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 reported strong Q3 results, with revenue and adjusted EBITDA numbers exceeding our forecasts. Revenue rose 44% y/y to €140m and was 9% above our estimate (FBe: €128m) due to a 22% increase in the number of orders as well as a 5% increase in average order value. Adjusted EBITDA rose more than fivefold to €7.0m, bringing 9M adjusted EBITDA to €24.6m, slightly above our 9M forecast of €24.2m. This puts TPG well on track to meet 2024 guidance of €500m – €520m in revenue (FBe: €511.3m) and €29m – €32m in adjusted EBITDA (FBe: €30.7m). Net income jumped 357% y/y to €4.7m and was in line with our estimates. An updated DCF model yields an unchanged €16 price target. We confirm our Buy recommendation.