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Original-Research

The Platform Group SE & Co. KGaA (von NuWays AG): BUY 01.06.2026, 09:00 Uhr von EQS Research Jetzt kommentieren: 0

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The Platform Group 2,825 EUR +1,80 % Lang & Schwarz

Original-Research: The Platform Group SE & Co. KGaA - from NuWays AG

01.06.2026 / 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.


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 € 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 € 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 € 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 € 1.7bn (eNuW: € 1.71bn), net revenue of € >1bn (eNuW: € 977m) and adj. EBITDA of € 70-80m (€ 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 € 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 € 17, based on DCF.

You can download the research here: the-platform-group-ag-2026-06-01-previewreview-en-a2064
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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Dis­clai­mer: Die hier an­ge­bo­te­nen Bei­trä­ge die­nen aus­schließ­lich der In­for­ma­t­ion und stel­len kei­ne Kauf- bzw. Ver­kaufs­em­pfeh­lung­en dar. Sie sind we­der ex­pli­zit noch im­pli­zit als Zu­sich­er­ung ei­ner be­stim­mt­en Kurs­ent­wick­lung der ge­nan­nt­en Fi­nanz­in­stru­men­te oder als Handl­ungs­auf­for­der­ung zu ver­steh­en. Der Er­werb von Wert­pa­pier­en birgt Ri­si­ken, die zum To­tal­ver­lust des ein­ge­setz­ten Ka­pi­tals füh­ren kön­nen. Die In­for­ma­tion­en er­setz­en kei­ne, auf die in­di­vi­du­el­len Be­dür­fnis­se aus­ge­rich­te­te, fach­kun­di­ge An­la­ge­be­ra­tung. Ei­ne Haf­tung oder Ga­ran­tie für die Ak­tu­ali­tät, Rich­tig­keit, An­ge­mes­sen­heit und Vol­lständ­ig­keit der zur Ver­fü­gung ge­stel­lt­en In­for­ma­tion­en so­wie für Ver­mö­gens­schä­den wird we­der aus­drück­lich noch stil­lschwei­gend über­nom­men. Die Mar­kets In­side Me­dia GmbH hat auf die ver­öf­fent­lich­ten In­hal­te kei­ner­lei Ein­fluss und vor Ver­öf­fent­lich­ung der Bei­trä­ge kei­ne Ken­nt­nis über In­halt und Ge­gen­stand die­ser. Die Ver­öf­fent­lich­ung der na­ment­lich ge­kenn­zeich­net­en Bei­trä­ge er­folgt ei­gen­ver­ant­wort­lich durch Au­tor­en wie z.B. Gast­kom­men­ta­tor­en, Nach­richt­en­ag­en­tur­en, Un­ter­neh­men. In­fol­ge­des­sen kön­nen die In­hal­te der Bei­trä­ge auch nicht von An­la­ge­in­te­res­sen der Mar­kets In­side Me­dia GmbH und/oder sei­nen Mit­ar­bei­tern oder Or­ga­nen be­stim­mt sein. Die Gast­kom­men­ta­tor­en, Nach­rich­ten­ag­en­tur­en, Un­ter­neh­men ge­hör­en nicht der Re­dak­tion der Mar­kets In­side Me­dia GmbH an. Ihre Mei­nung­en spie­geln nicht not­wen­di­ger­wei­se die Mei­nung­en und Auf­fas­sung­en der Mar­kets In­side Me­dia GmbH und de­ren Mit­ar­bei­ter wie­der. Aus­führ­lich­er Dis­clai­mer