Report
Daniel Großjohann
EUR 190.00 For Business Accounts Only

Strategic acquisition in AR/IoT area, solid Q2

Last Wednesday TeamViewer announced the strategic acquisition of Ubimax (IoT, AR) and preliminary Q2 figures (Billings +45%). Although both announcements are rather positive in our eyes, the share lost around 8.5% in value. The Q2 gains at Billings (+45%) were (as expected) well below the 75% increase in Q1, which was, however, also overstated by Covid-19-related pull-forward effects. We remain comfortable with our estimate for organic growth in 2020. Despite an EV/Billings multiple of 12.2, the acquisition of Ubimax is not too expensive given its strategic dimension.

We have reflected the effects of the takeover (assumption: consolidation as of October 2020) in our estimates; the effect of this on the valuation is minor.

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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