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SRH AlsterResearch AG: TeamViewer - ManU shirt partnership triggers profit warning; PT and rating down

SRH AlsterResearch AG: TeamViewer - ManU shirt partnership triggers profit warning; PT and rating down

Nachrichtenquelle: AlsterResearch AG
20.03.2021, 14:15  |  293   |   |   

TeamViewer (TMV), issued a hefty profit warning wiping out EUR 1bn in equity value after announcing that it has signed a shirt partnership with premier league giant Manchester United.

TeamViewer AG (update)

Technology
MCap EUR 8.9bn

HOLD (old Buy), PT EUR 40.00 (upside 6% intraday)
TeamViewer_update

TeamViewer (TMV), issued a hefty profit warning wiping out EUR 1bn in equity value after announcing that it has signed a shirt partnership with premier league giant Manchester United. This marketing stunt will trigger – on average 5pp lower adj. EBITDA margins or roughly EUR 30-40m p.a. lower EBITDA in the short to mid-term. The company expects a significant improvement of its global brand positioning and with it accelerated marketing of its broadened use case portfolio, ultimately driving the company’s top and bottom-line growth. Similar to the market reaction, we view the new partnership critical with suboptimal cost/benefit ratios. We therefore cut our EPS forecasts by – on average 10-15%, and downgrade the stock to HOLD (from Buy) with new PT of EUR 40.00 (old EUR 55.00).

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TeamViewer Aktie jetzt über den Testsieger (Finanztest 11/2020) handeln, ab 0 € auf Smartbroker.de

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SRH AlsterResearch AG: TeamViewer - ManU shirt partnership triggers profit warning; PT and rating down TeamViewer (TMV), issued a hefty profit warning wiping out EUR 1bn in equity value after announcing that it has signed a shirt partnership with premier league giant Manchester United. This marketing stunt will trigger – on average 5pp lower adj. EBITDA margins or roughly EUR 30-40m p.a. lower EBITDA in the short to mid-term.

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