First Berlin Equity Reaffirms Buy Rating for The Platform Group AG

First Berlin Equity Research has updated its analysis of The Platform Group AG, maintaining a "Buy" recommendation with a target price of €16. Analyst Alexander Rihane highlighted strong Q3 performance, with revenues and adjusted EBITDA surpassing forecasts. Revenue increased by 44% year-on-year to €140 million, exceeding expectations by 9%. This growth is credited to a 22% rise in orders and a 5% increase in average order value.

The adjusted EBITDA grew more than fivefold to €7 million, resulting in a nine-month adjusted EBITDA of €24.6 million, slightly above the projected €24.2 million. With these results, TPG is well-positioned to achieve its 2024 revenue guidance of €500-520 million and adjusted EBITDA of €29-32 million. Additionally, net income surged 357% to €4.7 million, aligning with estimates. The updated DCF model supports the unchanged target price of €16.