Analysts Turn Bullish: Multi-Bagger Potential? TeamViewer, Atoss Software and MustGrow Biologics

MustGrow: Significant Re-Rating Potential

GBC Research sees considerable re-rating potential for MustGrow. It has set a price target of EUR 1.66, while the shares currently trade at around EUR 0.19. MustGrow combines the sale of proprietary agricultural products based on its mustard-derived seed technology with the licensing of its platform to major industry partners. At the core of the company's near-term growth strategy is TerraSante™, an approved biofertility product already being marketed in the US for high-value crops such as fruit, vegetables, grapes, nuts, and potatoes. MustGrow's strategic partnership with Bayer, centred on the pre-registered mustard-derived biocontrol product TerraMG™, validates the company's technology platform and could provide long-term access to international markets without requiring MustGrow to build its own extensive sales and regulatory infrastructure.

GBC Research forecasts revenue to increase from CAD 4.50 million in 2026 to CAD 14.05 million in 2027 and CAD 31.56 million in 2028. Growth is expected to be driven by broader market penetration, repeat orders, an expanding dealer network, and additional acreage under cultivation. At the same time, gross margins are projected to improve as the sales mix shifts towards higher-margin proprietary products and the company benefits from more efficient production and economies of scale. For 2028, GBC expects EBITDA of CAD 8.46 million and earnings per share of CAD 0.11. The Bayer partnership is not yet factored into this base scenario and thus offers additional upside potential.

GBC Research's investment case for MustGrow is built around a mustard-derived biologics platform that extends well beyond a single product, enabling applications across several attractive areas of agriculture. These include biofertility, biological crop protection, and regenerative agriculture. This diversified approach reduces dependence on any one product or end market while providing multiple avenues for future commercialization.

The company's asset-light business model also offers significant operating leverage as revenue scales. Combined with rising demand for sustainable agricultural inputs and tightening regulations on synthetic crop protection products, MustGrow appears well positioned for long-term growth. If the company succeeds in expanding adoption of TerraSante™ and commercializing additional products, GBC believes the current valuation leaves substantial room for a re-rating.

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TeamViewer: Results Do Not Convince Everyone

Analysts at mwb see initial operational progress at TeamViewer in the second quarter of 2026, although revenue growth remained weak. Revenue fell by 1.4% on a currency-adjusted basis to EUR 183 million, while annual recurring revenue (ARR) remained largely stable at EUR 737 million. mwb views the currency-adjusted growth of 8.3% in Enterprise ARR and the beginning stabilization of the churn rate in the small and medium-sized customer segment as particularly positive. Adjusted EBITDA reached EUR 78.9 million, corresponding to a high margin of 43.2%.

mwb views the Enterprise business as the key growth driver. The increasing importance of TeamViewer ONE and the Digital Employee Experience platform is clearly evident. However, net revenue retention in the Enterprise segment remained below 100% at 94%—or 98% when adjusted for customer reclassifications. This means that, on balance, existing large customers are not yet spending more money on TeamViewer products. According to analysts' assessments, smaller customer groups remain a structural drag on performance.

Due to the slow recovery, mwb is lowering its revenue forecasts for fiscal years 2026 through 2028 to EUR 758 million, EUR 770 million, and EUR 786 million. Additional revenue from TeamViewer ONE and the partnership with ServiceNow is expected only gradually, as sales processes with large customers often take a long time. At the same time, analysts are raising their earnings forecasts due to cost discipline and the high gross margin. Nevertheless, the price target is being lowered from EUR 9.60 to EUR 8.90. The "Buy" recommendation remains in place, as mwb believes the valuation, with an expected 2027 P/E ratio of 6.9, already factors in a large portion of the operational risks.

Not all analysts share this optimism. Following the earnings release, Berenberg reduced its price target for TeamViewer from EUR 11 to EUR 6.70 and now rates the stock as "Hold". The analysts expect the technology company to reach only the lower end of its full-year forecast. The share is currently trading at around EUR 6.

ATOSS Software: Analysts Bullish

Berenberg is bullish on ATOSS Software. The analysts estimate the share's fair value at EUR 135 and recommend buying it. They note that growth in the cloud segment is particularly impressive. The share is currently trading at approximately EUR 88.

Our colleagues at NuWays are similarly optimistic. They believe ATOSS shares could rise to EUR 134. The analysts view ATOSS as a high-quality growth stock with low customer churn, high return on investment and strong visibility due to its high proportion of recurring revenue.

ATOSS Software's second-quarter 2026 results are viewed positively. Revenue rose by 13% to EUR 51.8 million, slightly exceeding estimates. The business with cloud and subscription solutions remained the growth driver, with revenue increasing by 25.9% to EUR 28.7 million. In contrast, revenue from traditional perpetual licenses declined by 21.9% as part of the strategic shift to the cloud. These now account for only about 2% of quarterly revenue. The share of recurring revenue increased to just under 74%.

According to NuWays, order intake showed particularly strong growth. The order backlog for cloud and subscription solutions increased by EUR 6.4 million in the second quarter, placing it 56% above the prior-year figure. After new business had stagnated in the first quarter, NuWays views this as a turning point. The order backlog's coverage of cloud ARR improved to 106%, indicating a continued strong trend in recurring revenue. In addition, ATOSS acquired new customers both domestically and internationally, particularly in the healthcare and semiconductor industries.

NuWays also sees further potential in terms of profitability. EBIT rose by 18.9% to EUR 18.1 million, with the margin reaching 34.9%. In addition to economies of scale in the cloud business, strict cost control contributed to this result. NuWays therefore considers even its margin target of at least 34% for 2026 to be conservative and believes a further upward revision of the forecast is possible over the course of the year. For 2027, ATOSS has already raised its margin target from at least 33% to at least 35%.

Analysts expect MustGrow to deliver strong revenue growth and, starting in 2028, high profits. The share appears to have significant potential and may even be a takeover candidate. TeamViewer has long been considered undervalued. However, concerns about the company's long-term viability continue to weigh on its share price. When it comes to ATOSS Software, several analysts are bullish.