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 17.00 to EUR 19.00.

Abstract
The Platform Group has published its annual report and held a conference call, in which it confirmed preliminary figures reported on 31 January. The company has significantly raised guidance for 2025 and 2026 on the back of the four acquisitions made so far this year. Revenue guidance was increased by 15% for 2025 to €680m – €700m and by 17% for 2026 to >€820m. This means that TPG management expects sales to grow 30% y/y in 2025 and another 20% y/y in 2026, with unchanged adjusted EBITDA margin guidance of at least 7%. We have upped our estimates to reflect these changes. TPG plans to complete another 1 – 4 M&A deals in 2025. We do not include revenues from acquisitions not yet completed in our forecasts. The increase in net debt and the number of shares outstanding is more than offset by our raised forecasts. An updated DCF model yields an increased price target of €19 (previously: €17), which corresponds to upside of 87%. We confirm our Buy recommendation.