Last close As at 05/08/2026
EUR0.79
— 0.00 (0.00%)
Market capitalisation
EUR17m
Research: Consumer
The Platform Group’s (TPG’s) FY24 results and increased guidance for FY25 and FY26 demonstrate the strengths of the model, with more platforms in more industries serving more suppliers and customers. These combined to provide strong revenue growth, more weighted towards M&A than management’s medium-term target for an equal contribution from organic growth and M&A. Management has high optimism for the year ahead given a still-favourable market for M&A and the launch of new solutions.
Headline figures for FY24 had already been indicated at TPG’s capital markets day in January 2025 so this note is more about examining the detail. The improvement in adjusted EBITDA margin to 6.3% from 5.1% in FY23 was driven by a significant improvement in gross margin (+450bp for FY24 and +820bp in H224), as FY23 included a high level of one-off and low-margin car sales. This was offset by deleveraging, ie increasing relative to revenue by all other cost lines. The improvement in adjusted EBITDA margin was broad-based across the industry verticals with only Freight Goods seeing modest dilution from FY23 pro forma figures and FY24 figures indicating seasonally lower adjusted EBITDA margins in H224 versus H124 for all four verticals. According to management, the non-recurrence of FY23 car sales was the main cause of the significant drop in operating cash generation, from €104m to €58m. Return on capital employed fell to 19.8% in FY24, partly due to the higher net debt to fund acquisitions, but remains at around management’s desired level of 15%.
To reflect the five acquisitions made so far this year and unquantified strong trading start to the year, management has increased guidance again. FY25 guidance for gross merchandise value (GMV, €1.3bn), revenue (€80–700m) and adjusted EBITDA (€47–50m) has increased by 8%, 15% and 18%, respectively, at the midpoint from the January update, indicating a better revenue take (revenue/GMV) and a higher margin than previously. FY26 guidance for GMV (€1.6bn), revenue (€820m) and adjusted EBITDA (€57.4–82.0m) has increased by 7%, 17% and 17%, respectively. FY26 guidance continues to include a wider range for the adjusted EBITDA margin of 7–10% compared to FY24’s 6.3% and FY25’s guided c 7%.
With a prospective EV/EBITDA multiple for FY25 of 5.9x, TPG remains at a significant discount of c 40% to the median of the non-food peers.
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Financials |
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|---|---|---|---|---|---|---|
| Year end | Revenue (€m) | EBITDA (€m) | PBT (€m) | EPS (€) | EV/EBITDA (x) | P/E (x) |
| 12/23 | 440.8 | 22.6 | 33.0 | 1.48 | 12.6 | 6.6 |
| 12/24 | 524.6 | 33.2 | 36.3 | 1.60 | 8.6 | 6.1 |
| 12/25e | 690.0 | 48.5 | - | - | 5.9 | |
| 12/26e | 820.0 | 69.7 | - | - | 4.1 | |
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Research: TMT
Nanoco’s launch of litigation against LG and announcement of a joint development agreement (JDA) with a second Asian chemicals business provide a further indication of the business’s reinvigoration. Both developments should also provide support for the planned disposal of the trading businesses, where Nanoco is now involved in in-depth engagements with a number of parties. The net impact of litigation costs versus JDA revenues should be broadly neutral on near-term cash burn (£0.5m/month). We believe the current valuation reflects a pessimistic scenario for Nanoco. Quantum dots are still expected to gain significant adoption across sensors and display, Nanoco has significant IP and expertise and its commercial pipeline is growing again. The market cap is broadly equivalent to its net cash position of £15.2m as of 4 April.