Rankings Software, cloud & internet The Platform Group
The Platform Group
41
15070100
A view of the same findings, not a new score. How it works
The model found several serious problems. That does not mean the stock will fall.
Biggest deductions
- Debt and refinancing−10
- Trust and governance−9
- Capital allocation−7
Strengths
- Positive operating cash flow+2
- Insider buying+1
How the score is built
From 100 to 41, step by step: points off for the business, the price and the cracks, back for documented strengths, then three data adjustments.
Start
Score
Hover or select a step to see what drove it. Steps with findings open them below.
Key numbers
As of 3 Nov 2026. Analyst targets tend to be optimistic; read upside as a hint, not a forecast.
- Price
- 0.63 EUR
- Median analyst target
- 15.00 EUR
- Upside to median
- +2281.0%
- Analysts
- 3
- Target range
- 5.70 – 17.00 EUR
- 52-week change
- −92%
- P/E (trailing)
- 0.3
- Forward P/E
- 0.3
- PEG
- n/a
Findings
Every deduction and every plus, with its source. Open a step to read them.
Business
Is the company getting stronger, not just bigger? · 4 findings−19 of −30
- −6Quality of growthRevenue has grown from EUR 172m (2022) to 734m (2025), primarily via acquisitions (EUR 48m in cash acquisitions in both 2024 and 2025). EPS nevertheless fell 7.8% over the last 12 months, and Q1 2026 EPS fell from 0.90 to EUR 0.85 even though revenue rose 51%.
- −7Capital allocationThe acquisition strategy is financed with debt: the bond was extended from EUR 20 to 70m at 8.875%, and goodwill plus intangible assets are 180m vs tangible equity of only approx. 31m (P/TBV 0.75). The planned acquisition of AEP for approx. EUR 75m is three times the market value.
- −3MarginGross margin 28% and EBIT margin about 5.7% (TTM), which is thin for a platform model; the adjusted EBITDA margin is about 9.7% in H1 2026. Reported EBITDA (45.4m) is above adjusted EBITDA (40.8m), so positive one-off items are included.
- −3MoatA conglomerate of niche shops (fashion, furniture, optics, pharmacy, freight) without a common brand, competing with Amazon, Zalando and specialized shops. The scale advantages in shared logistics and software are not documented in rising margins.
Price
Today's multiples against the company's own history and its peers. · 1 finding−2 of −35
- −2Price vs own history and peersP/E is 0.5, EV/EBITDA 2.7 (2.5–6.8 in 2023–2025) and P/B 0.11 (0.5–1.2). On the reported figures the stock is extremely cheap vs its history and vs e-commerce peers, but the market clearly does not believe the figures or the sustainability of the debt.
Cracks
Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 5 findings−32 of −35
- −10Debt and refinancingThe EUR 70m bond (8.875%, maturity 11/7-2028) traded at about 46.5 in August 2026 (yield about 65%). Net debt is EUR 113.4m, and cash only 11.6m. The company is buying back bonds for EUR 5m, but the 2028 refinancing is not secured.
- −9Trust and governanceIn June 2026 a legal dispute with manager magazin arose over allegations of tax debt, banking relationships and subsidiaries. The stock fell 32% in one day (12/6-2026) and 58.5% in a month; investors doubt the accounts and capital allocation.
- −6The AEP acquisition is stuckThe acquisition of the wholesaler AEP was approved by the Bundeskartellamt in March 2026, but closing has been postponed several times (May, then June), and as of 20/8-2026 it was still 'in progress'. Financing (a mix of equity and debt) is not in place; an issue at the current price would dilute massively.
- −4DilutionThe share count rose 10.6% over a year and 10.9% in the latest quarter to 24.99m shares.
- −3Ownership structureThe company has been converted to an SE & Co. KGaA, where the personally liable partner (controlled by CEO Dominik Benner) has control, and minority shareholders have limited influence on management.
Plus
Only documented strengths. · 2 findings+3 of +15
- +2Positive operating cash flowOperating cash flow was EUR 26.8m in H1 2026 (+16.3%) and 63.5m over 12 months, and debt was repaid (financing cash flow −11m). Guidance for 2026 (revenue at least EUR 1bn, adjusted EBITDA 70-80m) is confirmed.
- +1Insider buyingCEO Dominik Benner bought shares for EUR 19,051 in June 2026 during the price fall; the amount is small, but it is a purchase.
Caveats
What the score does not capture, or where the data is weak.
The Platform Group (TPG) is NOT in restructuring (no StaRUG or insolvency), so the ordinary penny calibration is used, but the bond trades at about 46% of par, so the credit market prices in a real risk of default. Market cap is calculated at EUR 23.9m (24.99m shares × EUR 0.956, about DKK 178m) vs Nordnet's DKK 154m; Nordnet probably uses the share count from before the dilution of about 11% in 2026. The exact cause of the crisis of confidence is not fully mapped: manager magazin's article from June 2026 (allegations of tax debt, bank relations and subsidiaries) is behind a paywall, and the company rejects the allegations. Whether the result contains one-off gains from cheap acquisitions (badwill) is not verified. Benner's exact stake is not verified. Stockanalysis' price targets (average EUR 18.33) are outdated after the price fall. Industry: e-commerce platforms, the closest on the list is Software, cloud & internet. Short interest not examined.
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