Exane downgrades TeamViewer, predicts 2023 revenue below consensus

TeamViewer SE

18/01/2024 12:11

** Exane BNP Paribas cuts TeamViewer  TMV.DE  to
"underperform" from "neutral", as it expects the German software
company's 2023 revenue growth to fall short of expectations
    ** Exane expects FY revenue growth at +5%, against an LSEG
consensus of +10% 
    ** "TeamViewer risks falling into the value bucket in
Software and limits scope for a re-rating in our view," the
broker says
    ** TeamViewer needs to significantly increase investments in
the product and marketing, which would balance out the money
saved from not sponsoring Manchester United  MANU.N  anymore,
Exane adds
    ** The brokerage sees the Enterprise business in a "now or
never" mode
    ** TeamViewer shares fall 2.3% and are among the worst
performers on Germany's mid-cap index  .MDAXI  that rises 0.8%

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