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 20,00. Zusammenfassung: The Platform Group hat ihre vorläufigen Ergebnisse für das dritte Quartal vorgelegt und eine Telefonkonferenz abgehalten. Der Umsatz stieg im Vergleich zum Vorjahr um 35% auf €189 Mio. (FBe: €188 Mio.), wobei organisches Wachstum etwa zwei Drittel des Anstiegs ausmachte. Das bereinigte EBITDA stieg im Jahresvergleich um rund 78% auf €12,5 Mio. (FBe: €11,5 Mio.), wobei sich die AEBITDA-Marge um 160 Basispunkte auf 6,6% verbesserte. Diese Margenausweitung ist auf bessere Marketing- und Vertriebskostenquoten im Rahmen der Kostensenkungsmaßnahmen von TPG zurückzuführen. Alle vier Segmente verzeichneten Umsatzsteigerungen, wobei das Segment Consumer Goods, das größte Segment von TPG, den höchsten Umsatz- und AEBITDA-Anstieg verzeichnete (jeweils +60% und +104% im Jahresvergleich). Wir sehen TPG auf gutem Weg, die Jahresprognose zu erreichen, und haben daher unsere Schätzungen nicht geändert. Ein aktualisiertes DCF-Modell ergibt ein unverändertes Kursziel von €20 (Aufwärtspotenzial: 153%). Wir behalten unsere Kaufempfehlung bei. 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 20.00 price target. Abstract: The Platform Group presented headline Q3 results and held a conference call. Sales were up 35% y/y at €189m (FBe: €188m), with organic growth accounting for ca. two thirds of the increase. Adjusted EBITDA rose some 78% y/y to €12.5m (FBe: €11.5m), with the AEBITDA margin widening by 160bp to 6.6%. This margin expansion is owed to better marketing and distribution expense ratios as part of TPG's cost cutting and streamlining measures. All four segments saw revenues grow, with Consumer Goods, TPG's largest segment, experiencing the highest revenue and AEBITDA increases (+60% and +104% y/y respectively). We see TPG well on track to meet year-end guidance and have therefore not altered our estimates. An updated DCF model yields an unchanged price target of €20 (upside: 153%). We maintain our Buy recommendation. Bezüglich der Pflichtangaben gem. §34b WpHG und des Haftungsausschlusses siehe die vollständige Analyse You can download the research here: TPG_GR-2025-11-10_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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2226860 10.11.2025 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 | 130,91 Mio € | 29.10.2020 | Kaufen | 9F385RGG+37 |
| PE 2026e | PE 10Y-Ø | BGFL-Ratio | Shiller-PE | PB | PCF | KUV |
| 2,45 | 3,58 | 0,68 | 9,79 | 0,99 | 2,26 | 0,25 |
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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 |
| -23,48% | -30,54% | -22,53% | -20,52% | -80,26% |
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