SRH AlsterResearch AG: TeamViewer AG - Q1 with healthy billings; Upgrade to BUY; PT down

TeamViewer AG (Update) Technology MCap EUR 7.0bn BUY (from HOLD), PT EUR 39.00 (+15% potential) Research_update TeamViewer reported a strong start to 2021, with Q1 2021 billings and revenues rising despite tough comps, while adjusted EBITDA margin was broadly stable yoy due to increased promotional spend. For 2021, the group is on track to achieve its revised targets in March. Over the long term, management believes it will benefit from the marketing investments (aforementioned landmark sports partnerships), which, along with its strong business model and tuck-in acquisition strategy, would fuel growth. Due to the recent share price slump, we upgrade the stock from HOLD to BUY however with a slightly downwards adjusted PT of EUR 39.00 (old EUR 40.00). For 5 current investment ideas, check our Weekly Screener. This week we are looking for companies that have the highest Return on Capital Employed (ROCE) Please note that AlsterResearch publishes MiFID II compliant research only. For a detailed discussion on MiFID II, please visit https://www.research-hub.de