Trustpilot Group plc (TRST.L) | Investment Case

1. Company Snapshot

1.a. Company Description

Trustpilot Group plc operates an online review platform for businesses and consumers in the United Kingdom, North America, Europe, and internationally.Its online review platform enables consumers to make purchasing decisions, as well as provides consumers with the opportunity to recommend businesses, products, services, and locations based on their experiences; and businesses to showcase their trustscore.The company also offers software modules for businesses on a software-as-a-service (SaaS) basis.

Trustpilot Group plc was founded in 2007 and is based in Copenhagen, Denmark.

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1.b. Last Insights on TRST

Negative drivers behind Trustpilot Group's recent performance include a lackluster stock performance, with the company's shares showing weakness over the past few months. The recent survey findings, which revealed that Americans are prioritizing saving over spending on Valentine's Day gifts, may have a negative impact on the company's revenue from online reviews and gift-related services. Additionally, a recent customer complaint about a mobile top-up firm's slow refund process may have damaged the company's reputation and potentially affected its customer acquisition and retention rates. Furthermore, the company's financials, although strong, may not be enough to offset the negative sentiment surrounding its recent performance.

1.c. Company Highlights

Last Price	146.4
Change Percentage	13.31%
Open	138.1
Previous Close	129.2
Market Cap ( Millions)	584
Volume	7397239
Year High	361.5
Year Low	125.4
M A 50	198.8
M A 200	224.93

FCF Yield	3.76%
Dividend Yield	0.00%
ROE	2.98%
Debt / Equity	65.07%
Net Debt / EBIDTA	-207.34%
Price To Book	26.38
Price Earnings Ratio	758.91
Price To FCF	26.61
Price To sales	3.33
EV / EBITDA	32.39

2. Transcript Summary

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3. NewsRoom

Promising UK Penny Stocks To Watch In November 2025

Nov -24

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Suspected scam investment firms ‘exploiting Trustpilot review system’

Oct -19

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Top UK Penny Stocks To Watch In October 2025

Oct -14

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Trustpilot Group plc's (LON:TRST) Stock Has Seen Strong Momentum: Does That Call For Deeper Study Of Its Financial Prospects?

Sep -30

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High Growth Tech Stocks in the UK for September 2025

Sep -10

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3 UK Penny Stocks With Market Caps Up To £900M

Sep -08

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High Growth Tech Stocks To Watch In September 2025

Sep -05

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Estimating The Fair Value Of Trustpilot Group plc (LON:TRST)

Aug -27

Source:

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (11.93%)

6. Segments

Online Review Platform

Expected Growth: 11.93%

Trustpilot's 11.93% growth driven by increasing adoption of online review platforms, rising e-commerce sales, and growing importance of customer feedback in purchasing decisions. Additionally, expansion into new markets, strategic partnerships, and continuous innovation in AI-powered review analysis contribute to the company's growth momentum.

7. Detailed Products

Trustpilot Business

A platform that enables businesses to collect, manage and showcase customer reviews across various channels

Trustpilot Lite

A free review management tool that allows businesses to collect and showcase customer reviews

Trustpilot Pro

A premium review management tool that offers advanced features for businesses to collect, manage and showcase customer reviews

Trustpilot Enterprise

A customized review management solution for large enterprises that require tailored solutions

Trustpilot Analytics

A tool that provides businesses with insights and analytics on their customer reviews and ratings

Trustpilot Connect

A platform that enables businesses to integrate customer reviews with their existing systems and tools

8. Trustpilot Group plc's Porter Forces

Forces Ranking

Threat Of Substitutes

Trustpilot Group plc operates in a niche market, providing online review and rating services. While there are substitutes available, they are not as comprehensive or user-friendly as Trustpilot's offerings, reducing the threat of substitutes.

Bargaining Power Of Customers

Trustpilot's customers are primarily businesses and individuals who use the platform to manage their online reputation. While customers have some bargaining power, Trustpilot's strong brand and market position reduce their negotiating power.

Bargaining Power Of Suppliers

Trustpilot's suppliers are primarily technology and infrastructure providers. The company has a strong bargaining position due to its size and market presence, reducing the bargaining power of suppliers.

Threat Of New Entrants

While there are barriers to entry in the online review and rating market, new entrants can still disrupt the market. Trustpilot's strong brand and established customer base provide some protection, but the threat of new entrants remains a concern.

Intensity Of Rivalry

The online review and rating market is highly competitive, with several established players competing for market share. Trustpilot faces intense competition from companies like Yelp, Google Reviews, and Facebook Reviews, which can impact its market share and revenue.

9. SWOT Analysis

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

	Value
Debt Weight	26.59%
Debt Cost	3.95%
Equity Weight	73.41%
Equity Cost	9.12%
WACC	7.74%
Leverage	36.23%

11. Quality Control: Trustpilot Group plc passed 6 out of 9 key points

Strong Liquidity

Low Debt

Strong Interest Coverage

Healthy Cash Flow

Operating Efficiency

Strong Return On Equity

Consistent Revenue Growth

Consistent Operating Cash Flow Growth

Margin Improvement

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

dotdigital

A-Score: 4.5/10

Value: 5.5

Growth: 6.6

Quality: 8.4

Yield: 1.9

Momentum: 2.0

Volatility: 2.7

1-Year Total Return ->

Sidetrade

A-Score: 4.4/10

Value: 0.5

Growth: 8.0

Quality: 7.0

Yield: 0.0

Momentum: 7.0

Volatility: 4.0

1-Year Total Return ->

GB Group

A-Score: 4.2/10

Value: 4.3

Growth: 3.6

Quality: 6.3

Yield: 1.9

Momentum: 6.0

Volatility: 3.3

1-Year Total Return ->

Lime Technologies

A-Score: 3.8/10

Value: 0.9

Growth: 8.2

Quality: 7.3

Yield: 1.2

Momentum: 3.0

Volatility: 2.0

1-Year Total Return ->

IQGeo

A-Score: 3.1/10

Value: 0.2

Growth: 7.8

Quality: 4.6

Yield: 0.0

Momentum: 4.0

Volatility: 2.0

1-Year Total Return ->

Trustpilot

A-Score: 3.0/10

Value: 0.7

Growth: 7.1

Quality: 4.4

Yield: 0.0

Momentum: 4.0

Volatility: 1.7

1-Year Total Return ->

Peers Metrics

12.e Scoring ^Insights

12.f DCF ^BETA

Parameters

Short Term Growth

5.29%

Short term Time

10.0

Long-Term Growth

2.00%

WACC

7.74%

Trustpilot Group plc - GB00BNK9TP58

1. Company Snapshot

1.a. Company Description

1.b. Last Insights on TRST

1.c. Company Highlights

Expensive

Strong Momentum

Higher Growth

More Volatile

Average Quality

Earnings Beats

Revenues Miss

Stable Momentum

Medium Volatility

Earnings Miss

Average Yield

Average Growth

Revenues Beats

2. Transcript Summary

3. NewsRoom

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (11.93%)

6. Segments

Online Review Platform

Expected Growth: 11.93%

7. Detailed Products

Trustpilot Business

Trustpilot Lite

Trustpilot Pro

Trustpilot Enterprise

Trustpilot Analytics

Trustpilot Connect

8. Trustpilot Group plc's Porter Forces

Forces Ranking

Threat Of Substitutes

Bargaining Power Of Customers

Bargaining Power Of Suppliers

Threat Of New Entrants

Intensity Of Rivalry

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

11. Quality Control: Trustpilot Group plc passed 6 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

1.46$

Current Price

1.46$

Potential

-0.00%

Expected Cash-Flows

12.e Scoring ^Insights

12.f DCF ^BETA