First Berlin Equity Research has published a research update on The Platform Group AG (ISIN: DE000A2QEFA1). Analyst Alexander Rihane reiterated his BUY rating and increased the price target from EUR 16.00 to EUR 17.00.

Abstract
The Platform Group (TPG) presented record preliminary figures for 2024 at its capital markets day on 31 January 2025. Revenue, adjusted EBITDA and net income not only exceeded our estimates, but surpassed the company’s internal planning as well. Revenue increased by 19% y/y to €525m (FBe: €511m). AEBITDA rose more than 47% y/y to €33.2m (FBe: €30.7m), with the AEBITDA margin widening by 1.2 percentage points to 6.3% (FBe: 6.0%). Adjusted net income amounted to €13.1m, which was 34% above our forecasts (FBe: €9.7m) and corresponds to a 78% increase y/y. The company gave first guidance for 2026 and increased 2025 guidance for the third time to account for recent acquisitions made. Additionally, TPG gave insight into their near-term M&A pipeline and announced its intentions to launch its own payment solution ?TPG Pay’ over the course of 2025. We believe that acquisitions made in 2024 have laid the foundation for strong organic growth, with the current market environment offering attractive targets for further M&A transactions. In addition to the Lyra Pet acquisition made on 20 January, TPG plans to make a further 4 – 7 acquisitions in 2025. We have not yet included these acquisitions in our forecasts. Given the anticipated strong earnings growth in 2025E and 2026E, we believe that TPG is attractively valued with a 2025E P/E of 9x and EV/AEBITDA of 5x. An updated DCF model, which accounts for our increased forecasts, yields a new price target of €17 (previously: €16). We confirm our Buy rating.