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1. Company Snapshot

1.a. Company Description

TeamViewer AG, together with its subsidiaries, develops and distributes remote connectivity solutions worldwide.The company offers TeamViewer, a remote access, remote control, and remote support solution that works with every desktop and mobile platform; TeamViewer Tensor, an enterprise remote connectivity cloud platform enabling organizations to deploy a large-scale IT management framework to access, support, and control any device or machine from anywhere at anytime; TeamViewer Assist AR, a remote support solution with augmented reality; and TeamViewer IoT, which enables to instantly access, control, and manage connected products from anywhere.It also provides TeamViewer Frontline, an augmented reality productivity solution platform; TeamViewer Engage, a next-gen digital customer engagement platform for online sales, digital customer service, and video consultations; TeamViewer Remote Management that manages, monitors, tracks, patches, and protects computers, devices, and software from a single platform; TeamViewer Servicecamp, a solution for service desk management and remote connectivity; TeamViewer Remote Access, a secure and stable remote access to remote PCs, smartphones, servers, payment terminals and IoT devices; and TeamViewer Meeting, a meeting function that offers video conferencing and VoIP calls, instant chat, screen sharing across devices and platforms.


The company was formerly known as Regit Beteiligungs-GmbH and changed its name to TeamViewer AG in September 2019.TeamViewer AG was founded in 2005 and is headquartered in Göppingen, Germany.

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1.b. Last Insights on TMV

TeamViewer's recent performance has been impacted by weak earnings, with investors expressing disappointment in the company's financial results. The acquisition of 1E, which develops products that detect IT issues, has faced challenges, including a muted macroeconomic environment in Europe and the US. Additionally, intensified competition in the remote connectivity space has raised concerns. Despite launching Agentless Access, a feature targeting manufacturers, and achieving a key FedRAMP compliance milestone for its DEX platform, the market reaction has been tough. TeamViewer's AI offering has seen significant adoption, but this has not offset concerns. (Source: various news articles)

1.c. Company Highlights

2. TeamViewer's Q3 '25 Earnings: Strong Enterprise Growth, 1E Business Weakness

TeamViewer's Q3 '25 financial performance was marked by 4% revenue growth and a pro forma adjusted EBITDA margin of 46%. The company's revenue reached EUR 192 million, while pro forma adjusted EPS was EUR 0.34, a 15% increase year-over-year. The actual EPS came out at EUR 0.18, beating estimates of EUR 0.15. The strong profitability was driven by cost optimization, with sales expenses increasing by 5% year-over-year, primarily due to investment in the enterprise technology stack.

Publication Date: Nov -19

📋 Highlights
  • Strong Enterprise Growth: TeamViewer's Enterprise ARR grew 12% YoY (constant currency) to EUR 230.5M, driven by 18% growth in TeamViewer stand-alone enterprise ARR.
  • High Profitability: Pro forma adjusted EBITDA margin reached 46%, with adjusted EPS rising 15% YoY to EUR 0.34.
  • Deleveraging Progress: Pro forma net leverage ratio improved to 2.8x, aligning with deleveraging targets despite EUR 10.4M interest expense increase YoY.
  • 1E Business Challenges: 1E ARR declined 2% YoY (constant currency), impacting overall performance due to churn, sales disruption, and product roadmap issues.
  • SMB Stabilization: SMB ARR remained flat at EUR 526.3M (constant currency), with pro forma SMB revenue up 3% YoY to EUR 134M and SMB ASP rising 3% to EUR 822.

Segment Performance

The Enterprise business remained a key growth driver, with TeamViewer stand-alone enterprise ARR up 18% year-over-year in constant currency. Enterprise revenue grew by 8% year-over-year in constant currency, reaching EUR 57.9 million. In contrast, the 1E stand-alone business performed below expectations, with ARR decreasing by 2% year-over-year in constant currency. As Mark Banfield noted, "the standalone business for 1E was not good in the third quarter" due to the strong focus on post-merger integration and the launch of new joint products, which impacted 1E's original sales motion and customer relationships.

SMB Business and Product Innovations

The SMB ARR was flat year-over-year at EUR 526 million in constant currency, reflecting a deliberate decision to pause short-term monetization initiatives. TeamViewer is shifting its focus to strengthen the free user ecosystem, avoid like-for-like price increases, and sell richer products, including DEX Essentials and TeamViewer ONE. The company has seen early traction with these new products, with a good number of new logos for DEX Essentials.

Valuation and Outlook

With a P/E Ratio of 6.96 and an EV/EBITDA of 7.07, TeamViewer's valuation appears reasonable. The company's ROE is high at 137.34%, driven by its strong profitability. However, the Net Debt / EBITDA ratio is 3.75, indicating a relatively high level of debt. Analysts estimate next year's revenue growth at 4.3%. TeamViewer expects slow margin improvement to 44% and 45% in 2027 and 2028, respectively, and may need to invest funds in growth initiatives, which could put pressure on margins in 2026.

1E Business Recovery

TeamViewer has identified the causes of the 1E business weakness, including churn and weaker bookings, and is taking actions to address these issues. The company is working to convert the pipeline and expects to return the 1E business to growth. While the challenging comp base makes it cautious about 1E's growth prospects, the pipeline doesn't need "miracle deal conversion" to get back to double-digit growth.

3. NewsRoom

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TeamViewer Appoints Finn Faldi as Executive Vice President Global Inside Sales to Strengthen Global Sales Organization

Dec -01

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How Recent Analyst Shifts Are Changing the TeamViewer Investment Story

Nov -23

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From insight to action: TeamViewer launches Tia, the Intelligent Agent for autonomous IT support

Nov -18

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Should You Reassess TeamViewer After Its 27% Share Price Slide and New Partnerships?

Nov -14

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A Look at TeamViewer (XTRA:TMV) Valuation Following Agentless Access Debut in Industrial Automation

Nov -14

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Dysfunctional tech is hurting businesses worldwide, with 42% reporting revenue loss -- but AI could help turn the tide

Nov -13

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TeamViewer introduces Agentless Access to secure and simplify remote operations in industrial environments

Nov -10

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TeamViewer Achieves Key FedRAMP Compliance Milestone for its DEX Platform

Nov -06

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4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (7.00%)

6. Segments

TeamViewer Platform

Expected Growth: 7%

TeamViewer's 7% growth is driven by increasing adoption of remote work, rising demand for IT management and monitoring tools, and expansion into new industries such as healthcare and education. Additionally, the platform's scalability, security, and ease of use contribute to its growth, as well as strategic partnerships and investments in emerging technologies like augmented reality.

7. Detailed Products

TeamViewer

A remote desktop software that allows users to connect to any PC or server around the world within seconds.

TeamViewer Tensor

A cloud-based enterprise remote access and remote control platform designed for large-scale IT environments.

TeamViewer Meeting

A video conferencing and online meeting solution that enables teams to collaborate and communicate remotely.

TeamViewer Pilot

An augmented reality-based remote support solution that enables experts to guide technicians through complex tasks.

TeamViewer IoT

A remote monitoring and control solution for IoT devices, enabling real-time monitoring and automation.

8. TeamViewer AG's Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for TeamViewer AG is medium, as there are alternative remote desktop software available in the market, but TeamViewer's strong brand recognition and user base provide a competitive advantage.

Bargaining Power Of Customers

The bargaining power of customers is low, as TeamViewer AG has a large customer base and a strong brand presence, making it difficult for individual customers to negotiate prices or terms.

Bargaining Power Of Suppliers

The bargaining power of suppliers is low, as TeamViewer AG is a large company with a significant market presence, allowing it to negotiate favorable terms with its suppliers.

Threat Of New Entrants

The threat of new entrants is high, as the remote desktop software market is attractive and has low barriers to entry, making it easy for new companies to enter the market and compete with TeamViewer AG.

Intensity Of Rivalry

The intensity of rivalry is high, as the remote desktop software market is highly competitive, with several established players competing for market share, including LogMeIn, Citrix, and VMware.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 85.90%
Debt Cost 4.12%
Equity Weight 14.10%
Equity Cost 7.60%
WACC 4.61%
Leverage 609.22%

11. Quality Control: TeamViewer AG passed 3 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
TeamViewer

A-Score: 3.7/10

Value: 6.3

Growth: 6.3

Quality: 7.0

Yield: 0.0

Momentum: 1.0

Volatility: 1.7

1-Year Total Return ->

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Stock-Card
Riskified

A-Score: 3.7/10

Value: 6.1

Growth: 5.6

Quality: 3.2

Yield: 0.0

Momentum: 5.0

Volatility: 2.3

1-Year Total Return ->

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Stock-Card
SmartCraft

A-Score: 3.3/10

Value: 1.3

Growth: 7.0

Quality: 7.6

Yield: 0.0

Momentum: 2.5

Volatility: 1.3

1-Year Total Return ->

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Stock-Card
MotorK

A-Score: 3.0/10

Value: 4.2

Growth: 4.4

Quality: 3.4

Yield: 0.0

Momentum: 5.5

Volatility: 0.7

1-Year Total Return ->

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Stock-Card
Beamr Imaging

A-Score: 2.9/10

Value: 6.8

Growth: 2.6

Quality: 4.5

Yield: 0.0

Momentum: 3.5

Volatility: 0.0

1-Year Total Return ->

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Stock-Card
VTEX

A-Score: 2.8/10

Value: 1.5

Growth: 7.3

Quality: 6.5

Yield: 0.0

Momentum: 0.5

Volatility: 1.0

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

5.57$

Current Price

5.58$

Potential

-0.00%

Expected Cash-Flows