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 17.00 price target.

Abstract
With the unforeseen acquisition of Herbertz GmbH, The Platform Group has completed its second acquisition of 2025 and strengthened its foothold in the outdoor platforms vertical. Herbertz GmbH, which was founded in 1868, is a platform for outdoor products such as knives, drinking bottles, navigation devices and other accessories. Considering the fact that Herbertz was not part of TPG’s Q1 M&A pipeline, which was unveiled less than one month ago, we believe it is likely that TPG was able to acquire the company at an attractive price. Closing is expected in early March. While the purchase price was not disclosed, based on past information, we assume revenue in the low double-digit €m range, with an EBITDA margin of 3% – 5% and a purchase price of 3x – 5x EBITDA. Based on these assumptions we estimate a purchase price of roughly €2m – €3m. Management explained that this purchase does not change their plans of making three further acquisitions in Q1/25, which means positive newsflow should continue. An updated DCF model yields an unchanged price target of €17. We maintain our Buy recommendation.