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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 am 05.11.2024 die Coverage von The Platform Group AG (ISIN: DE000A2QEFA1) aufgenommen. Analyst Alexander Rihane stuft die Aktie mit einem BUY-Rating ein, bei einem Kursziel von EUR 16,00. Zusammenfassung: The Platform Group (TPG) ist ein Besitzer und Betreiber von über 25 E-Commerce Plattformen. Das Unternehmen hat bewiesen, dass es sowohl eigene Plattformen entwickeln als auch akquirierte Plattformen in das eigene Plattform-Modell integrieren kann. Akquisitionen werden optimiert und repositioniert, um stärkeres Wachstum und höhere Margen zu erzielen. Basierend auf der selbstentwickelten E-Commerce-Software, die durch TPG’s Know-how im Einzelhandel geprägt ist, beherrscht TPG die komplette E-Commerce-Wertschöpfungskette und ist damit ein Full-Service-Anbieter für E-Commerce. Daraus ergibt sich ein attraktives Angebot für Händler, ihre Plattformen als digitalen Vertriebskanal zu nutzen. Wir sehen viel Spielraum für weiteres organisches Wachstum, da der Marktanteil von TPGs Plattformen noch gering ist. Weitere Akquisitionen sind ein wichtiger zweiter Werttreiber, da die Preise der Akquisitionsziele weiterhin attraktiv sind und deutlich unter der aktuellen Bewertung von TPG liegen. Wir sehen TPG auf einem guten Weg, sowohl organisch als auch anorganisch zu wachsen und durch die Netzwerkeffekte, die die Ökonomie von Plattformen prägen, die Margen zu steigern. Eine solide Bilanz und ein starker freier Cashflow runden diesen interessanten Investment Case ab. Unser DCF-Modell deutet auf eine erhebliche Unterbewertung hin. Wir nehmen die Coverage mit einer Kaufempfehlung und einem Kursziel von €16 auf. First Berlin Equity Research on 05.11.2024 initiated coverage on The Platform Group AG (ISIN: DE000A2QEFA1). Analyst Alexander Rihane placed a BUY rating on the stock, with a EUR 16.00 price target. Abstract: The Platform Group (TPG) owns and operates over 25 e-commerce platforms. The company has a proven track record of developing its own platforms as well as acquiring existing platforms, which it successfully integrates into its platform model. Acquisitions are streamlined and repositioned to achieve stronger growth and higher margins. Based on proprietary e-commerce software, which builds on TPG’s own retail DNA, TPG commands the complete e-commerce value chain, making the company a full-service provider for e-commerce. This results in an attractive value proposition for merchants to use its platforms as a digital sales channel. We see plenty of scope for further organic growth as the market share of TPG’s platforms is still low. Further acquisitions are an important second value driver, as acquisition target prices remain attractive and well below TPG’s current valuation. We see TPG on a path to grow both organically and inorganically and increase margins by exploiting the network effects inherent in platform economics. A solid balance sheet and strong free cash flow generation make this intriguing investment case all the more attractive. Our DCF model suggests a significant undervaluation. We initiate coverage with a Buy rating and a €16 price target. 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/31189.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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2022979 05.11.2024 CET/CEST
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