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 preliminary headline results for 2025, which were within a whisker of our estimates. Driven by its strongest sales quarter to date (Q4/25 rev: €196m; +28% y/y), TPG’s topline rose 39% y/y to €728m (FBe: €724m), slightly above the midpoint of its guidance (revenue: €715m – €735m). By phasing out low-price, low-margin items and reducing the ratio of HR and marketing costs to revenue, TPG grew its adjusted EBITDA by 65% y/y to €55m (FBe: €55m), outpacing topline growth and widening its margin by 130bp to 7.6%. After market close on 26 January, TPG announced the signing of a deal for the purchase of 100% of AEP GmbH, a Bavarian B2B pharmaceutical wholesale platform. The deal, which would contribute ~€1bn to TPG’s topline at a ~2% EBITDA margin, is expected to close in Q2/26, subject to the relevant antitrust and closing conditions. With the deal not yet completed and headline figures in line with our forecasts, we have decided to leave our estimates untouched. An updated DCF model yields an unchanged price target of €20. We maintain our Buy recommendation (upside 332%).