Truecaller (Buy, TP: SEK40.00) - Continued weak advertising market
Both we and consensus seem to have factored in slowing subscriber intake and a continued soft advertising market in Q4. We believe this means the Q4 report should be de-risked. We reiterate our BUY and SEK40 target price.
DNB Markets is the investment banking arm of DNB Bank ASA and is focused primarily on the Nordic region, as well as internationally on niches such as global shipping, energy and related services, and seafood. DNB Markets offers services in FICC, Equities and Investment Banking advisory from offices in Oslo, Stockholm, London, Singapore and New York. Equity research coverage is offered on c250 Nordic companies. DNB was ranked no.2 in Extel Nordic Research 2017. The DNB Markets’ Credit and FICC Macro & FX Research teams are repeatedly highly rated by Prospera Nordic Institutional Investor Surveys.
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