Original-Research: The Platform Group AG - from NuWays AG 06.10.2025 / 09:00 CET / CEST Dissemination of a Research, transmitted by EQS News - a service of EQS Group.

Original-Research: The Platform Group AG - from NuWays AG



06.10.2025 / 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:                        06.10.2025
     Target price:                EUR 21.00
     Target price on sight of:    12 months
     Last rating change:
     Analyst:                     Henry Wendisch



Guidance raised again and CMD hosted; chg. set & PT raised



Last week, we not only hosted TPG at our European MidCap Event in Paris, but
TPG also raised its mid-term guidance again following recent acquisitions
and hosted a CMD. Here are our key takeaways:



Pharma acquisitions signed: TPG entered agreements to acquire a 50% +1 stake
in (1) Pharmosan Group, Austria, (2) Vamida Versandapotheke, Czech Republic
and (3) Apothekia, Germany. All three companies are expected to generate
sales of EUR 130m in FY'26e with an EBITDA margin of 7-8% (in line with TPG's
margin targets). Closing is expected at end of FY'25e, thus a full year
effect is only expected for FY'26e. The strategic rationale behind the
acquisitions is the filling of an important gap in the B2B pharmacy value
chain. To be precise, pharmacies rely on manifold B2B companies before being
able to serve customers (online and offline). For example, ApoNow (acquired
in 2021) already bridges the gap between pharma manufacturers and local
(offline) pharmacies. Now TPG fills another open gap with the pharma
distributor Pharmosan, the pharma-education platform Apothekia. Furthermore,
TPG adds the Austrian online pharmacy Vamida to its portfolio, which can be
used as a platform for TPG's existing pharma offering. This makes TPG a key
partner for pharmacies, being present along almost the entire value chain.
Acquisition prices were not disclosed, but we estimate a price of 3-5x
EV/EBITDA on the back of past acquisition multiples, which implies a payment
of EUR 15-25m for 50%+1 (eNuW). With that, the current segment "Service &
Retail Goods" will be renamed to "Pharma & Service Goods".



FY'26e targets raised: Having signed the deals above, TPG raised its FY'26e
mid-term targets to EUR >1bn (prev.: EUR > 860m) and EUR 70-80m adj. EBITDA
(prev.: EUR >64m). The FY'25 guidance remains unchanged as the acquisitions
will be closed at the end of the year and should thus not have an impact on
FY'25 figures.



Optics & hearing identified as a highly profitable key growth market.
Another key discussion point was the ongoing market entry into optics &
hearing. The newly formed segment will contribute significantly to the
group's profitability with EBITDA margins of around 25%. Moreover, the
strategic rationale pays off well into TPG's platform strategy. TPG already
announced two more acquisitions to follow in Q4'25e, however, given the
demographic development of pharmacists (average age of 54 and 25% of store
owners older than 60), many more acquisition opportunities with strong
negotiation power should arise in the future.



With the recent acquisitions now reflected in our model, we increase our
DCF-based PT to EUR 21.00 (old: EUR 19.00) and reiterate our BUY recommendation.





You can download the research here:
https://eqs-cockpit.com/c/fncls.ssp?u=f66314b0e1070fa7ff530d91d63e8912
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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
++++++++++
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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2208282 06.10.2025 CET/CEST