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Truecaller AB Class B
(TRUE.B)
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Rating:78Outperform
Price Target:
kr28.00
â–²(34.55% Upside)
Action:Reiterated
Date:08/22/26
The score is driven primarily by strong financial quality (low leverage, healthy profitability, and solid cash conversion) and supportive technical momentum (price above key moving averages with positive MACD). Offsetting these positives are weaker recent operating trends (revenue and free-cash-flow declines) and a P/E that looks relatively demanding given the slowdown.
Positive Factors
Low financial leverage
Very low leverage limits interest and refinancing pressure, preserving financial flexibility through operating cycles. The conservative balance sheet should allow Truecaller to fund product development, business expansion, or shareholder returns without relying heavily on additional borrowing.
Negative Factors
Recent revenue contraction
A contracting top line weakens the foundation for sustained earnings growth and may indicate slower user monetization or enterprise adoption. If the decline persists over the next several quarters, it could reduce reinvestment capacity and make the existing profit base harder to expand.
Read all positive and negative factors
Positive Factors
Negative Factors
Low financial leverage
Very low leverage limits interest and refinancing pressure, preserving financial flexibility through operating cycles. The conservative balance sheet should allow Truecaller to fund product development, business expansion, or shareholder returns without relying heavily on additional borrowing.
Read all positive factors
Truecaller AB Class B (TRUE.B) vs. iShares MSCI Sweden ETF (EWD)
Market Cap
kr7.62B
Dividend Yield1.14%
Average Volume (3M)1.89M
Price to Earnings (P/E)37.4
Beta (1Y)0.58
Revenue Growth-15.84%
EPS Growth-53.18%
CountrySE
Employees467
SectorTechnology
Sector Strength88
IndustrySoftware - Application
Share Statistics
EPS (TTM)N/A
Shares Outstanding264,457,460
10 Day Avg. Volume1,589,729
30 Day Avg. Volume1,892,649
Financial Highlights & Ratios
PEG Ratio-0.68
Price to Book (P/B)5.29
Price to Sales (P/S)3.46
P/FCF Ratio12.78
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
kr36.50Price Target Upside75.40% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
Truecaller AB Class B Business Overview & Revenue Model
Company Description
Truecaller AB (publ), operating globally via its subsidiary True Software Scandinavia AB, provides a communication platform designed to authenticate contacts and intercept unsolicited calls and messages. This service facilitates secure and pertine...
How the Company Makes Money
Truecaller primarily generates revenue from (1) advertising sold on its consumer app and (2) subscriptions, complemented by (3) fees from business-facing communication and verification products. Advertising revenue is earned by monetizing user eng...
Truecaller AB Class B Financial Statement Overview
Summary
Income Statement
72
Positive
Balance Sheet
90
Very Positive
Cash Flow
78
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 1.67B | 1.91B | 2.43B | 1.73B | 1.77B | 1.13B |
| Gross Profit | 434.05M | 752.73M | 1.43B | 955.49M | 1.06B | 499.96M |
| EBITDA | 483.50M | 695.93M | 684.21M | 702.88M | 730.94M | 323.73M |
| Net Income | 213.31M | 388.63M | 524.32M | 536.33M | 535.23M | 258.31M |
Balance Sheet | ||||||
| Total Assets | 0.00 | 1.63B | 1.96B | 2.16B | 2.34B | 1.69B |
| Cash, Cash Equivalents and Short-Term Investments | 853.22M | 979.51M | 1.32B | 1.57B | 1.73B | 1.39B |
| Total Debt | 0.00 | 67.81M | 100.13M | 120.94M | 141.51M | 88.38M |
| Total Liabilities | -1.09B | 382.16M | 449.04M | 416.64M | 540.28M | 281.49M |
| Stockholders Equity | 1.09B | 1.25B | 1.51B | 1.74B | 1.80B | 1.41B |
Cash Flow | ||||||
| Free Cash Flow | 327.53M | 517.99M | 589.91M | 555.96M | 595.67M | 379.07M |
| Operating Cash Flow | 336.36M | 521.40M | 604.09M | 581.96M | 610.41M | 380.89M |
| Investing Cash Flow | 23.96M | 210.45M | 130.16M | -626.87M | -297.32M | -151.89M |
| Financing Cash Flow | -441.92M | -785.25M | -882.10M | -643.08M | -223.12M | 812.97M |
Truecaller AB Class B Technical Analysis
Positive
20.81
Price Trends
22.88
Positive
19.26
Positive
15.90
Positive
Market Momentum
0.75
Negative
55.85
Neutral
65.00
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:TRUE.B, the sentiment is Positive. The current price of 20.81 is below the 20-day moving average (MA) of 23.63, below the 50-day MA of 22.88, and above the 200-day MA of 15.90, indicating a bullish trend. The MACD of 0.75 indicates Negative momentum. The RSI at 55.85 is Neutral, neither overbought nor oversold. The STOCH value of 65.00 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for SE:TRUE.B.
Truecaller AB Class B Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
79 Outperform | kr3.65B | 29.70 | 32.20% | 1.65% | 8.57% | 17.98% | |
78 Outperform | kr7.62B | 37.36 | 18.48% | 1.14% | -15.84% | -53.18% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
51 Neutral | kr148.07M | -1.55 | ― | ― | -19.34% | -1.24% | |
48 Neutral | kr163.24M | -7.49 | ― | ― | -47.90% | 36.77% | |
44 Neutral | kr127.52M | -1.73 | -18.04% | ― | -19.38% | -78.61% |
* Technology Sector Average
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Truecaller AB Class B Corporate Events
Truecaller expects limited net impact from India’s SEK 900m tax claim
Oct 19, 2026
Truecaller has received the first formal transfer pricing order from Indian tax authorities for the 2022/2023 financial year, challenging the allocation of group revenues and proposing additional tax and interest of about SEK 270 million. The comp...
Truecaller’s Q3 2026 Preliminary Results Show Revenue Mix Shift and Profitability Rebound
Oct 19, 2026
Truecaller reported preliminary unaudited net sales of SEK 464 million for the third quarter of 2026, up 3% in constant currencies year on year and 18% versus the second quarter, with all three revenue streams rebounding quarter on quarter. Premiu...
Truecaller Teams Up With Tigo Chile to Launch Premium Call Protection
Oct 13, 2026
Truecaller has partnered with Tigo Chile, one of the country’s largest mobile operators, to offer Truecaller Premium to Tigo customers amid rising fraud attempts and telemarketing calls. The move extends Truecaller’s safety-focused com...
Truecaller CBO Ben Zhang to Depart as Firm Begins Search for Successor
Oct 6, 2026
Truecaller AB, a Stockholm-headquartered communications technology firm, provides an app used by 500 million active users globally to screen and manage calls, including identifying spam and fraud. The company has exceeded one billion downloads, fl...
Truecaller Bundles Safety-Focused Partner Services Into Premium for Latin America
Oct 6, 2026
Truecaller is expanding its Premium offering by bundling partner services focused on digital and physical safety into its subscription plans, starting in 17 Latin American markets. These new benefits extend beyond call and message protection to in...
Truecaller expands share buyback, now holds 3% of its own stock
Oct 5, 2026
Truecaller AB has continued its long-running capital return strategy by repurchasing 800,000 Class B shares during week 40 of 2026, representing 0.26% of its outstanding share capital, as part of a broader buyback programme running until the 2027 ...
Truecaller Tightens Capital Structure With Major Class B Share Cancellation
Sep 30, 2026
Truecaller AB has cancelled 24,185,040 of its own Class B shares during September 2026, following an extraordinary general meeting resolution tied to its ongoing share buyback program. This reduction in shares is part of the company’s capita...
Truecaller Expands Share Buybacks, Now Holding 2.78% of Its Own Shares
Sep 28, 2026
Truecaller has continued to execute its ongoing share buyback programme, repurchasing 1,000,000 Class B shares on Nasdaq Stockholm during the week of 21–25 September 2026, equal to 0.32% of its outstanding capital. Following these transactio...
Truecaller Launches Scam Checker to Centralize Digital Fraud Detection
Sep 28, 2026
Truecaller has launched Truecaller Scam Checker on the web and Android app, a new tool that centralizes scam detection by allowing users to check suspicious links, phone numbers, and community scam reports in one place. The service leverages the s...
Truecaller Taps LinkedIn Verification to Add Professional Context to Caller ID
Sep 23, 2026
Truecaller has entered a global partnership with LinkedIn to integrate LinkedIn’s professional identity and verification signals into Truecaller’s Caller ID service. The collaboration aims to add richer professional context to phone ca...
Truecaller expands share buyback, now holding 2.46% of its own shares
Sep 21, 2026
Truecaller AB has continued its share buyback programme, repurchasing 1,000,000 Series B shares during week 38 of 2026, equal to 0.32% of its outstanding capital. Following the cancellation of 24,185,040 previously repurchased B shares, the compan...
Truecaller Cuts Treasury Stock After Cancelling 24 Million B-Shares
Sep 15, 2026
Truecaller AB has cancelled 24,185,040 of its repurchased Class B shares, a move approved at an extraordinary general meeting and executed under a share buyback authorisation granted earlier this year. Following the cancellation, the company now h...
Truecaller Steps Up Share Buybacks With New Cancellations to Boost Capital Flexibility
Sep 14, 2026
Truecaller AB repurchased 1,250,000 of its own Class B shares during week 37 of 2026, equal to about 0.37% of outstanding capital, bringing its total holding of B and C treasury shares to 9.15% of the company’s share count and 4.07% of votin...
Truecaller Bolsters U.S. Presence With $15 Million TextPlus Acquisition
Sep 11, 2026
Truecaller has completed its previously announced acquisition of U.S.-based TextPlus Inc. in a deal valuing the cloud communications firm at USD 15 million on a cash- and debt-free basis. TextPlus, which offers second phone numbers and VoIP callin...
Truecaller Optimizes Capital Structure Through Share Cancellation and Bonus Issue
Sep 10, 2026
Truecaller AB held an extraordinary general meeting on 10 September 2026, where shareholders approved a reduction of the company’s share capital through the cancellation of 24,185,040 of its own series B shares, reallocating the correspondin...
Truecaller Launches Post-Call Actions to Streamline Verified Business Calls
Sep 7, 2026
Truecaller has expanded its enterprise suite with a new Post-Call Actions feature that lets consumers complete tasks such as rescheduling deliveries, paying bills, or updating KYC details immediately after a verified business call ends. The capabi...
Truecaller Ramps Up Share Buybacks and Plans Major Cancellation to Optimize Capital Structure
Sep 7, 2026
Truecaller AB has continued to actively repurchase its own B shares under a share buyback programme authorized by shareholders at the 2026 annual general meeting. During week 36 of 2026, the company bought back 1,402,200 B shares on Nasdaq Stockho...
Truecaller deepens share buybacks and plans major cancellation to bolster capital structure
Aug 31, 2026
Truecaller AB has continued its share buyback programme, repurchasing 835,342 Class B shares in week 35 of 2026, lifting its holding of own shares to 8.37% of total shares and 3.72% of votes. The buybacks, executed via Nasdaq Stockholm by SEB, for...
Truecaller Partners With Barncancerfonden to Boost Trusted Fundraising Calls
Aug 27, 2026
Truecaller is partnering with Barncancerfonden, the Swedish Childhood Cancer Fund, for Childhood Cancer Awareness Month in September to strengthen the charity’s phone-based fundraising. Through the collaboration, Truecaller will verify Barnc...
Truecaller Ramps Up Share Buybacks and Plans Major Cancellation of Treasury Shares
Aug 24, 2026
Truecaller has continued its active capital management strategy by repurchasing 1,134,983 Class B shares during week 34 of 2026, equal to 0.34% of its outstanding capital, bringing its total holding of own shares to 8.12% of the share count. The t...
Truecaller Tightens Free Float with Continued Share Buybacks
Aug 17, 2026
Truecaller has continued its aggressive share repurchase strategy, buying back 1,812,932 class B shares during the week of 10–14 August 2026, equal to 0.54% of its outstanding capital. Following these transactions, the company now holds 24,1...
Truecaller Calls Extraordinary Meeting to Cancel Treasury Shares and Restore Capital
Aug 14, 2026
Truecaller AB has called an extraordinary general meeting to be held at its Stockholm headquarters on 10 September 2026, inviting all shareholders registered with Euroclear Sweden to participate either directly or via proxies subject to standard S...
Truecaller Plans Share Capital Reduction to Boost Buy-Back Flexibility
Aug 14, 2026
Truecaller’s board has proposed reducing the company’s share capital by cancelling 24,185,040 repurchased Class B shares, currently part of its own holdings. The move aims to lower the volume of treasury shares and is designed to give ...
Truecaller lifts treasury stake to 7.25% amid ongoing share buybacks
Aug 10, 2026
Truecaller AB has repurchased 650,000 of its Class B shares during week 32 of 2026, equal to 0.19% of its outstanding capital, as part of an ongoing buyback programme authorized by shareholders at the 2026 annual general meeting. These purchases, ...
Truecaller deepens capital return with fresh share buybacks
Aug 3, 2026
Truecaller AB, the Swedish communications-tech company behind a leading global platform against fraud and unwanted calls, continues to deepen its presence in digital economies and emerging markets while serving more than 500 million active users w...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.