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World TeamViewer is aiming for billions in revenues in 2023 - shares in the red

12:16  09 february  2021
12:16  09 february  2021 Source:   finanzen.net

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The software provider TeamViewer expects continued high demand and wants to cross the billion threshold in revenues.

Spencer Platt/Getty Images © Provided by Finanz.net Spencer Platt / Getty Images

Billings are set to rise to one billion euros in 2023, thanks to additional products and smaller acquisitions, as the company listed in the MDAX announced in Göppingen on Tuesday. In the past year, this figure - as already known - increased by 44 percent after adjusting for currency effects to 460 million euros.

In the current year, the so-called billings, a key figure for the income expected in the next twelve months, should increase to 585 to 605 million euros. Adjusted for currency effects, there should be an increase of 29 to 33 percent. Including the consequences of the strong euro, the increase is somewhat lower. Sales should increase by up to a fifth to 540 million euros. In 2020 sales increased by 17 percent to 456 million euros.

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Since the company had switched to the subscription model, which is much more successful in the industry, before the IPO in autumn 2019, the growth in reported sales is currently below that of billings. But this should change soon. It is expected that the increase in sales will match the growth in Billings from 2022.

TeamViewer also assumes that the high profitability can be maintained in the current year despite the increasing share of business with major customers. The margin based on earnings before interest, taxes, depreciation and amortization (Ebitda) adjusted for special effects should be between 55 and 57 (2020: 56.8) percent. Arithmetically, this results in an operating result between just under 322 million and 345 million euros.

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Last year the adjusted Ebitda increased by 44 percent to 261 million euros. The bottom line was that TeamViewer earned 102 million euros, slightly less than a year ago - the main reason for this was significantly higher tax payments. With the 2020 figures, the company was slightly below the experts' expectations in terms of sales. The operating result, on the other hand, was slightly better than forecast.

The forecast for 2021 looks similar. The margin forecast is above what experts are currently assuming. The sales forecast, however, is slightly below the current average estimate. After a slight gain at the beginning of trading, the stock quickly turned into the red. However, the paper had recently recovered significantly from the price kink in the autumn as a result of a further placement by the former owner Permira and investor concerns about the sustainability of growth.

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TeamViewer has been very successful on the capital market so far. This has paid off especially for the financial investor Permira, who used the rising prices for further placements last year and currently holds just under 28 percent. Since the billion-dollar IPO in September, the price has increased by around three quarters and the company currently has a market value of a little more than nine billion euros.

TeamViewer share undecided

After an increase of more than two percent in early XETRA trading, the shares of TeamViewer turned negative on Tuesday. Most recently, this was just under two percent to 44.94 euros. A trader pointed out that the price failed at the daily high of 46.88 euros because of a resistance zone at 46 to 47 euros. Upward movements ended at this level last year and at the beginning of this year.

Contrary to expectations, the company has issued new medium-term forecasts, wrote analyst James Goodman from Barclays Bank. This amounted to an average growth of 30 percent over the next three years. It should now be exciting to see whether this growth target can be achieved on our own. TeamViewer wrote of "selected smaller acquisitions".

DZ Bank analyst Armin Kremser rated the outlook as convincing. The billing target of one billion euros a year means annual growth of almost exactly 30 percent. "This is the growth rate that the company announced when it went public in September 2019 to 2022." Obviously, the company is thus able to maintain such a high pace. "FRANKFURT (dpa-AFX)

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