Report
Daniel Großjohann
EUR 190.00 For Business Accounts Only

2019 at the upper end of the guidance, 2020 with slowing growth momentum

With preliminary reported revenues of € 390 million (+51%) and an adjusted EBITDA of € 182 million (+51%) TeamViewer has reached the upper end of its own guidance. Billings (defined as IFRS sales +/- change in deferred revenues recognized) exceeded expectations at € 325 million. The outlook for 2020 foresees revenue growth of "only" up to around 10%, with billings expected to increase by 32% to 35%. The growth in subscribers (+71%) is (in our opinion) partly due to special factors and should not be repeated from 2020 onwards.

We are becoming more cautious in terms of sales growth. However, TeamViewer continues to appear favorable, especially in comparison to its peers.

Underlying
TeamViewer AG

Provider
EQUITS GmbH
EQUITS GmbH

EQUI.TS GmbH is an innovative, equity research boutique based in Frankfurt (Germany). It is operated by its original founders and has established a reputation as a quality research provider over a period of more than 10 years. Although it generally does not focus on any particular branch of industry, its analyses often revolve around technology and growth stocks.

Analysts
Daniel Großjohann

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