Original-Research: The Platform Group AG (von NuWays AG): Buy
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Original-Research: The Platform Group AG - from NuWays AG
Classification of NuWays AG to The Platform Group AG
Moving into O&H and construction; while scaling luxury 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 ++++++++++ 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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2175786 29.07.2025 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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