Original-Research: The Platform Group AG (von NuWays AG): Buy
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Original-Research: The Platform Group AG - from NuWays AG
14.11.2025 / 09:35 CET/CEST
Dissemination of a Research, transmitted by EQS News - a service of EQS
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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: 14.11.2025
Target price: EUR 21.00
Target price on sight of: 12 months
Last rating change:
Analyst: Henry Wendisch
On Wednesday, TPG announced its new long-term outlook Vision 2030, targeting
improving KPIs, topline growth, and margin expansions. In detail:
Ambitious goals set for both GMV and sales. ManagementŽs Vision 2030 targets
imply a ~30% CAGR in GMV and a 33% CAGR in sales over 2025-2030, assuming
that TPG achieves both its FY Ž25 and mid-term targets by FYŽ26. Although it
is true that both GMV and sales grew at a significantly higher rate for the
2021-2025 period (GMV: 54% CAGR, Sales: 40% CAGR), and Vision 2030 targets
imply a lower growth rate going forward, these estimates blend both organic
and inorganic growth, with no visibility for the latter going forward. In
addition, the 2021-2025 period represented the platform's initial build-out,
meaning sales grew from a significantly lower base. Our estimates indicate a
15% CAGR for GMV, and a 13% CAGR for sales, which reflect a conservative
stance and also do not include any future M&A.
EBITDA margin expansion as a priority, AI should play a key role. From a
profitability standpoint, TPG presented a series of initiatives designed to
lift adj. EBITDA margin to double digits by 2030, or sooner. The plan
focuses on the following key areas:
(1) AI cost-reduction program. During yesterdayŽs presentation call, the CEO
flagged the AI cost-reduction program as the key margin expansion lever.
While TPG did not provide a financial impact target, its biggest effect
should be seen on headcount as well as reducing complexity and double cost.
In line with this, we estimate an underproportionate increase in headcount
growth as well as decreasing ratio at other OPEX. On the other hand, we feel
confident with our stable distribution and marketing expense ratios for now.
(2) Gross margin expansion measures. Management announced a set of gross
margin expansion initiatives, which include delisting low-price articles,
offering less discounts, and increasing take rates across more than 70% of
its platforms. Although these measures seem sensible in our view, we
conservatively estimate a small gross margin improvement for now (from 36.5%
in 2025 to 36.8% in 2030), until these measures bear fruit.
(3) Divestiture of small-contributors. The company also announced the
beginning of small, low-contributor subsidiaries divestitures starting in
Q4. This marks a significant shift on the companyŽs approach, as its
strategy has been only focused on buy and hold. Following the same principle
for future M&A activity, we have decided to leave future divestitures
outside our estimates until they are announced.
All in all, although our estimates are below the GMV and sales targets for
conservative reasons, our profitability estimates already reach double
digits in 2028e (eNuW: 10%).
Against this backdrop, TPG is undervalued, as the stock continues to trade
at low multiples. Following tangible progress towards the Vision 2030,
potential estimate upgrades could trigger further upside. Therefore, we
reiterate our BUY rating and maintain our PT of EUR 21.00, based on DCF.
You can download the research here:
https://eqs-cockpit.com/c/fncls.ssp?u=d838df67bbf19278a9a177e6ebcdd650
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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2230028 14.11.2025 CET/CEST
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