Daniel Großjohann
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Profiteer of the "New Normal"

At the end of March, the company still expected "no significant effects from the corona virus", but today, with the presentation of the Q1 figures, the forecast had to be raised. One thing is clear: TeamViewer is one of the few economic beneficiaries of the new situation. The key figures Billings (+75%), Subscriber (+62%), Revenue (+18%) and EBITDA (+96%) were significantly increased year-on-year. March, which forced companies to upgrade digitally in order to protect their own employees and customers from the corona pandemic, made a major contribution to this.

We assume that the sharp rise in subscriber numbers for TeamViewer solutions will continue to grow at the new level after the crisis, people's work will become more digital. The Corona pandemic has merely accelerated this development.

The raised outlook and the increased valuation multiples of the peers lead to a higher price target

TeamViewer AG


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.

Daniel Großjohann

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