@Yoshika The current P/E ratio is also low. Even without any growth, the company is undervalued. In the lucrative key accounts segment, however, growth is even in double figures.
@fiducation Even if the Enterprise segment achieves double-digit growth, the SMB business clearly remains larger in terms of volume, and this is not showing any momentum at all. What counts in the end is the net effect on ARR and growth, and this was recently revised downwards again. If growth stagnates overall, a company is not undervalued, but simply undervalued due to a lack of prospects.
@Yoshika the future lies in the enterprise business and not in the SMB business. The opposite would be worrying. In addition, growth remains positive. A PEG of less than one, as with TeamViewer, is pretty much the clearest value indicator there is.
@fiducation Well, there is no negative growth, but the growth is so low that it no longer provides any valuation impetus. In the case of software companies, the market does not evaluate whether growth is positive or negative, but how strong the momentum is. And growth of +3% in a sector that typically delivers 10-15% is priced into the market like a standstill.
@Yoshika I am completely satisfied with a P/E ratio of 8 and growth of 3 % (above inflation). If the market is not, then we probably have different opinions.
