Last close As at 05/08/2026
EUR0.79
— 0.00 (0.00%)
Market capitalisation
EUR17m
Research: Consumer
The Platform Group (TPG) delivered strong growth in revenue, with all KPIs moving in the right direction, although EBITDA margins, both reported and adjusted, were lower in Q126 than in Q125. Ahead of the expected completion of the acquisition of AEP, management has reiterated its financial guidance for FY26 on both an underlying and a pro forma basis. On the conference call, management highlighted the number of acquisitions completed is likely to be lower in FY26 than in FY25; however, we note the scale of the AEP acquisition is significant in a historical context.
With c 51% growth in revenue on c 23% growth in gross merchandise volume, there was a significant improvement in TPG’s revenue conversion in Q126. We have noted previously that revenue conversion is quite variable between the financial quarters, depending on the relative performances of the industry verticals. TPG provided no disclosure with respect to the financials and KPIs of the individual industry verticals in Q126, which is consistent with both Q124 and Q125. However, the presentation referenced higher growth in consumer goods and freight goods. There was strong growth in the non-financial KPIs, with number of orders up 36%, average order value up 2.4%, active customers up 42.1% and number of partners up 12.2%. We note the number of orders for Q125 has been restated significantly to 2.5m from 1.5m in the Q125 presentation. The gross margin decline of 40bp to 34.4% in Q126, due to discounting and higher provisions, was magnified to a 190bp decline in reported EBITDA margin to 10.3% and a 90bp decline in adjusted EBITDA margin to 9.0%. With some leveraging of personnel, marketing and distribution expenses, to a greater or lesser extent, there was some implied deleveraging of other operating expenses. Ahead of expected greater inflationary pressures for logistics due to the Middle East conflict, management has sought efficiencies. Despite the strong growth in reported EBITDA of c 28%, net profit declined as a result of an unquantified one-off depreciation benefit in Q125.
Q1 is typically a relatively important quarter from a financial perspective, so Q126’s performance is an encouraging step towards management’s reiterated financial guidance for the year.
TPG’s valuation remains at a significant discount to non-food online retailers, which have a median FY26 EV/EBITDA multiple of 8.0x.
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Historical financials and company guidance |
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|---|---|---|---|---|---|---|
| Year end | Revenue (€m) | EBITDA (€m) | PBT (€m) | EPS (€) | EV/EBITDA (x) | P/E (x) |
| 12/24 | 524.6 | 33.2 | 36.3 | 1.60 | 5.2 | 1.4 |
| 12/25 | 728.1 | 55.0 | 49.0 | 2.26 | 3.2 | 1.0 |
| 12/26e | 1,000.0 | 75.0 | - | - | 2.3 | |
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Research: Healthcare
2026 is shaping up to be a pivotal year for Cereno Scientific, with Q126 milestones further de-risking the pipeline. Key year-to-date developments included positive safety data from the CS1 Expanded Access Program (EAP), first-subject dosing in the CS014 PK bridging study and selection of antiphospholipid syndrome (APS) as lead indication for CS585, expanding the platform’s commercial potential. We expect investor attention to now shift to CS1’s Phase IIb initiation in PAH and long-term EAP efficacy data (both expected in June 2026), followed by CS014 PK data in mid-2026. We view these as key value-inflection events with meaningful re-rating potential, creating an attractive entry point ahead of multiple catalysts. Heightened partnering discussions underscore management’s focus on securing non-dilutive funding, an important consideration given current financing access is linked to share price thresholds. Our valuation adjusts to SEK6.8bn (SEK21.7/share) from SEK6.6bn (SEK21.3/share).