Truecaller AB (publ) (TRUE-B.ST) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+65.2%

SEK 34.57

vs SEK 20.93 price

Levered DCF

SEK 40.30

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

—

Rating

B-

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	17.08×	33.87×	23.4×	22.91×	112.67×	-1,253.01×	-200×	-260×
P/B	5.29×	11.68×	7.19×	6.78×	20.54×	133.15×	128.84×	224.57×
P/S	3.46×	7.23×	7.26×	6.9×	25.68×	39.56×	65.99×	92.65×
EV / EBITDA	9.06×	25.14×	17.12×	15.11×	85.99×	-650.64×	-230.99×	-323.35×
Gross margin	39.4%	58.9%	55.3%	59.8%	44.3%	29.2%	-9.7%	9.4%
Operating margin	33.0%	26.0%	38.0%	38.8%	29.1%	-9.4%	-33.5%	-35.0%
Net margin	20.3%	21.6%	31.0%	30.2%	22.9%	-3.2%	-33.0%	-35.6%
Current ratio	4.86×	5.3×	7.04×	5.63×	8.41×	1.52×	3.1×	2.04×
Debt / equity	0.05×	0.07×	0.07×	0.08×	0.06×	0.69×	0.01×	0.13×
Interest coverage	66.12×	109.05×	41.96×	48.65×	45.7×	-11.34×	-192.43×	-47.12×
Dividend yield	8.8%	3.4%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	150.1%	112.5%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	31.1%	34.8%	30.8%	29.7%	18.3%	-10.6%	-64.4%	-86.2%
Return on invested capital	32.6%	28.5%	25.8%	26.8%	18.6%	-5.4%	-49.0%	-72.4%
Return on assets	23.8%	26.8%	24.8%	22.8%	15.3%	-3.6%	-35.3%	-45.5%
Free cash flow yield	7.8%	3.4%	4.4%	4.9%	1.3%	0.5%	-0.2%	-0.2%
Earnings yield	5.9%	3.0%	4.3%	4.4%	0.9%	-0.1%	-0.5%	-0.4%
Enterprise value	SEK 6.3B	SEK 17.2B	SEK 12B	SEK 11B	SEK 27.8B	SEK 19.3B	SEK 19.3B	SEK 17B
Net debt / EBITDA	-0.45×	-0.58×	-0.73×	-1.62×	-3.55×	3.17×	1.28×	1.61×
Cash conversion cycle (days)	45	21	15	16	-2	-42	-9	-56