Report published August 26, 2026
J.P. Morgan Europe First to Market: Truecaller Re-Rating Thesis & Melrose Operations (Aug 26, 2026)
Source and citation context
- Issuer
- J.P. Morgan
- Report date
- August 26, 2026
- Analysis as of
- Not stated in source
Authors / editors: Akhil Dattani (Research Analyst), David H Perry, CFA (Research Analyst), David Adlington (Research Analyst), Chetan Udeshi, CFA (Research Analyst), Georgina Johanan (Research Analyst)
Finvaulta summarizes J.P. Morgan's analysis. Attribute opinions, forecasts, time-sensitive values, and chronology to the issuer and report date; do not treat this page as an independent verification or a current market-data source.
J.P. Morgan's European morning research update highlights a substantial upside re-rating potential for Truecaller following operational normalization, alongside an operational and claims update for Melrose's Garden Grove site. The report also details recent rating/model updates, upcoming events, and earnings announcements.
Key Takeaways
- 1.Truecaller is positioned for a significant re-rating with potential to double over the next 9 months as revenue growth rebounds toward 20% y/y by Q1'27, despite potential tax liability headlines in India.
- 2.Melrose faces lower 2026-27 FCF estimates due to an unbudgeted $100m claims programme for the Garden Grove incident, but resumes manufacturing on Sept 28 with no criminal charges.
- 3.Key target price increases include Truecaller raised to Skr46.00 (from Skr39.00) and Swiss Marketplace Group raised to CHF33.00 (from CHF28.00).
Table of Contents
- Today's Morning Meeting
- Also Published Today
- In Case You Missed It... Trending in the Last Month
- Key Changes
- JPM Events
- Upcoming Earnings
Report data
Price Target Changes
| Metric | Estimate | Context |
|---|---|---|
| Truecaller revenue growth projection | 20.0% | Forecast rebound back to 20% y/y revenue growth |
| Truecaller potential tax liability | 1.0 SEK billion | Potential Indian government tax dispute liability representing 7% of SoTP |
| Melrose Garden Grove claims programme | 100.0 USD million | Claims programme for damages related to May evacuation order (c. £74m) |
| Ambu Q3 underlying EBIT miss | 19.5% | Underlying EBIT missed expectations |
Reports in this series
Europe First to Market is shown in chronological order through this edition, published on August 26, 2026.
Part of the Europe First to Market series — view all 37 editions
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Authors / Editors
Reported Data Context
- Truecaller revenue growth projection: 20.0 % (Q1 2027) · Source: J.P. Morgan estimates
- Truecaller potential tax liability: 1.0 SEK billion (H1 2027) · Source: J.P. Morgan
- Melrose Garden Grove claims programme: 100.0 USD million (2026) · Source: Melrose
- Ambu Q3 underlying EBIT miss: 19.5 % (Q3 2026) · Source: J.P. Morgan