First Berlin Equity Research has published a research update on The Platform Group SE & Co. KGaA (ISIN: DE000A40ZW88). Analyst Alexander Rihane reiterated his BUY rating and maintained his EUR 20.00 price target.

Abstract
The Platform Group published its audited 2025 results, which confirmed prelims and came in above the midpoint of guidance. The company’s 39% y/y top line improvement to €728m was supported by growth on all five segments, with Consumer Goods, its largest sales and earnings segment, spearheading the group’s positive development (+55% y/y to €458m). After announcing its intentions to purchase the B2B pharma wholesaler AEP GmbH on 26 January, TPG received antitrust approval for the purchase on 31 March. Now the company is in the final stages of completing the financing for the deal, with more details expected by the end of May. Pending the completion of the purchase, TPG has given two separate guides for 2026: (1) €1bn revenue; €70m – €80m AEBITDA if the deal doesn’t go through; and (2) €2bn revenue; €90m – €100m AEBITDA (on a pro-forma basis) if the deal does. Considering the modest share price reaction to the annual report, we think it is likely that the market is patiently awaiting further clarity on AEP. The TPG share is currently trading at a 2027E forward P/E and EV/AEBITDA of 2x, which is a very low valuation for a company growing its top line, while expanding its margins. An updated DCF model, which does not yet include the AEP deal, yields an unchanged price target of €20. We maintain our Buy rating (upside: >400%).