Preliminary 2021 results in line with guidance; Reiterate BUY

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TeamViewer ended Q4 2021 on a solid note with sound growth in billings across the enterprise and small and medium business (SMB) segments. Consequently, it maintained its 2022 guidance. Meanwhile, the group’s digitalisation (such as SAP’s partnership), connectivity, and industry 4.0 solutions are key growth prospects to penetrate new markets. This should help it to achieve its earlier targeted billings of over EUR 1bn by 2023 (at least 25% annual growth from 2024) and an adj. EBITDA margin of over 45% by end 2022. We maintain our BUY rating and DCF-derived price target on the stock of EUR 23.00.