TeamViewer: Share price plunge – the recovery is severely damaged
A single trading day was enough to deal a severe blow to TeamViewer’s painstaking recovery. Following the third-quarter figures, the stock plunged by 29% to a low of EUR 5.13 on Xetra on Tuesday, November 3. The previous day’s closing price had still been EUR 7.23. This took the shares well below their 200-day moving average of around EUR 5.70 and back into a price range they last traded in July.
The trigger lies in the business outlook. TeamViewer no longer expects currency-adjusted revenue growth for 2026. Instead of the previously announced range of zero to 3% growth, the software provider now expects a decline of 1 to 2%. According to the company, delayed contract signings with major customers and renewed economic uncertainty in Europe are weighing on expectations for the final quarter. The quarterly figures also provide little support for hopes of growth. Revenue fell by a currency-adjusted 2.2% to EUR 184.5 million. Annualised recurring revenue of EUR 736.9 million was 0.6% below the previous year’s figure on a currency-adjusted basis. The hoped-for momentum has therefore so far been lacking in precisely a metric that is important for future business performance.
However, it would be too simplistic to conclude that TeamViewer suffers from broad-based earnings weakness. The adjusted EBITDA margin reached 42.8%. Management is maintaining its full-year target of around 43%. Profitability therefore remains high. Rather, the stock market reaction can be read as a marked loss of confidence in the growth prospects: a high margin alone is apparently not enough when revenue performance falls short of expectations. The plunge looks particularly bitter against the chart’s backdrop. The picture had gradually brightened since the spring. Although recovery attempts in April and May were followed by renewed setbacks in June, the shares regained strength in July and moved above the 200-day moving average. Following a correction in September, October brought another significant boost. At one point, the stock reached EUR 7.74.
Much of this confidence has been lost following the latest slump. The shares are down around 13% since the start of the year, with the decline over the past year amounting to around 15%. Over five years, the loss amounts to around 64%. The previous highs from 2020 and 2021 remain a long way off.
From a technical perspective, the latest daily low at EUR 5.13 is now the initial focus. Below that, the round EUR 5 mark would be another reference point. On the upside, TeamViewer would first have to reclaim the zone around EUR 5.70 to mitigate the break below the long-term moving average. However, the operating business remains decisive: only when postponed major orders turn into actual deals and recurring revenue starts growing again will hopes of a sustained recovery gain a solid foundation. The next demonstration of confidence must therefore come primarily from the forthcoming financial results.
dynaCERT: Retrofitting instead of buying new in the decarbonisation cycle
The Canadian cleantech specialist dynaCERT is currently undergoing a visible transformation from a technology developer into an international sales company. At its core is the patented HydraGEN™ platform, which can reduce diesel consumption and emissions from existing commercial vehicle and industrial fleets without operators having to replace their vehicles entirely. This retrofit approach fits a macroeconomic environment in which decarbonisation requirements are tightening worldwide while rising energy costs put pressure on budgets. For fleet operators, an upgrade is therefore often more economical than switching to entirely new powertrains and tractor units.
In recent quarters, the management team led by CEO Kevin Unrath has consistently geared the company towards closing deals and international sales. This is likely the right decision, as high diesel prices mean every efficiency improvement per kilometre directly reduces an engine’s running costs. Recent progress shows this realignment is already taking effect. Through its distribution partner IPMD, dynaCERT is intensifying its market penetration in France; in September, ongoing pilot projects resulted in a follow-up order from an existing customer. In parallel, the company presented the technology at the 24 Heures Camions in Le Mans directly to professional drivers and fleet operators.
An international sales initiative focusing on heavy goods transport, port operations and stationary power generation has also been running since the second half of 2026. dynaCERT has already been present at IAA Transportation and TOC Americas, while Breakbulk Asia on November 18-19 and POWERGEN International in January 2027 are coming up. The hardware business is complemented by the software layer HydraLytica. This measures engine operating and consumption data in real time, records it, and thus creates the basis for data-driven monetisation through certified emissions credits.
For investors, the conversion rate of trade fair contacts into orders is therefore becoming a key focus alongside traditional revenue and earnings metrics. The planned extension of the outstanding USD 1.0 million convertible bond through October 2027, subject to approval by the Toronto Stock Exchange, also provides the company with the necessary financial flexibility. Provided that the order backlog continues to build up quarter by quarter and Canadian production capacity is increasingly utilised, the shares’ bottoming phase, which has been ongoing since the end of 2025, could be complete.
Zalando: Higher revenue, weak share price – what is unsettling investors now
Higher revenue, higher operating profit and yet a sharp share price decline: Zalando failed to convince investors with its third-quarter figures on Tuesday, November 3. Shares briefly fell 6.60% to EUR 25.20 on Xetra. This dealt a temporary setback to the recent recovery. Following the sharp rise in October, it shows how high expectations had apparently been ahead of the release.
At first glance, however, the results are encouraging. Revenue rose 5.1% from the same quarter last year to around EUR 3.2 billion. Gross merchandise volume increased by 7.5% to around EUR 4.5 billion. Meanwhile, adjusted operating profit rose 10.6% to around EUR 107 million. The corresponding margin improved to 3.4%. The sticking point, however, lies one step earlier: gross margin fell by 0.9 percentage points to 38.7% and missed market expectations. Targeted price offers, particularly on trainers, weighed on the margin. According to Jefferies, lower fulfilment costs offset the margin disappointment at the operating profit level. Nevertheless, the reaction shows that investors are looking more closely at the quality of growth.
Business performance also varies. In the business-to-business segment, revenue rose by almost 28% to around EUR 354 million. Adjusted EBIT more than doubled to around EUR 42 million. In the business-to-consumer segment, by contrast, adjusted EBIT fell from EUR 76.6 million to EUR 64.4 million. The strong group figure thus masks weakness in the larger business segment. “Zalando Extended” is intended to provide additional potential. With this, Zalando aims to bring products from other online shops onto its platform. From 2027, its own AI agent is to enable orders from these providers directly through the Zalando app. This opens up opportunities, but has yet to prove its economic value.
The full-year guidance remains unchanged. Zalando expects revenue and gross merchandise volume growth in the lower half of the range of 12 to 17% and adjusted EBIT of between EUR 680 million and EUR 720 million. Therefore, there was no upgrade to provide an additional share price catalyst. From a technical perspective, the setback hits a share price that had risen significantly again since early October. Previously, the summer rally to above EUR 30 had been followed by sharp losses in August and September. The question now is how resilient the recent recovery really is. The first investors have certainly made their decision and used yesterday’s low of EUR 25.08 to buy up shares. At the latest level of EUR 26.56, the closing price is above the 100-day moving average at EUR 24.85 and the 200-day moving average at EUR 23.32, which serve as the next potential support levels. The price therefore did not fall below the long-term average despite the sharp daily loss.
Conclusion
TeamViewer cut its 2026 revenue guidance after weak Q3 figures and postponed major orders, while its high EBITDA margin has so far failed to offset the loss of investor confidence. dynaCERT is focusing on the cost-effective decarbonisation of existing fleets with its HydraGEN™ retrofit and aims to accelerate market uptake through international distribution, software data and follow-up orders. Zalando increases revenue and operating profit, but the lower gross margin and declining earnings in the business-to-consumer segment unsettled some investors despite unchanged full-year guidance.
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