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 20.00 price target.

Abstract
The Platform group has announced its vision for the year 2030, giving us a first glimpse of its long-term goals post-2026 (2026 guidance: revenue of >€1bn; AEBITDA margin: 7% – 8%). The company plans to grow sales to €3bn by 2030 (2024 revenue: €525m), which corresponds to a 6-year (2025 – 2030) CAGR of ~34%. TPG expects a roughly 45%/55% split between organic and inorganic sales growth from 2026 to 2030. Another part of vision 2030 sees TPG achieving an AEBITDA margin north of 10% by 2030 (2024 AEBITDA margin: 6.3%). This margin improvement is to be achieved via a mix of cost cutting measures, passing on more costs to partners, and phasing out low-cost items. While TPG has always delivered on, or exceeded its guidance so far, we have cautiously left our estimates unchanged for the time being. This is because increasingly large M&A deals can bring with them unforeseen challenges and throw a wrench in TPG’s expansion plans. If TPG is able to successfully implement its 2030 vision, then our estimates are far too conservative. An updated DCF model yields an unchanged price target of €20 (upside: 143%). We maintain our Buy recommendation.