Original-Research: The Platform Group AG (von NuWays AG): Buy

Classification of NuWays AG to The Platform Group AG

Company Name:	The Platform Group AG
ISIN:	DE000A2QEFA1
Reason for the research:	Update
Recommendation:	Buy
from:	29.07.2025
Target price:	EUR 18.00
Target price on sight of:	12 months
Last rating change:
Analyst:	Henry Wendisch

Moving into O&H and construction; while scaling luxury

Topic: We revisit TPG’s investment case with this update and shed light on recent news flow and Q1 results. In detail:

Q1 results show rising momentum. GMV increased by 87% yoy to € 356m, driven by 28% more partners yoy (15.4k), a 9% yoy higher AOV and 60% yoy more orders. Consequently, sales grew accordingly by 49% yoy to € 161m, whereas adj. EBITDA grew disproportionately by 87% yoy to € 16m (9.9% margin, up 2pp yoy). Mind you, the effects described above are a mix of organic and inorganic developments, which are not disclosed separately, but should stem from profitable acquisitions of the past, in our view.

New strategy to enter Opticians & Hearing market. With the announced acquisitions of 50.1% of Beste Aussichten GmbH, 50.1% of Karrasch & Nolte GmbH (closing expected in July ‘25) as well as the simultaneous disposal of shares in Mister Spex, TPG took another second serve with its entry into the Optics & Hearing market. The two acquired companies employ c. 200 FTEs and have 30 sites all over Germany. The purchase price is in the double-digit € m range and consists of a cash component and shares. With this, TPG forms a new segment “Optics & Hearing” with an expected pro-forma revenue of € 30m and adj. EBITDA margin between 26-33% in FY’25e, whereas in FY’26e € 55-60m sales with an adj. EBITDA margin of 25% (incl. further acquisitions) are targeted, highlighting the strong growth and profitability profile in this new vertical, in our view.

First step into construction via We Connect Work acquisition. Only yesterday, TPG announced the acquisition of We Connect Work, a B2B platform connecting Real estate companies, property developers & architects with electrical, plumbing, heating, drywall construction, and welding technology providers. This adds another vertical to TPG next to Furniture, machinery, dental technology, car platforms and luxury fashion.

Scaling luxury business. With the announced closing of Joli Closet (second-hand luxury C2C platform) and the integration of fashionette’s, Winkelstraat’s and Chronext’s product offering into Joli Closet, TPG thus creates a single go-to place for secondhand and vintage luxury products with the aim to scale sales as a whole.

Own fulfilment solution initiated. With the establishement of TPG Fulfillment GmbH and the acquisition of a 12k m² logistic center in May 2025, TPG aims to centralize and implement the logistics for various holdings and partners. This should effectively reduce fulfilment costs with notable effects visible from Q4‘25 onwards.

In sum, TPG continues to deliver on it’s M&A strategy, which shows in solid financial figures. Trading at only 4.5x FY’25e EBITDA (3.8x FY’26e EBITDA), the shares seem mispriced, in our view. Therefore, we recommend to BUY based on a DCF-based PT of € 18.00.

- analyst change -

You can download the research here: the-platform-group-ag-2025-07-29-update-en-b9f13
For additional information visit our website: https://www.nuways-ag.com/research-feed

Contact for questions:
NuWays AG - Equity Research
Web: www.nuways-ag.com
Email: research@nuways-ag.com
LinkedIn: https://www.linkedin.com/company/nuwaysag
Adresse: Mittelweg 16-17, 20148 Hamburg, Germany
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Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss bestimmter Börsengeschäfte.
Offenlegung möglicher Interessenskonflikte nach § 85 WpHG beim oben analysierten Unternehmen befinden sich in der vollständigen Analyse.
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