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 19.00 price target.

Abstract
On 31 July, The Platform Group raised its guidance for 2025 and 2026. The company now expects to generate €715m – €730m in revenue (previously: €680m – €700m), with adjusted EBITDA of €54m – €58m (7.3% – 8.1% margin). This guidance increase comes off the back of acquisitions made and TPG’s venture into the optician and hearing acoustics sector. The company plans to make its “MyGlasses” platform the leading optician platform in the DACH region. TPG has already announced the acquisition of three opticians, which will be consolidated in its 5th reporting segment: “Optics & Hearing”. The Optics & Hearing sector is expected to contribute over €30m to 2025 revenue on a pro-forma basis, at an EBITDA margin of over 25% (€8m – €10m). TPG entered the construction sector on 28 July by acquiring the B2B “We Connect Work GmbH” platform. We have adjusted our WACC estimate to 10.55% (previously: 10.2%) to account for: (1) a higher risk-free rate (+20bp) and (2) TPG’s change in legal structure to an SE & Co. KGaA. Our increased forecasts are offset by our higher discount rate. An updated DCF model yields an unchanged price target of €19. We confirm our Buy recommendation (upside: 137%).