Original-Research: The Platform Group SE & Co. KGaA (von First Berlin Equity Research GmbH): Buy
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Original-Research: The Platform Group SE & Co. KGaA - from First Berlin Equity Research GmbH
Classification of First Berlin Equity Research GmbH to The Platform Group SE & Co. KGaA
First Berlin Equity Research hat ein Research Update zu The Platform Group SE & Co. KGaA (ISIN: DE000A40ZW88) veröffentlicht. Analyst Alexander Rihane bestätigt seine BUY-Empfehlung und senkt das Kursziel von EUR 20,00 auf EUR 19,00. Zusammenfassung: The Platform Group hat Rekordergebnisse für das erste Quartal veröffentlicht, die unsere Schätzungen übertrafen. Der Umsatz stieg im Jahresvergleich um 51% auf €243 Mio. (FBe: €219 Mio.), während das AEBITDA bei €21,8 Mio. lag (+37% im Jahresvergleich). Damit ist TPG auf dem besten Weg, seine Prognose für 2026 zu erreichen (Umsatz: €1 Mrd.; AEBITDA: €70-80 Mio.). Der Krieg im Iran hat sowohl die Fremdkapitalkosten als auch die Vertriebskosten erhöht, was die TPG-Führung dazu veranlasst hat, aktiv an der Reduzierung der Bankverbindlichkeiten zu arbeiten und den Fokus stärker auf die Logistikkostensenkung zu legen. Zwei wichtige Hebel zur Senkung der Logistikkosten sind: (1) die Steigerung des durchschnittlichen Bestellvolumens (derzeit: €128; +2% im Jahresvergleich) und (2) die weitere Auslastung des zentralen Lagers in Gladbeck. TPG hat mehrere Term Sheets für die Finanzierung der AEP-Transaktion vorliegen, die derzeit geprüft werden. Zudem sind noch einige Abschlussbedingungen offen, doch das Management rechnet mit einem Abschluss Ende des 2. Quartals oder Anfang des 3. Quartals. Wir haben unsere Schätzungen für die Fremdkapitalkosten angehoben, was zu einer erhöhten WACC-Schätzung von 11,1% führt (zuvor: 10,7%). Ein aktualisiertes DCF-Modell ergibt ein gesenktes Kursziel von €19 (zuvor: €20). Wir behalten unsere Kaufempfehlung bei (Aufwärtspotenzial: >600%). First Berlin Equity Research has published a research update on The Platform Group SE & Co. KGaA (ISIN: DE000A40ZW88). Analyst Alexander Rihane reiterated his BUY rating and decreased the price target from EUR 20.00 to EUR 19.00. Abstract: The Platform Group published record Q1 results, which exceeded our estimates. Revenue rose 51% y/y to €243m (FBe: €219m) with AEBITDA coming in at €21.8m (+37% y/y). This puts TPG well on track to meet its 2026 guide (revenue: €1bn; AEBITDA: €70m - €80m). The war in Iran has increased both the cost of debt and distribution costs, prompting TPG brass to work on actively reducing bank liabilities and place more focus on logistics. Two key levers for reducing logistics costs are: (1) increasing average order volume (currently: €128; +2% y/y); and (2) further increasing usage of the centralized warehouse in Gladbeck. TPG has several term sheets for the financing of the AEP deal on the table, which it is currently evaluating. There are also several closing conditions which are still outstanding, but management expect completion in late Q2 or early Q3. We have increased our cost of debt estimates, leading to an increased WACC estimate of 11.1% (previously: 10.7%). An updated DCF model yields a reduced price target of €19 (previously: €20). We maintain our Buy rating (upside: >550%). Bezüglich der Pflichtangaben gem. §34b WpHG und des Haftungsausschlusses siehe die vollständige Analyse. You can download the research here: TPG0_GR-2026-06-01_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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2336978 01.06.2026 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 | 2025 | 2026e | ||
| Sales1 | 94,81 | 133,76 | 168,43 | 432,20 | 524,64 | 728,09 | 1.000,00 | |
| EBITDA1,2 | 5,88 | 1,59 | 14,11 | 46,75 | 55,63 | 71,22 | 50,00 | |
| EBITDA-Margin3 | 6,20 | 1,19 | 8,38 | 10,82 | 10,60 | 9,78 | 5,00 | |
| EBIT1,4 | 3,45 | -0,51 | 9,12 | 38,91 | 45,78 | 59,20 | 37,00 | |
| EBIT-Margin5 | 3,64 | -0,38 | 5,42 | 9,00 | 8,73 | 8,13 | 3,70 | |
| Net Profit (Loss)1 | 0,87 | -1,70 | 7,98 | 26,99 | 32,74 | 46,52 | 18,50 | |
| Net-Margin6 | 0,92 | -1,27 | 4,74 | 6,25 | 6,24 | 6,39 | 1,85 | |
| Cashflow1,7 | 5,24 | -13,81 | 2,22 | 104,09 | 57,99 | 59,72 | 55,00 | |
| Earnings per share8 | 0,14 | -0,27 | 1,12 | 1,48 | 1,60 | 2,26 | 0,90 | |
| 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: RR
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 | 30,05 Mio € | 29.10.2020 | 9F385RGG+37 | |
| PE 2027e | PE 10Y-Ø | BGFL-Ratio | Shiller-PE | PB | PCF | KUV |
| 3,24 | 3,41 | 0,95 | 2,25 | 0,17 | 0,50 | 0,04 |
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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 | 05.11.2026 | 22.04.2026 |
| Distance 60-days-line | Distance 200-days-line | Performance YtD | Performance 52 weeks | IPO |
| -49,16% | -73,44% | -73,26% | -85,47% | -95,29% |
Founded in 2013 by Gereon Kruse, the financial portal boersengefluester.de is all about German shares - with a clear focus on second-line stocks. In addition to traditional editorial articles, the site stands out in particular thanks to a large number of self-developed analysis tools. All tools are based on a completely self-maintained database for more than 650 shares. As a result, boersengefluester.de produces Germany's largest profit and dividend forecast.
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