Barclays Initiates Coverage of Trustpilot

Barclays launched coverage of Trustpilot on 11‑June‑2026, assigning an overweight rating and setting a price target of 350 pence. The note lifted the share price by roughly 3 % by 06:05 ET (10:05 GMT).

Financial Forecasts

Barclays projects Trustpilot’s revenue to reach $312 million in 2026 and $422 million by 2028, implying a 17.4 % compound annual growth rate (CAGR) from the $261 million reported for 2025. Adjusted EBITDA is expected to climb from $28 million in 2025 to $82 million in 2028, a 42.3 % CAGR, with EBITDA margins expanding from 10.9 % to 19.4 % over the same period. The broker’s revenue estimate for 2026 is 1 % above the company‑compiled consensus, while its EBITDA forecasts are 2 % (2026) and 4 % (2028) ahead of consensus.

Valuation Metrics

Earnings per share are forecast at $0.08 for 2026 and $0.16 for 2028, placing the stock at 41.5 times 2026 earnings and 20.5 times 2028 earnings. Free‑cash‑flow yield is projected to rise to 5.0 % in 2028 and 6.4 % in 2029, up from 2.7 % in 2026.

Market Size and Penetration

Barclays estimates the U.K. review‑management platform market at $2.0 billion in 2025, expanding to $3.90 billion by 2030 (15 % CAGR). Trustpilot is expected to capture only 6 % of this market by 2030. The U.S. market is sized at $8.2 billion in 2025, projected to reach $16 billion by 2030. Germany and Italy are valued at $2.1 billion and $1.9 billion respectively in 2025.

Segment Performance

Trustpilot’s U.K. operations, the largest segment, account for 40 % of 2025 revenue (approximately $105 million) and deliver a 65 % contribution margin in fiscal 2025. The DACH region (Germany, Austria, Switzerland) is identified as the third‑largest and fastest‑growing market, with net dollar retention exceeding the group average.

Scenario Analysis

Barclays outlines an upside case valuing the shares at 400 pence, based on an additional 2 percentage‑point revenue uplift to 2030 and a 23 times 2030 earnings multiple. The downside case places the target at 125 pence, applying a 10‑times earnings multiple to a scenario where revenue growth is 2 percentage points slower.

Discounted Cash‑Flow Assumptions

The 10‑year DCF model assumes a post‑tax weighted average cost of capital (WACC) of roughly 10 %, a terminal growth rate of 3 %, and terminal EBITDA margins of 35 %, compared with the 15.7 % margin reported for fiscal 2025.

Share Performance and Capital Structure

At the time of reporting, Trustpilot shares were up 50 % year‑to‑date, outperforming the FTSE 250’s 4 % gain. The company’s market capitalisation stood at £952 million, with 387.37 million shares outstanding.

Analyst Commentary

Barclays concluded that “there is a long runway for monetisation and the business can continue to grow revenues at least mid‑teens in the mid‑term.”