Overview
Barclays started research coverage of Trustpilot on Thursday, assigning an "overweight" rating and establishing a 350 pence price target. The U.K.-listed review platform, headquartered in Copenhagen, was described by the broker as having "underappreciated growth" in several markets including Germany, coupled with "strong network effects" and benefits from artificial intelligence that Barclays says are already visible.
Market reaction
Shares in Trustpilot rose 3% as of 06:05 ET (10:05 GMT) following the initiation. Year-to-date the stock was up 50% as of the report date, compared with a 4% gain for the FTSE 250. At the time of the report the company had a market capitalisation of 952 million pounds and 387.37 million shares outstanding.
Barclays' financial projections
The broker projects Trustpilot's revenue will increase to $312 million in 2026 and to $422 million by 2028, representing a 17.4% compound annual growth rate from $261 million in 2025. Adjusted EBITDA is forecast to climb from $28 million in 2025 to $82 million by 2028, a 42.3% CAGR, while adjusted EBITDA margins are expected to expand from 10.9% to 19.4% over the same period.
On consensus comparisons, Barclays said its 2026 revenue and EBITDA forecasts were 1% ahead of company-compiled consensus, and by 2028 it was 2% ahead on revenue and 4% ahead on EBITDA.
Barclays expects earnings per share of $0.08 in 2026, rising to $0.16 by 2028, which would place the stock at 41.5 times 2026 earnings and 20.5 times 2028 earnings on its estimates. Free cash flow yield is projected to reach 5.0% in 2028 and 6.4% in 2029, up from 2.7% in 2026.
Addressable market and regional breakdown
The broker estimated the U.K. review management platform market at $2.0 billion in 2025, expanding to $3.90 billion by 2030, which implies a 15% CAGR. Barclays forecast Trustpilot would hold roughly 6% penetration of that market by 2030. The U.S. market was estimated at $8.2 billion in 2025 and projected to reach $16 billion by 2030. Germany and Italy were sized by Barclays at $2.1 billion and $1.9 billion, respectively, in 2025.
Barclays identified Trustpilot's U.K. operations as the largest segment, representing 40% of 2025 revenues or $105 million, and noted a 65% contribution margin for that region in fiscal 2025. The DACH region (Germany, Austria, Switzerland) was described as the third-largest and fastest-growing region, with net dollar retention above the group average.
Valuation scenarios and DCF assumptions
Alongside its base-case 350 pence target, Barclays outlined an upside case of 400 pence, which it based on a 2 percentage point increase in revenue growth to 2030 and the application of a 23 times 2030 earnings multiple. The broker's downside case was 125 pence, calculated by applying a 10 times earnings multiple to a scenario in which revenues grow 2 percentage points slower than its base case.
Barclays' 10-year discounted cash flow model assumed a post-tax weighted average cost of capital of approximately 10%, a 3% terminal growth rate and 35% terminal EBITDA margins. For context, reported EBITDA margin was 15.7% in fiscal 2025.
Broker commentary and positioning
Barclays stated: "We think there is a long runway for monetisation and the business can continue to grow revenues at least mid-teens in the midterm." The broker's forecasts and scenarios reflect that view while explicitly showing the valuation sensitivity to both growth rates and earnings multiples.
Implications
The initiation and the accompanying forecasts frame Trustpilot as a platform with projected revenue growth, material margin expansion and improving cash generation under Barclays' assumptions. The broker's upside and downside cases illustrate how different revenue-growth outcomes and multiples would affect implied share values.