Quirin Privatbank Updates TeamViewer AG Rating

Quirin Privatbank Kapitalmarktgeschäft has revised its outlook on TeamViewer AG, recommending a 'Buy' while adjusting the target price to EUR 13.50. This follows the company's Q3 2025 results, revealing a modest revenue growth of 4.0% year over year, underperforming expected figures by 2.0%. The primary challenge has been the underperformance of 1E, affected by customer churn, slower pipeline conversion, and macroeconomic conditions in the US.

While small and medium business growth was limited due to strategic choices against short-term monetization, positive results emerged from strong ARR in TeamViewer's standalone Enterprise segment and regional gains in EMEA and APAC. Though new digital workplace and AI products have shown potential, they are yet to significantly impact revenue. The adjusted EBITDA margin slightly declined from 47.0% to 46.0%, attributed to increased sales and administrative costs.

Despite challenges, longer-term opportunities in AI and Digital Workplace offerings are noted. Key risks include the integration of 1E and ongoing US market weaknesses.