The Platform Group AG
ISIN: DE000A2QEFA1
WKN: A2QEFA
05 November 2024 02:51PM

Original-Research: The Platform Group AG (von First Berlin Equity Research GmbH): Buy

The Platform Group AG · ISIN: DE000A2QEFA1 · EQS - Analysts
Country: Germany · Primary market: Germany · EQS NID: 21189

Original-Research: The Platform Group AG - from First Berlin Equity Research GmbH

05.11.2024 / 14:50 CET/CEST
Dissemination of a Research, transmitted by EQS News - a service of EQS Group AG.
The issuer is solely responsible for the content of this research. The result of this research does not constitute investment advice or an invitation to conclude certain stock exchange transactions.


Classification of First Berlin Equity Research GmbH to The Platform Group AG

Company Name: The Platform Group AG
ISIN: DE000A2QEFA1
 
Reason for the research: Aufnahme der Coverage
Recommendation: Buy
from: 05.11.2024
Target price: 16,00 Euro
Target price on sight of: 12 Monate
Last rating change: -
Analyst: Alexander Rihane

First Berlin Equity Research hat am 05.11.2024 die Coverage von The Platform Group AG (ISIN: DE000A2QEFA1) aufgenommen. Analyst Alexander Rihane stuft die Aktie mit einem BUY-Rating ein, bei einem Kursziel von EUR 16,00.

Zusammenfassung:
The Platform Group (TPG) ist ein Besitzer und Betreiber von über 25 E-Commerce Plattformen. Das Unternehmen hat bewiesen, dass es sowohl eigene Plattformen entwickeln als auch akquirierte Plattformen in das eigene Plattform-Modell integrieren kann. Akquisitionen werden optimiert und repositioniert, um stärkeres Wachstum und höhere Margen zu erzielen. Basierend auf der selbstentwickelten E-Commerce-Software, die durch TPG’s Know-how im Einzelhandel geprägt ist, beherrscht TPG die komplette E-Commerce-Wertschöpfungskette und ist damit ein Full-Service-Anbieter für E-Commerce. Daraus ergibt sich ein attraktives Angebot für Händler, ihre Plattformen als digitalen Vertriebskanal zu nutzen. Wir sehen viel Spielraum für weiteres organisches Wachstum, da der Marktanteil von TPGs Plattformen noch gering ist. Weitere Akquisitionen sind ein wichtiger zweiter Werttreiber, da die Preise der Akquisitionsziele weiterhin attraktiv sind und deutlich unter der aktuellen Bewertung von TPG liegen. Wir sehen TPG auf einem guten Weg, sowohl organisch als auch anorganisch zu wachsen und durch die Netzwerkeffekte, die die Ökonomie von Plattformen prägen, die Margen zu steigern. Eine solide Bilanz und ein starker freier Cashflow runden diesen interessanten Investment Case ab. Unser DCF-Modell deutet auf eine erhebliche Unterbewertung hin. Wir nehmen die Coverage mit einer Kaufempfehlung und einem Kursziel von €16 auf.


First Berlin Equity Research on 05.11.2024 initiated coverage on The Platform Group AG (ISIN: DE000A2QEFA1). Analyst Alexander Rihane placed a BUY rating on the stock, with a EUR 16.00 price target.

Abstract:
The Platform Group (TPG) owns and operates over 25 e-commerce platforms. The company has a proven track record of developing its own platforms as well as acquiring existing platforms, which it successfully integrates into its platform model. Acquisitions are streamlined and repositioned to achieve stronger growth and higher margins. Based on proprietary e-commerce software, which builds on TPG’s own retail DNA, TPG commands the complete e-commerce value chain, making the company a full-service provider for e-commerce. This results in an attractive value proposition for merchants to use its platforms as a digital sales channel. We see plenty of scope for further organic growth as the market share of TPG’s platforms is still low. Further acquisitions are an important second value driver, as acquisition target prices remain attractive and well below TPG’s current valuation. We see TPG on a path to grow both organically and inorganically and increase margins by exploiting the network effects inherent in platform economics. A solid balance sheet and strong free cash flow generation make this intriguing investment case all the more attractive. Our DCF model suggests a significant undervaluation. We initiate coverage with a Buy rating and a €16 price target.

Bezüglich der Pflichtangaben gem. §34b WpHG und des Haftungsausschlusses siehe die vollständige Analyse

 

You can download the research here: http://www.more-ir.de/d/31189.pdf

Contact for questions:
First Berlin Equity Research GmbH
Herr Gaurav Tiwari
Tel.: +49 (0)30 809 39 686
web: www.firstberlin.com
E-Mail: g.tiwari@firstberlin.com


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2022979  05.11.2024 CET/CEST

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Boersengefluester.de (BGFL) provides an overview of the key figures on sales, earnings, cash flow and dividends to help you better assess the fundamental development of the respective companies. All information is entered manually in our database - the source is the respective annual reports. All estimates for future figures are provided by BGFL.

The most important financial data at a glance
  2018 2019 2020 2021 2022 2023 2024e
Sales1 65,24 73,16 94,81 133,76 168,43 432,20 465,00
EBITDA1,2 5,00 6,77 5,88 1,59 14,11 46,75 27,00
EBITDA-Margin3 7,66 9,25 6,20 1,19 8,38 10,82 5,81
EBIT1,4 2,60 4,27 3,45 -0,51 9,12 38,91 0,00
EBIT-Margin5 3,99 5,84 3,64 -0,38 5,42 9,00 0,00
Net Profit (Loss)1 0,30 1,40 0,87 -1,70 7,98 26,99 0,00
Net-Margin6 0,46 1,91 0,92 -1,27 4,74 6,25 0,00
Cashflow1,7 26,90 1,84 5,24 -13,81 2,22 104,09 0,00
Earnings per share8 0,05 0,23 0,14 -0,27 0,34 1,30 1,16
Dividend per share8 0,00 0,00 0,00 0,00 0,00 0,00 0,00
Quelle: boersengefluester.de and Company information
Explanation

1 in Mio. Euro; 2 EBITDA = Earnings before interest, taxes, depreciation and amortisation; 3 EBITDA in relation to sales; 4 EBIT = Earnings before interest and taxes; 5 EBIT in relation to sales; 6 Net profit (-loss) in relation to sales; 7 Cashflow from operations; 8 in Euro; Source: boersengefluester.de

Auditor: Russler & Arnold

All relevant valuation ratios, dates and other investor information on your share at a glance. Good to know: All data comes from boersengefluester.de and is updated daily. This means you are always up to date. You can get brief explanations of the key figures by moving the cursor or mouse over the relevant field.

INVESTOR-INFORMATION
©boersengefluester.de
The Platform Group
WKN ISIN Legal Type Marketcap IPO Recommendation Plus Code
A2QEFA DE000A2QEFA1 AG 150,26 Mio € 29.10.2020 Kaufen 9F385RGG+37
* * *
PE 2025e PE 10Y-Ø BGFL-Ratio Shiller-PE PB PCF KUV
8,13 8,07 1,01 27,19 1,73 1,44 0,35
Dividends
Dividend '2022
in €
Dividend '2023
in €
Dividend '2024e
in €
Div.-Yield '2024e
in %
0,00 0,00 0,00 0,00%
Financial calendar
Annual General Meeting Q1-figures Q2-figures Q3-figures Annual press conference
27.06.2024 29.05.2024 23.08.2024 22.11.2024 17.05.2024
Performance
Distance 60-days-line Distance 200-days-line Performance YtD Performance 52 weeks IPO
Last Price (EoD)
+0,27%
7,56 €
ATH 39,75 €
-0,92% -5,89% +22,73% +23,13% -75,61%

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