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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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