TeamViewer: Strong margins, but growth lags

研报英文原文证据摘录

TeamViewer: Strong margins, but growth lags

Richard Nguyen +33 1 42 13 54 22 richard.nguyen@bernsteinsg.com 1 July 2026

DETAILS

INVESTMENT SUMMARY

Valuation, not fundamentals, is the key driver of our update on TeamViewer. Ahead of 2Q26 results, we cut our price target to

€5.7 (from €7.6) and maintain a Market-Perform rating, reflecting a shift to a blended valuation framework rather than changes

to operating estimates. While consensus already assumes modest growth and stable margins, our incremental analysis highlights

that near-term visibility remains limited, justifying lower reliance on DCF. The core debate remains unchanged: strong profitability

versus uncertain growth durability.

Solid operating performance supports stability, but not re-acceleration. Recent disclosures confirm that TeamViewer

remains operationally resilient. 1Q26 revenue was in line with expectations and management reaffirmed its FY26 guidance of

0–3% cc growth and c.43% EBITDA margin. Our 2Q26 preview points to another quarter of limited momentum, with revenue

expected to grow c.1% cc to €187m, broadly in line with consensus. These data points support a stable near-term outlook, but

do not yet indicate a broad-based acceleration in growth.

Growth remains modest and uneven across segments. Our forecasts imply c.1% cc revenue growth in 2Q26, with SMB

stabilized (0% cc) and Enterprise growing modestly (+1% cc). The persistence of weakness in SMB, particularly among lower-

value customers, continues to cap consolidated growth. While Enterprise is progressing, it is not yet strong enough to fully offset

softer areas. As a result, the key investment question remains the durability and breadth of growth rather than profitability.

Execution on Enterprise and 1E remains the main swing factor.