TRST

Trustpilot Group PLC

Technology First-pass screen £1.0bn

390/1000 Overall fit

AI beneficiary 35% 32

Operating leverage 25% 48

Valuation 25% 30

Downside protection 15% 58

First-pass take

Strong SaaS fundamentals (25% cc growth, 100% NRR) but adjusted EBITDA turned negative (-7% margin) due to heavy growth investments rather than demonstrating operating leverage. No material AI revenue exposure; AI used only internally for fraud detection. No valuation multiples disclosed; document is from Sep 2022 and significantly stale.

Flags

no-valuation-dataloss-making-H1negative-adjusted-ebitdaincreasing-litigation-riskincreasing-regulatory-riskunprofitable-but-path-to-breakeven-FY24growth-investment-stagenet-cash-stronghigh-customer-concentration-risk-flagged