Truecaller (Buy, TP: SEK46.00) - Solid underlying growth
Truecaller reported above consensus Q1 sales forecast, driven by marketing revenues boosted by IPL. However, as it indicated much lower IPL revenues for Q2, we have reduced our estimates for the quarter. We reiterate our BUY and SEK46 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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