Original-Research: The Platform Group AG (von First Berlin Equity Research GmbH): Kaufen
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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 16,00. Zusammenfassung: Mit der Übernahme der Chronext Group, einer Online-Plattform für Luxusuhren, und der FirstWire GmbH, einer B2B-Finanzierungsplattform, hat The Platform Group ihre M&A-Tätigkeit fortgesetzt. Damit erhöht sich die Zahl der in diesem Jahr getätigten Übernahmen auf 11 mit einem Gesamtübernahmevolumen von €37 Mio. Für 2025 plant TPG weitere M&A-Aktivitäten mit einem angestrebten Investitionsvolumen von €30 Mio. bis €40 Mio. Um dies zu finanzieren, hat das Unternehmen seine bestehende 2024/2028 Anleihe mit einem Kupon von 8,875 % um €20 Mio. aufgestockt. Das Management gab in der Telefonkonferenz zum 3. Quartal bekannt, dass das nächste M&A-Ziel eine B2C-Optikerplattform in Deutschland ist, deren Akquisition voraussichtlich in Q1/25 abgeschlossen sein wird. Das Ziel von TPG ist es, die führende Plattformgruppe in Europa zu werden, und ein 50/50 Verhältnis zwischen organischem und anorganischem Wachstum zu erreichen. 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 has continued its M&A spree with the acquisitions of Chronext Group, an online platform for luxury watches, and FirstWire GmbH, a B2B financing platform. This brings the tally of acquisitions made this year to 11, with a total 2024 acquisition volume of €37m. In 2025 TPG plans to continue M&A activities, with a targeted investment volume of €30m - €40m. To finance this, the company has tapped the existing 8.875% coupon 2024/2028 bond to the tune of €20m. Management indicated in the Q3 earnings call, that the next M&A target, which is expected to close in Q1/25, is a B2C optician platform located in Germany. TPG's near-term goal is to become Europe's leading platform group, with a targeted 50/50 organic and inorganic growth split. 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/31541.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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2051111 13.12.2024 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 | ||||||||
| 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 | |
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 |
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Dividend '2022 in € |
Dividend '2023 in € |
Dividend '2024e in € |
Div.-Yield '2024e in % |
| 0,00 | 0,00 | 0,00 | 0,00% |
| 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 |
| Distance 60-days-line | Distance 200-days-line | Performance YtD | Performance 52 weeks | IPO |
| -0,92% | -5,89% | +22,73% | +20,77% | -75,61% |
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