TEAMVIEWER IN FOCUS: To win back the favor of investors

GÖPPINGEN (dpa-AFX) – A software that enables access to PCs all over the world – without having to leave your own house. In the eyes of many investors, TeamViewer thus provided the perfect answer to the pandemic. In fact, however, the software manufacturer from Göppingen crashed in 2021, at least on the stock exchange. Investors acknowledged Teamviewer’s poor performance with a sell-off. The forecasts have evaporated twice, the management is repositioning itself. The market for teamviewer software, however, continues to grow. Will the MDAX group make a new start in 2022? What’s going on at Teamviewer, how the stock reacts and what analysts are saying.


For some observers in the market, Teamviewer’s Descent is a lesson about bad management, especially bad expectation management. With very self-confident forecasts and marketing contracts, hopes were raised that Teamviewer could not fulfill. As a result, the share collapsed by almost 80 percent since February.

The most prominent marketing deal was arguably the sponsorship deal with Manchester United. For five years now, the Göppingen company emblem has been emblazoned on the chest of the players of the English Premier League football club – including that of superstar Cristiano Ronaldo. Teamviewer is also one of the sponsors of multiple world champion Lewis Hamilton’s Formula 1 Mercedes.

For this, the Swabians increased the marketing budget for this year so much that Teamviewer had to lower the earnings forecast by around 35 million euros. And since other marketing money has been reallocated, the contracts are likely to cost even more than that. It is hardly surprising that these deals were difficult to convey to investors with sales of around 500 million euros planned for this year.

One strategy that should be more popular is expanding business with corporate customers. It is you who should increase Teamviewers sales significantly. And this is where the group made its first acquisition last year, namely the augmented reality specialist Ubimax from Bremen. Its data glasses can be put on by technicians during maintenance and circuit diagrams and instructions can be displayed. The takeovers of the US companies Upskill and Viscopic were also noteworthy.

Teamviewer needs lucrative orders with business customers in order to remain profitable. Because the sharp rise in costs for marketing and personnel would have brought the group almost in the red recently.

In the third quarter, so-called billings – which include the billing income expected over twelve months for term contracts – grew by 18 percent to around 126 million euros. Actually, Teamviewer had planned a growth of at least 20 percent after adjustment for currency effects in order to still be able to achieve the annual targets. The operating margin (Ebitda) slipped to around 34 percent in the same period. A year ago the margin was around 55 percent. The bottom line was a surplus of 3.7 million euros after just under 32 million a year ago.

Teamviewer wants to turn things around in 2022 – although the composition of the top management remains questionable. Lisa Agona, Head of Marketing, which has recently been hotly debated, announced her departure in October – after just six months. Your post is still vacant. And CFO Stefan Gaiser will also leave next year. What is certain is that Oliver Steil will continue to lead the board. His contract was extended to 2024.

Teamviewer threatens to lose touch in important growth markets. Analyzes of search queries on the Internet have shown that this is the case in Latin America and parts of Asia, for example. It is astonishing that one of the worst competitors is not forty kilometers away from Teamviewer. Anydesk, founded by former Teamviewer employees, offers similar services to Teamviewer. And although Anydesk is still a good deal smaller, the Stuttgart-based company is already googled more frequently than its big competitor in some regions. Teamviewer boss Steil recently spoke more often of tougher competition from lower-priced competitors.

After all: the market is apparently facing further growth. Between 2019 and 2027, global sales for remote access software are expected to rise from 1.5 to 4.7 billion US dollars, according to the analysis company Fortune Business Insights. A lot of potential that Teamviewer could exploit.


Teamviewer has only been on the stock exchange since September 2019, the timing could hardly have been better. Because when the corona pandemic broke out a short time later, it quickly became clear: Teamviewer could be one of the winners of the crisis. With the exception of a brief shock in March, the share price only knew one direction until summer 2020: up. The share reached its record high of almost 55 euros at the beginning of July 2020. In the ten months since the IPO, it had roughly doubled its value.

After a slight slide in the price in November 2020, the share reached an annual high of EUR 49.64 in February. From this level, the share went down. In March, the sponsorship deal and the lowered forecast accelerated the price slide. In October, the management had to cut down the annual forecast a second time and also cash in on the medium-term goals.

Today, even the emerging Omikron variant does not seem to induce investors to buy the shares of the former pandemic winner: The price is bobbing at a good 12 euros, just above its low point. With this price, Teamviewer still has a market value of a good 2.4 billion euros – only Aixtron (AIXTRON SE) and Cancom (CANCOM SE) are worth less in the MDax.


The mood of the experts in the dpa-AFX Analyzer is cautiously positive. Seven analysts recommend holding the paper, while three recommend buying it. The average target price of just under 19 euros is well above the current price.

Andreas Wolf from the investment bank Warburg Research is convinced that Teamviewer has good growth opportunities. Business with small and medium-sized corporate customers is still growing cautiously, but offers great potential, writes Wolf in his study on the Capital Markets Day in November. He reiterated his buy recommendation and set the price target at EUR 26 – more than double the current value. Business with large corporate customers (Enterprise) and in the area of ​​augmented reality is therefore already growing dynamically. Wolf expects Teamviewer’s margin to recover in the second half of 2022.

The experts at DZ Bank, however, see no country in sight. They lowered their fair value to 13.50 euros and recommend holding the paper. The decisive factor for this are less fundamental reasons than a lack of trust. The costly sponsorship contracts and poor results in the second and third quarters are to blame for the crisis of confidence.

At the US bank JPMorgan, however, it is assumed that Teamviewer will again grow faster than the competition in the future. The competition has intensified due to the pandemic. Teamviewer’s advantage is that the company is focused on regions with high average sales prices, such as Europe and the USA. The main competitor Anydesk, on the other hand, is particularly popular in countries such as India, Bangladesh and Brazil. JPMorgan’s analysts set their target price at 21 euros – a little more cautious than the experts from Warburg Research. But there is still a long way to go from the current price level./jcf/men/jha/


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