The Platform Group: Strong Q1 figures, closing of AEP acquisition expected soon - NuWays AG Research
TPG published Q1 figures marked by strong top-line growth, a meaningful strategic recalibration on leverage and acquisition pace that we view as the key takeaway for investor.
ANNONS
Our take: Q1 2026 reinforces the investment thesis. First, organic growth is accelerating as a proportion of total revenue, demonstrating platform durability beyond the acquisition engine. Second, operating cost ratios are compressing in a disciplined manner, supported by its AI-first programme. Third, the strategic adjustment on leverage and M&A pace should reduce a key investment risk.
We confirm our BUY rating with an unchanged PT of € 17, based on DCF.
