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Original-Research: 123fahrschule SE - from NuWays AG
14.08.2025 / 09:00 CET/CEST
Dissemination of a Research, transmitted by EQS News - a service of EQS
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Classification of NuWays AG to 123fahrschule SE
Company Name: 123fahrschule SE
ISIN: DE000A2P4HL9
Reason for the research: Update
Recommendation: BUY
from: 14.08.2025
Target price: EUR 7.90
Target price on sight of: 12 months
Last rating change:
Analyst: Philipp Sennewald
H1 prelims broadly in line / profitability improves strongly
Yesterday, 123f published a solid set of preliminary H1'25 figures showing
the positive impact of the simulator business and new branch openings. In
detail:
H1'25p sales increased by 17% yoy to EUR 12.9m (eNuW: EUR 13.4m). A main
contributor was again the driver training for cars and motorcycles, which
should have already been supported by the opening of new branches, which
started in H2'24. A further positive impact came from the new simulator
business (via acquisition of Foerst GmbH in FY24), where the company was
able to win a major contract in the first quarter (EUR 1m sales).
This also provided a strong foundation for significant bottom-line
improvements. H1'25p EBITDA almost doubled to EUR 1.0m (compared to adj.
EBITDA in H1'24), which is in line with our estimates. This implies a 7.6%
EBITDA margin - a 3.1pp yoy improvement. In our view, this shows that the
efficiency measures that were imposed by management over the past two years
are bearing fruit and that scalability finally starts to kick in.
Against this backdrop, management confirmed the positive outlook for the
FY25. Mind you, that the initial guidance put out in January is targeting
sales of EUR 28-30m (eNuW: EUR 28.7m) and EBITDA of EUR 1.5-2.5m (eNuW: EUR 2.5m).
While the bottom-line target should be easily achieved, the top-line
guidance appears ambitious (32% implied H2 sales growth at low end) but
achievable in our view. Mind you, that the newly opened branches were still
largely in the ramp-up stage during H1, which is why we regard a further
acceleration of growth in H2 as feasible.
Despite the positive development, management also stated that domestic
driving simulator business is developing not to the extent that was expected
at the beginning of the year, which is likely due to a wait-and-see approach
by customers as draft legislation concerning the digitilisation of driver
training has not been published yet - contrary to industry expectations. It
can thus be assumed that once the draft is out, there will be a catch-up
effect.
Yet, the case remains fully intact, which is visible in the preliminary
results but especially in light of the upcoming legislation changes in early
2026 (online theory & driving simulators). In fact, we regard 123f as the
main beneficiary based on its strategic positioning.
Reiterate BUY with an unchanged EUR 7.90 PT based on DCF.
You can download the research here:
https://eqs-cockpit.com/c/fncls.ssp?u=9d8eb59b0a40d31a0bf40f2b2913df50
For additional information visit our website:
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
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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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2183808 14.08.2025 CET/CEST
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