Original-Research: The Platform Group SE & Co. KGaA (von NuWays AG): BUY
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Original-Research: The Platform Group SE & Co. KGaA - from NuWays AG
Classification of NuWays AG to The Platform Group SE & Co. KGaA
FY25 on a strong growth path, sig. M&A underway; chg. The Platform Group reported preliminary and unaudited financials for FY25, showing robust growth and delivery within its guidance range and the company also announced a significant acquisition from the pharmaceutical wholesale sector. In detail: FY25 GMV increased by 44% yoy to € 1.3bn, slightly above our € 1.23bn estimate, confirming the group’s ability to scale its multi‑vertical platform model across B2B and B2C segments. Accordingly, sales grew by 39% yoy to € 728m (eNuW old: € 718m), landing in the upper half of the guidance range (€ 715-735m). Note, 63% of growth was organically thanks to an increased number of partners, an increased product assortment, high growth in consumer goods subsidiaries and freight goods and improved customer retention. Adj. EBITDA improved by roughly 65% yoy to € 55m (reported EBITDA of € 71.2m), implying a margin of 7.6% (+1.3pp yoy) carried by an improved gross margin (+0.8pp yoy) due to less discount activities and higher provisions but also operational leverage and a lower marketing cost ratio. Here, the company should have begun reaping the gains from its “AI first + cost reduction program”. Bottom line, EPS came in at € 2.26 vs. € 1.60 in FY24. The leverage ratio (ND/adj. EBITDA) further decreased to 2.2x, yet absolute net debt increased to ~ 120m as a result of the company’s acquisition strategy. A first glance into FY26. For FY26, management expects to increase GMV to € 1.7bn, sales to € 1bn and adj. EBITDA to € 70-80m, while keeping leverage (ND/adj. EBITDA) within the range of 1.5-2.3x. Importantly, this is largely in line with our estimates and not yet including the planned acquisition of AEP. Milestone acquisition underway. TPG announced its intention to acquire 100% of AEP GmbH, a Germany-based B2B pharmaceutical wholesaler and platform operator serving several thousand pharmacies. Subject to approval by the German Federal Cartel Office, closing is expected in Q2 2026. Following completion, AEP will be fully consolidated and form the backbone of a newly established segment, Pharma Group, alongside existing pharma-related activities such as ApoNow and apothekia. The new segment will feature € 1bn sales and € 25m adj. EBITDA. AEP alone should comprise some € 1bn sales and ~ € 22m adj. EBITDA. At an estimated purchase price of around € 75m (eNuW), this seems like a sensible acquisition, representing a transformational addition in terms of scale and business mix. If approved, the acquisition would put the company’s 2030 targets of € 3bn sales well in reach, in our view. We reiterate our BUY rating and maintain our PT of € 21.00, based on DCF. -change of analyst- You can download the research here: the-platform-group-se-co-kgaa-2026-01-28-previewreview-en-2578b 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 Interessenkonflikte nach § 85 WpHG beim oben analysierten Unternehmen befindet sich in der vollständigen Analyse. ++++++++++
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2267004 28.01.2026 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 | ||||||||
| 2020 | 2021 | 2022 | 2023 | 2024 | 2025e | 2026e | ||
| Sales1 | 94,81 | 133,76 | 168,43 | 432,20 | 524,64 | 728,00 | 1.000,00 | |
| EBITDA1,2 | 5,88 | 1,59 | 14,11 | 46,75 | 55,63 | 55,00 | 70,00 | |
| EBITDA-Margin3 | 6,20 | 1,19 | 8,38 | 10,82 | 10,60 | 7,56 | 7,00 | |
| EBIT1,4 | 3,45 | -0,51 | 9,12 | 38,91 | 45,78 | 54,00 | 0,00 | |
| EBIT-Margin5 | 3,64 | -0,38 | 5,42 | 9,00 | 8,73 | 7,42 | 0,00 | |
| Net Profit (Loss)1 | 0,87 | -1,70 | 7,98 | 26,99 | 32,74 | 46,50 | 58,00 | |
| Net-Margin6 | 0,92 | -1,27 | 4,74 | 6,25 | 6,24 | 6,39 | 5,80 | |
| Cashflow1,7 | 5,24 | -13,81 | 2,22 | 104,09 | 57,99 | 65,00 | 0,00 | |
| Earnings per share8 | 0,14 | -0,27 | 1,12 | 1,48 | 1,60 | 2,26 | 0,60 | |
| 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 |
| A40ZW8 | DE000A40ZW88 | SE & Co. KGaA | 91,29 Mio € | 29.10.2020 | Halten | 9F385RGG+37 |
| PE 2027e | PE 10Y-Ø | BGFL-Ratio | Shiller-PE | PB | PCF | KUV |
| 9,86 | 4,57 | 2,16 | 6,82 | 0,69 | 1,57 | 0,13 |
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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 |
| 01.07.2026 | 27.05.2026 | 20.08.2026 | 14.11.2025 | 22.04.2026 |
| Distance 60-days-line | Distance 200-days-line | Performance YtD | Performance 52 weeks | IPO |
| -30,54% | -48,43% | -18,77% | -49,14% | -85,69% |
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