Truecaller (Buy, TP: SEK53.00) - Expecting 16% revenue growth in Q3
We expect a return to growth in Advertising revenues in Q3, broadly stable growth QOQ in User revenues, and increased momentum in Truecaller for Business (TfB) following price rises. We expect the launch of the new iOS product to improve User growth further in Q4 and in 2025. We reiterate our BUY, and have raised our target price to SEK53 (50).
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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