Even before the stock market opened on Tuesday, it was clear that TeamViewer investors would not have a happy start to the day.
The Swabian software company, which is known to a wide audience for its remote maintenance for computers, published weak quarterly figures and gives little hope that the high expectations of the past will be quickly realized.
Susanne Preuss
Business correspondent in Stuttgart.
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Before the trading day, the shares on Tradegate sagged by almost 7 percent to prices just above 30 euros. It is now crucial that the share can stay above the 30 euro mark, otherwise it looks dark, commented chart experts. But that did not exactly succeed, the price slumped in exchange trading by more than 13 percent to recently around 28 euros.
Disappointed expectations shape the short history of TeamViewer's stock market presence.
Even the stock market debut in September 2019 was anything but brilliant: The opening still worked at the issue price of 26.25 euros, then the price fell by almost 5 percent because the share was apparently considered too expensive.
TeamViewer later profited from the lockdowns during the corona pandemic and consequently the price reached a record € 53.62 exactly one year ago, and this spring it climbed again to almost € 50.
In between, however, there were always strong discounts, not only because of the operational development, but also because the financial investor Permira sold larger packages or because there were irritations about expensive marketing contracts, for example with the English football club Manchester United or the Formula 1 team from Mercedes .
TeamViewer has now reported figures that were called "disappointing" on the stock exchange. "After a first review of the business development" shows that its own forecast has been missed, said the company. While it was announced that the "billings" (ie the invoiced sales) should increase by at least 20 percent every quarter, TeamViewer only managed an increase of 15 percent to 121.6 million euros in the second quarter. The annually recurring sales revenues, i.e. adjusted for the one-off sales of licenses, increased according to the information by 20 percent to 122.3 million euros. The margin based on the adjusted operating result before depreciation (adjusted Ebitda) was only 47 percent in the second quarter.
For the year as a whole, TeamViewer remains with the outlook for the year as a whole, in which this margin should reach 49 to 51 percent.
The software company promises that the forecast ranges for billings and sales will be reached at the lower end.
TeamViewer positively notes, among other things, a "persistently low churn rate", a further increase in subscribers by 20,000 to 623.00 and a strong increase in business with large customers.
The growth in invoiced sales was significantly weaker than expected, writes JP Morgan analyst Stacy Pollard.
On the way to the annual targets, she also expects further pressure on business development in the second half of the year.
Nevertheless, she left her assessment of the share at "Overweight" with a price target of 54 euros.
The operating profit is well below the consensus forecast, according to the British investment bank Barclays. She also retained her estimate, but is more cautious as of he. She advises a market-like weighting and sets the price target at 42 euros.