TeamViewer (XTER:TMV, Financial) (Germany) is a subscription-model software company specializing in cloud-based remote access, remote control, connectivity and enterprise software/device management. We purchased shares of the company at a discount to our estimate of intrinsic value following the release of financial results and medium-term targets that missed analysts’ estimates. Despite this setback, we consider TeamViewer’s business model and competitive position attractive in a market with an appealing growth profile. Additionally, we believe TeamViewer’s strong profitability and cash-flow generation, combined with its expansion into enterprise product suites and its advanced technology, make the company an attractive investment.
From David Herro (Trades, Portfolio)'s Oakmark Intl Small Cap (Trades, Portfolio) Fund's fourth-quarter 2021 letter.
