Berenberg moves Teamviewer to 'hold' citing expensive 1E deal

TeamViewer SE

13/12/2024 07:52

** Berenberg downgrades Teamviewer  TMV.DE  to "hold" from
"buy" seeing a risk it has overpaid for software firm 1E for an
enterprise value of $720 million
    ** The brokerage notes that while 1E's margins could be
expanding, their level still appears at odds with the
transaction's high valuation
    ** " We think that investor concerns about capital
allocation may, therefore, burden the shares until we gain more
clarity about the sustainability of 1E's growth, margins and
revenue synergies," it says
    ** Shares in the German company are down 1.6% in early trade
    
  

 (Reporting by Paolo Laudani)
 ((Paolo.laudani@thomsonreuters.com))