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Original-Research: The Platform Group AG - from NuWays AG

29.07.2025 / 09:00 CET/CEST

Dissemination of a Research, transmitted by EQS News - a service of EQ

Group.

The issuer is solely responsible for the content of this research. The

result of this research does not constitute investment advice or an

invitation to conclude certain stock exchange transactions.

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Classification of NuWays AG to The Platform Group AG

Company Name: The Platform Group AG

ISIN: DE000A2QEFA1

Reason for the research: Update

Recommendation: Buy

from: 29.07.2025

Target price: EUR 18.00

Target price on sight of: 12 month

Last rating change:

Analyst: Henry Wendisch

Moving into O&H and construction; while scaling luxury

Topic: We revisit TPG's investment case with this update and shed light on

recent news flow and Q1 results. In detail:

Q1 results show rising momentum. GMV increased by 87% yoy to EUR 356m, driven

by 28% more partners yoy (15.4k), a 9% yoy higher AOV and 60% yoy more

orders. Consequently, sales grew accordingly by 49% yoy to EUR 161m, wherea

adj. EBITDA grew disproportionately by 87% yoy to EUR 16m (9.9% margin, up 2pp

yoy). Mind you, the effects described above are a mix of organic and

inorganic developments, which are not disclosed separately, but should stem

from profitable acquisitions of the past, in our view.

New strategy to enter Opticians & Hearing market. With the announced

acquisitions of 50.1% of Beste Aussichten GmbH, 50.1% of Karrasch & Nolte

GmbH (closing expected in July '25) as well as the simultaneous disposal of

shares in Mister Spex, TPG took another second serve with its entry into the

Optics & Hearing market. The two acquired companies employ c. 200 FTEs and

have 30 sites all over Germany. The purchase price is in the double-digit EUR

m range and consists of a cash component and shares. With this, TPG forms a

new segment „Optics & Hearing“ with an expected pro-forma revenue of EUR 30m

and adj. EBITDA margin between 26-33% in FY'25e, whereas in FY'26e EUR 55-60m

sales with an adj. EBITDA margin of 25% (incl. further acquisitions) are

targeted, highlighting the strong growth and profitability profile in thi

new vertical, in our view.

First step into construction via We Connect Work acquisition. Only

yesterday, TPG announced the acquisition of We Connect Work, a B2B platform

connecting Real estate companies, property developers & architects with

electrical, plumbing, heating, drywall construction, and welding technology

providers. This adds another vertical to TPG next to Furniture, machinery,

dental technology, car platforms and luxury fashion.

Scaling luxury business. With the announced closing of Joli Closet

(second-hand luxury C2C platform) and the integration of fashionette's,

Winkelstraat's and Chronext's product offering into Joli Closet, TPG thu

creates a single go-to place for secondhand and vintage luxury products with

the aim to scale sales as a whole.

Own fulfilment solution initiated. With the establishement of TPG

Fulfillment GmbH and the acquisition of a 12k m² logistic center in May

2025, TPG aims to centralize and implement the logistics for variou

holdings and partners. This should effectively reduce fulfilment costs with

notable effects visible from Q4'25 onwards.

In sum, TPG continues to deliver on it's M&A strategy, which shows in solid

financial figures. Trading at only 4.5x FY'25e EBITDA (3.8x FY'26e EBITDA),

the shares seem mispriced, in our view. Therefore, we recommend to BUY based

on a DCF-based PT of EUR 18.00.

- analyst change -

You can download the research here:

https://eqs-cockpit.com/c/fncls.ssp?u=8417232365776df792866fd9be64c58e

For additional information visit our website:

https://www.nuways-ag.com/research-feed

Contact for questions:

NuWays AG - Equity Research

Web: www.nuways-ag.com

Email: research@nuways-ag.com

LinkedIn: https://www.linkedin.com/company/nuwaysag

Adresse: Mittelweg 16-17, 20148 Hamburg, Germany

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Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschlu

bestimmter Börsengeschäfte.

Offenlegung möglicher Interessenskonflikte nach § 85 WpHG beim oben

analysierten Unternehmen befinden sich in der vollständigen Analyse.

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2175786 29.07.2025 CET/CEST

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