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 16.00 price target.

Abstract
The Platform Group has continued its M&A spree with the acquisitions of Chronext Group, an online platform for luxury watches, and FirstWire GmbH, a B2B financing platform. This brings the tally of acquisitions made this year to 11, with a total 2024 acquisition volume of €37m. In 2025 TPG plans to continue M&A activities, with a targeted investment volume of €30m – €40m. To finance this, the company has tapped the existing 8.875% coupon 2024/2028 bond to the tune of €20m. Management indicated in the Q3 earnings call, that the next M&A target, which is expected to close in Q1/25, is a B2C optician platform located in Germany. TPG’s near-term goal is to become Europe’s leading platform group, with a targeted 50/50 organic and inorganic growth split. An updated DCF model yields an unchanged €16 price target. We confirm our Buy recommendation.