companies on effective engagement with investors. Our experienced team offers market-leading access with hard-to-reach investors, including smaller institutions, pension funds and private client fund managers. These under-serviced investors are located not only in London but across the regions of the UK and Europe. We have an unrivalled knowledge of this extensive audience, to whom our published research is distributed, as well as to larger institutions. We offer this service as part of an integrated investor communications strategy to promote a company’s investment story.
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