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 19.00 to EUR 20.00.

Abstract
TPG announced three new pharma acquisitions, which were accompanied by a guidance increase for 2026. Sales guidance was raised by 16% to >€1bn, with a narrowed AEBITDA guidance range of €70m – €80m (previously: €65m – €86m). The vast majority of this increased guidance can be traced back to the three pharma deals, which are expected to contribute €130m to TPG’s top line. Because closing is not expected until December, TPG has left 2025 guidance intact. To help finance the acquisitions, the company tapped its 2024/28 bond for an additional €20m on 1 September, bringing total bond volume to €70m. We have upped our revenue and AEBITDA forecasts for the years 2026E and onwards on the back of these M&A deals. An updated DCF yields an increased price target of €20 (previously: €19). We maintain our Buy recommendation (upside: 125%).