Original-Research: The Platform Group SE & Co. KGaA (von NuWays AG): BUY
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Original-Research: The Platform Group SE & Co. KGaA - from NuWays AG
01.06.2026 / 09:00 CET/CEST
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Classification of NuWays AG to The Platform Group SE & Co. KGaA
Company Name: The Platform Group SE & Co. KGaA
ISIN: DE000A40ZW88
Reason for the research: Update
Recommendation: BUY
Target price: EUR 17
Target price on sight of: 12 months
Last rating change:
Analyst: Christian Sandherr
Strong Q1 figures, closing of AEP acquisition expected soon
TPG published Q1 figures marked by strong top-line growth, a meaningful
strategic recalibration on leverage and acquisition pace that we view as the
key takeaway for investor.
Group revenue grew 51% yoy to EUR 243m (GMV +23% yoy to 438m). Importantly,
this is not a simple M&A effect; organic growth accounted for 71% of revenue
growth. This reflects the platform's improving self-reinforcing dynamics: a
broader partner network of 17,221 (up 12.2% yoy), stronger customer
retention with 8.1m active customers on an LTM basis (up 42%), and a
structural uplift in AOV to EUR 128 (up 2.4%), driven by the growing weight of
high-unit-value verticals such as Optics & Hearing and Luxury. Orders (on
group level) reached 3.4m vs 2.5m a year ago.
Profitability solid, margin dip largely temporary. Adj. EBITDA increased
37.1% to EUR 21.8m, with a margin of 9.0%, which was down 90bps yoy. The
compression is attributable to two main factors: a 40bps gross margin
decline to 34.4% stemming from trade discounts and increased provisions, and
higher other external expenses tied to IT and administrative costs
reflecting the rollout of the AI-first strategy initiated in late 2025.
Importantly, operational cost ratios improved. Most prominantly,
distribution fell 70bps to 7.1%, benefiting from the centralised logistics
hub in Gladbeck and the increasingly favourable mix toward logistics-light
verticals. Worth highlighting, net income remained largerly flat yoy as last
year's figure benefiting from a positive one-off related to acquisition
badwill rather than any deterioration in underlying earnings quality.
FY26 guidance fully confirmed. The management continues to expect EUR 1.7bn
(eNuW: EUR 1.71bn), net revenue of EUR >1bn (eNuW: EUR 977m) and adj. EBITDA of EUR
70-80m (EUR 74m). In light with the seasonally strong H2 of the business, this
looks well in reach.
M&A pace recalibrated, AEP remains the key near-term catalyst. Management
reduced the number of planned acquisitions for FY26 to 5-6 (11 in 2025), as
well as 1-2 divestments, reflecting the current increased interest rate
environment. On AEP, the transformational acquisition of a pharmaceutical
distribution business with EUR 1bn revenue, management confirmed that closing
conditions have not yet been fully met, with further progress expected in
June.
The net leverage ratio edged down to 2.0x in Q1 from 2.1x at year-end 2025,
and management has formalized a new target of 1.0-1.4x by 2030, replacing
the prior 1.5-2.3x corridor. The path there runs through portfolio
simplification, operating cash flow-driven debt repayments, and selective
asset disposals. We see this commitment to structural deleveraging as a
re-rating catalyst, as it notably reduces re-financing risks embedded in the
group's buy-and-build strategy.
Our take: Q1 2026 reinforces the investment thesis. First, organic growth is
accelerating as a proportion of total revenue, demonstrating platform
durability beyond the acquisition engine. Second, operating cost ratios are
compressing in a disciplined manner, supported by its AI-first programme.
Third, the strategic adjustment on leverage and M&A pace should reduce a key
investment risk. We confirm our BUY rating with an unchanged PT of EUR 17,
based on DCF.
You can download the research here:
https://eqs-cockpit.com/c/fncls.ssp?u=b5a4fdfe5f0e54b86be188761e9c293d
For additional information visit our website:
https://www.nuways-ag.com/research
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 Interessenkonflikte nach § 85 WpHG beim oben
analysierten Unternehmen befindet sich in der vollständigen Analyse.
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2336350 01.06.2026 CET/CEST
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