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 bestätigt sein Kursziel von EUR 19,00. Zusammenfassung: Am 31. Juli erhöhte The Platform Group die Prognose für 2025 und 2026. Das Unternehmen erwartet nun einen Umsatz von €715 bis €730 Mio. (zuvor: €680 - €700 Mio.) bei einem bereinigten EBITDA von €54 bis €58 Mio. (Marge 7,3% - 8,1%). Diese Prognoseerhöhung ist auf die getätigten Akquisitionen und den Einstieg von TPG in die Optiker- und Hörakustikbranche zurückzuführen. Das Unternehmen plant, seine Plattform 'MyGlasses' zur führenden Optikerplattform in der DACH-Region zu machen. TPG hat bereits die Übernahme von drei Optikern angekündigt, die in dem fünften Berichtssegment 'Optik & Hören' konsolidiert werden. Der Bereich Optik & Hören wird voraussichtlich auf Pro-forma-Basis über €30 Mio. zum Umsatz im Jahr 2025 beitragen, bei einer EBITDA-Marge von über 25% (€8 - €10 Mio.). TPG ist am 28. Juli mit der Übernahme der B2B-Plattform 'We Connect Work GmbH' in den Bausektor eingestiegen. Wir haben unsere WACC-Schätzung auf 10,55% (vorher: 10,2%) angepasst, um (1) einem höheren risikofreien Zinssatz (+20 Basispunkte) und (2) der Umwandlung von TPG in eine SE & Co. KGaA Rechnung zu tragen. Unsere erhöhten Prognosen werden durch unseren höheren Diskontierungssatz ausgeglichen. Ein aktualisiertes DCF-Modell ergibt ein unverändertes Kursziel von €19. Wir bestätigen unsere Kaufempfehlung (Aufwärtspotenzial: 137%). 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 19.00 price target. Abstract: On 31 July, The Platform Group raised its guidance for 2025 and 2026. The company now expects to generate €715m - €730m in revenue (previously: €680m - €700m), with adjusted EBITDA of €54m - €58m (7.3% - 8.1% margin). This guidance increase comes off the back of acquisitions made and TPG's venture into the optician and hearing acoustics sector. The company plans to make its 'MyGlasses' platform the leading optician platform in the DACH region. TPG has already announced the acquisition of three opticians, which will be consolidated in its 5th reporting segment: 'Optics & Hearing'. The Optics & Hearing sector is expected to contribute over €30m to 2025 revenue on a pro-forma basis, at an EBITDA margin of over 25% (€8m - €10m). TPG entered the construction sector on 28 July by acquiring the B2B 'We Connect Work GmbH' platform. We have adjusted our WACC estimate to 10.55% (previously: 10.2%) to account for: (1) a higher risk-free rate (+20bp) and (2) TPG's change in legal structure to an SE & Co. KGaA. Our increased forecasts are offset by our higher discount rate. An updated DCF model yields an unchanged price target of €19. We confirm our Buy recommendation (upside: 137%). Bezüglich der Pflichtangaben gem. §34b WpHG und des Haftungsausschlusses siehe die vollständige Analyse. You can download the research here: TPG_GR-2025-08-04_EN 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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2178976 04.08.2025 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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