2 models fit TeamViewer SE and they disagree: 0 of 2 land within 15% of the average. The price is below every model.
Two or more of our models back this value.
Large discount(i)Gold83
Valued as a growth company: Discounted cash flow, P/E comparison, and EV/EBITDA comparison.
ACCE opinionTeamViewer SE (TMV.DE)
Fair value (2 models)
€15.81
ACCE price target
€8.80
Rating
Undervalued
Horizon
12 months
Fair value published on 22 Oct 2026, 13:04 CEST.
ACCE price target published on 23 Oct 2026, 01:53 CEST.
Rating published on 22 Oct 2026, 13:04 CEST.
Price used: €7.43 at the close on 23 Oct 2026, 17:30 CEST.
Models: Discounted cash flow and EV/EBITDA comparison.
Fair value: the average of the applicable valuation models (discounted cash flow, multiples, residual income, dividend discount, shareholder yield), each run on the latest financial statements and the market price shown. Opinion columns (fair value, target, rating) are shown apart from the data. Full methodology: acceinvestments.com/data/how-we-value-stocks
Conflicts of interest: The author holds no personal position in this security. General statement
Produced by ACCE Investments (acceinvestments.com)
Data
Price vs fair value
53.0% below
+112.7% to fair value
ACCE score
75
out of 100
P/E
9.5x
forward 6.8x
1-year return
+12.4%
Dividend yield
0.00%
TeamViewer SE in four questions
Plain answers, details below
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Overview
ACCE thesis
TeamViewer sells remote access and support software, with its flagship TeamViewer Remote and the Tensor and Frontline platforms aimed at enterprise IT and field-service teams, and it earns 86.5% gross margins on that subscription base. The moat is the installed base and switching cost: the product sits inside customers' device management workflows, and a 31.4% operating margin shows the business still throws off cash even as top-line sales shrink. Revenue is down 1.6%, so the case rests on whether cost discipline and the enterprise mix can stabilise the top line rather than on a return to growth. At a trailing P/E of 9.6 and a forward P/E of 6.8, the market is pricing in a steep decline in earnings, which makes the stock worth a deeper look to test whether that pessimism is justified. The 76.8% ROE is inflated by a small equity base and should not be read as evidence of capital efficiency on its own.
⚠ Investor warnings · 3 flagsAI-assisted·How I use AI
high
Revenue shrinking
Revenue fell 1.6% year on year, and the 35.5% earnings rise is hard to square with a top line that is contracting. Check whether the profit gain is durable.
moderate
Leveraged balance sheet
Debt/Equity of 5.72 is high. Free cash flow of $193M gives some cushion, but the balance sheet leaves little room for a downturn.
moderate
Price well below model
The stock trades 53.0% below the model fair value of €15.81. A gap this wide often means the market doubts the earnings, so treat the model figure with caution.
AI research notes
AI-assisted·How I use AIWritten Oct 22, 2026 · figures from 2026-06-30 · prices to Oct 23, 2026
Why it could do well
The trailing free cash flow yield is 16.5%, and the company generated EUR 193M of free cash flow over the last twelve months.
The company cut its diluted share count by 2.3% last fiscal year, and its latest quarterly profit beat expectations by 92.9%.
Why it could disappoint
Revenue fell 1.6% year over year, sharply below the 10.4% average annual growth of the past five years.
Debt is 5.72 times equity, and the return on invested capital of 8.8% is modest next to the 76.8% return on equity.
The reverse DCF implies cash flow shrinking 5.8% a year for five years, and only 2 of the 3 valuation models support the fair value.
Each chip shows the exact figure and where it comes from. A claim without a source is not published.
Next results
Nov 3, 2026
We update the fair value about 2 days after the results, once the new figures are filed.Add to calendarGoogle
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Valuation
INVESTOR
Where TMV.DE's valuation models land
Price
€7.43
Model fair value
€15.81
Model range
€13.26 to €18.35
Fair value €15.81
Price €7.43
The price is below the whole model range.
Model
Fair value
Upside
Discounted cash flow
EV/EBITDA comparison
P/E comparison
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