Truecaller (Buy, TP: SEK90.00) - Set for continuation of Q4 trends
For Q1 (results due at 07:30 CET on 8 May), we see similar trends as in Q4. We forecast 20% YOY revenue growth, driven by User revenues and Truecaller for Business (TfB), but expect EBITDA to be affected by incentive costs. We reiterate our BUY but have lowered our target price to SEK90 (95).
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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