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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 EQS
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 months
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, whereas
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 this
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 thus
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 various
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 Abschluss
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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