TeamViewer wants to offer remote and augmented reality solutions along the production chains for Industry 4.0. Although TeamViewer benefited from the pandemic, the management focuses strategically on entirely different areas than Zoom & Co. Therefore, the companies were able to maintain the momentum of the previous quarters - unlike TeamViewer - and carry the momentum from the pandemic. Slack increased revenue by 35 percent in Q1, also growing faster than TeamViewer. The company also expects a massive revenue increase in Q2, from $260 million to $985-990 million. For example, Zoom's revenue increased 191 percent in Q1 2021. Some investors have compared TeamViewer's figures with those of Zoom ( ZM) and Slack ( WORK), which have achieved much better growth. It is quite possible that many companies, therefore, waited before making further investments in the areas of home office and remote solutions. In Q2 2021, however, the action in most countries worldwide was characterized by an easing of the pandemic. In April, May, and June 2020, many companies were busy transitioning their offices to home offices and remote solutions. That's because billings rose 45 percent then due to sudden increased demand from the Corona pandemic. Besides that, the currency-adjusted growth of 18 percent did not fall significantly short of the forecast growth of 20 percent.įurthermore, the growth in Q2 2021 could be distorted due to a high comparative value from Q2 2020. In this respect, I don't weight the development in one quarter too highly. There was also a certain seasonality in 2019, where the 1st quarter was weaker than the preceding 4th quarter of 2018. There, too, billings came to €119.7 million in Q1, while they were only €105.9 million in Q2 2020. But let's take a closer look at the numbersįirst of all, Q2 was affected by a typical seasonality as we saw the same pattern last year. Secondly, while management continues to target an increase in billings to €585 to 605 million in 2021, it now expects a result at the lower end of this range. Investors reacted harshly to the figures for two reasons: First, TeamViewer missed its self-imposed target of 20 percent growth in billings, as expected contract renewals were lower than expected, especially in April and May. With an adjusted EBITDA of €56.6 million (2020: €57.3 million), the EBDITA margin was 55 percent. Adjusted for currency effects, the increase was slightly higher at 18 percent. Billings, i.e., the value (net) of services or products that TeamViewer charges its customers, grew by approximately 15 percent to €121.6 million compared to the same quarter last year. The reason for the poor share price development last week is the announcement of the preliminary figures for Q2 2021.
Given this, there are nevertheless risks associated with an investment.
And what could I say? I remain massively convinced of the fundamental business strategy and the capabilities of the management. I regularly repurchased shares of the company to the extent that TeamViewer is now the largest holding in my broadly diversified portfolio in terms of invested capital.
IS TEAMVIEWER SAFE TO USE AGAIN SKIN
But not only that, I had skin in the game. I have always been very bullish on the company and the stock here on Seeking Alpha. It is trading less than 10 percent above the issue price of just under €26. The share price has fallen further, by 45 percent, from its all-time high of €51. With daily losses of up to 15 percent, the share price took a severe beating when the company disclosed its preliminary results for 2Q 2021. Sefa ozel/iStock via Getty Images Introductionįor TeamViewer ( OTCPK:TMVWY) ( OTCPK:TMVWF) investors, the last week was pretty tough.
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