Original-Research: The Platform Group AG (von First Berlin Equity Research GmbH): Buy
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Original-Research: The Platform Group AG - from First Berlin Equity Research GmbH
Classification of First Berlin Equity Research GmbH to The Platform Group AG
First Berlin Equity Research hat ein Research Update zu The Platform Group AG (ISIN: DE000A2QEFA1) veröffentlicht. Analyst Alexander Rihane bestätigt seine BUY-Empfehlung und erhöht das Kursziel von EUR 17,00 auf EUR 19,00. Zusammenfassung: The Platform Group hat ihren Jahresbericht veröffentlicht und eine Telefonkonferenz abgehalten. Das Management bestätigte die am 31. Januar vorgelegten vorläufigen Zahlen. Das Unternehmen hat seine Prognosen für die Jahre 2025 und 2026 aufgrund der vier Übernahmen im Jahr 2025 stark angehoben. Die Umsatzprognose wurde für 2025 um 15% auf €680 Mio. bis €700 Mio. und für 2026 um 17% auf über €820 Mio. angehoben. Das bedeutet, dass das Management von TPG für 2025 ein Umsatzwachstum von 30% und für 2026 von weiteren 20% gegenüber dem Vorjahr erwartet, bei einer unveränderten bereinigten EBITDA-Marge von mindestens 7%. Wir haben unsere Schätzungen angehoben, um diese Änderungen zu berücksichtigen. TPG plant für 2025 den Abschluss weiterer 1 - 4 M&A-Deals. Wir berücksichtigen die Umsätze aus noch nicht abgeschlossenen Akquisitionen in unseren Prognosen nicht. Der Anstieg der Nettoverschuldung und der Anzahl der ausstehenden Aktien wird durch die Anhebung unserer Prognosen mehr als ausgeglichen. Ein aktualisiertes DCF-Modell ergibt ein erhöhtes Kursziel von €19 (zuvor: €17), was einem Aufwärtspotenzial von 87 % entspricht. 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 increased the price target from EUR 17.00 to EUR 19.00. Abstract: The Platform Group has published its annual report and held a conference call, in which it confirmed preliminary figures reported on 31 January. The company has drastically raised guidance for 2025 and 2026 on the back of the four acquisitions made so far in 2025. Revenue guidance has been raised by 15% for 2025 to €680m - €700m and by 17% for 2026 to >€820m. This means that TPG management expects sales to grow 30% y/y in 2025 and another 20% y/y in 2026, with unchanged adjusted EBITDA margin guidance of at least 7%. We have raised our estimates to reflect these changes. TPG plans to complete another 1 – 4 M&A deals in 2025. We do not include revenues from acquisitions not yet completed in our forecasts. The increase in net debt and the number of shares outstanding is more than offset by our raised forecasts. An updated DCF model yields an increased price target of €19 (previously: €17), which corresponds to upside of 87%. 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/32460.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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2130254 05.05.2025 CET/CEST
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 | ||||||||
| 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025e | ||
| Sales1 | 73,16 | 94,81 | 133,76 | 168,43 | 432,20 | 524,64 | 725,00 | |
| EBITDA1,2 | 6,77 | 5,88 | 1,59 | 14,11 | 46,75 | 55,63 | 56,00 | |
| EBITDA-Margin3 | 9,25 | 6,20 | 1,19 | 8,38 | 10,82 | 10,60 | 7,72 | |
| EBIT1,4 | 4,27 | 3,45 | -0,51 | 9,12 | 38,91 | 45,78 | 54,00 | |
| EBIT-Margin5 | 5,84 | 3,64 | -0,38 | 5,42 | 9,00 | 8,73 | 7,45 | |
| Net Profit (Loss)1 | 1,40 | 0,87 | -1,70 | 7,98 | 26,99 | 32,74 | 50,00 | |
| Net-Margin6 | 1,91 | 0,92 | -1,27 | 4,74 | 6,25 | 6,24 | 6,90 | |
| Cashflow1,7 | 1,84 | 5,24 | -13,81 | 2,22 | 104,09 | 57,99 | 65,00 | |
| Earnings per share8 | 0,23 | 0,14 | -0,27 | 1,12 | 1,48 | 1,60 | 2,40 | |
| Dividend per share8 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | |
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 | 125,97 Mio € | 29.10.2020 | Kaufen | 9F385RGG+37 |
| PE 2026e | PE 10Y-Ø | BGFL-Ratio | Shiller-PE | PB | PCF | KUV |
| 2,35 | 3,55 | 0,66 | 9,42 | 0,96 | 2,17 | 0,24 |
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Dividend '2023 in € |
Dividend '2024 in € |
Dividend '2025e in € |
Div.-Yield '2025e in % |
| 0,00 | 0,00 | 0,00 | 0,00% |
| Annual General Meeting | Q1-figures | Q2-figures | Q3-figures | Annual press conference |
| 25.08.2025 | 23.05.2025 | 22.08.2025 | 14.11.2025 | 28.04.2025 |
| Distance 60-days-line | Distance 200-days-line | Performance YtD | Performance 52 weeks | IPO |
| -25,97% | -33,08% | -23,54% | -21,56% | -80,52% |
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