Truecaller (Buy, TP: SEK40.00) - Q4 de-risked
Q3 net sales missed consensus by 13%, while EBITDA undershot by 22%, both reflecting weakness in advertising revenues. In turn, we have cut our Q4 2023–Q2 2024e advertising revenue growth estimates sharply, and lowered our target price to SEK40 (55), but reiterate our BUY following the recent drop in the share 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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