TeamViewer SE Bearer Shares

TMV: XETR (DEU)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	€45.00	Nmgbr	Lctvypg

TeamViewer: Initiating Coverage of TeamViewer With No-Moat Rating and EUR 12 Fair Value Estimate

Rob Hales

Sep 26, 2024

We’re initiating coverage of TeamViewer with a no-moat rating and a EUR 12 fair value estimate. Our fair value implies a fiscal 2024 enterprise value/EBITDA multiple of 8 times and a P/E ratio of 12 times. At current levels, the shares look fairly valued.

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