The Platform Group AG
ISIN: DE000A2QEFA1
WKN: A2QEFA
29 November 2024 11:11AM

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: 21447

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

29.11.2024 / 11:10 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: Update
Recommendation: Buy
from: 29.11.2024
Target price: 16,00 Euro
Target price on sight of: 12 Monaten
Last rating change: -
Analyst: Alexander Rihane

First Berlin Equity Research hat ein Research Update zu The Platform Group AG (ISIN: DE000A2QEFA1) veröffentlicht. Analyst Alexander Rihane bestätigt seine BUY-Empfehlung und bestätigt sein Kursziel von EUR 16,00.

Zusammenfassung:
The Platform Group meldete starke Q3-Ergebnisse mit einem Umsatz und einem bereinigten EBITDA, die unsere Prognosen übertrafen. Der Umsatz stieg im Jahresvergleich um 44% auf €140 Mio. und lag damit 9% über unserer Schätzung (FBe: €128 Mio.). Dieser Umsatzsprung setzt sich aus einer 22%igen Erhöhung der Zahl der Bestellungen und einer 5%igen Erhöhung des Wertes des durchschnittlichen Warenkorbs zusammen. Das bereinigte EBITDA stieg um mehr als das Fünffache auf €7,0 Mio. und lag damit in den ersten neun Monaten bei €24,6 Mio. und somit leicht über unserer 9M-Prognose von €24,2 Mio. Damit ist TPG auf einem guten Weg, die für 2024 prognostizierten Umsatzerlöse in Höhe von €500 Mio. bis €520 Mio. (FBe: €511,3 Mio.) und das bereinigte EBITDA in Höhe von €29 Mio. bis €32 Mio. (FBe: €30,7 Mio.) zu erreichen. Der Nettogewinn stieg im Jahresvergleich um 357% auf €4,7 Mio. und lag damit im Rahmen unserer Schätzungen. Ein aktualisiertes DCF-Modell führt zu einem unveränderten Kursziel von €16. Wir bestätigen unsere Kaufempfehlung.


First Berlin Equity Research has published a research update on The Platform Group AG (ISIN: DE000A2QEFA1). Analyst Alexander Rihane reiterated his BUY rating and maintained his EUR 16.00 price target.

Abstract:
The Platform Group reported strong Q3 results, with revenue and adjusted EBITDA numbers exceeding our forecasts. Revenue rose 44% y/y to €140m and was 9% above our estimate (FBe: €128m) due to a 22% increase in the number of orders as well as a 5% increase in average order value. Adjusted EBITDA rose more than fivefold to €7.0m, bringing 9M adjusted EBITDA to €24.6m, slightly above our 9M forecast of €24.2m. This puts TPG well on track to meet 2024 guidance of €500m - €520m in revenue
(FBe: €511.3m) and €29m - €32m in adjusted EBITDA (FBe: €30.7m). Net income jumped 357% y/y to €4.7m and was in line with our estimates. An updated DCF model yields an unchanged €16 price target. We confirm our Buy recommendation.

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/31447.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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2041381  29.11.2024 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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