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 19,00. Zusammenfassung: The Platform Group hielt eine Telefonkonferenz ab und präsentierte die Ergebnisse für das erste Quartal. Der Umsatz stieg um 49% auf ein Allzeithoch von €161 Mio. und lag leicht über unseren Schätzungen (FBe: €158 Mio.). Das organische Umsatzwachstum (OSG) lag im Jahresvergleich bei über 59%, was angesichts des mittelfristigen Ziels von TPG, eine 50/50-Mischung aus organischem und anorganischem Umsatzwachstum zu erreichen, ermutigend ist. Das OSG wurde zu einem großen Teil durch die Ausweitung der Anzahl der Partner (+28% j/j) sowie durch das gestiegene Verbrauchervertrauen erreicht. Das bereinigte EBITDA von €16 Mio. stieg um 87% gegenüber dem Vorjahr und lag 48% über unserer Schätzung (FBe: €11 Mio.). Dies ist in erster Linie auf eine starke Q1-Bruttomarge von ~35% zurückzuführen. Die Aktien von TPG sind um ~40% gestiegen, seit das Unternehmen am 28. April aufgrund der vier Akquisitionen im Jahr 2025 seine Prognose erhöht hat. Wir glauben, dass das Unternehmen auf dem besten Weg ist, seine Prognose für 2025 von €680 Mio. - €700 Mio. Umsatz und einem AEBITDA von €47 Mio. - €50 Mio. zu erreichen. Ein aktualisiertes DCF-Modell führt zu einem unveränderten Kursziel von €19. Wir bekräftigen unsere Kaufempfehlung (Aufwärtspotenzial: 57%). 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 19.00 price target. Abstract: The Platform Group held a conference call and presented results for the March quarter. Revenue rose 49% to an all-time high of €161m and was slightly above our estimate (FBe: €158m). Organic sales growth (OSG) topped 59% y/y, which is encouraging considering TPG's mid-term target of a 50/50 mix of organic and inorganic sales growth. OSG was driven in large part by TPG expanding its number of partners (+28% y/y) along with a general uptick in consumer confidence. Adjusted EBITDA of €16m was up 87% y/y and came in 48% above our estimate (FBe: €11m). This is primarily due to a strong Q1 gross margin of ~35%. TPG's shares have rallied ~40% since the company increased guidance on 28 April on the back of the four acquisitions made in 2025. We believe that the company is well on track to meet its 2025 guidance of €680m - €700m in sales and an AEBITDA of €47m - €50m. An updated DCF model yields an unchanged price target of €19. We maintain our Buy recommendation (upside: 57%). 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/32752.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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2147064 28.05.2025 CET/CEST
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