123fahrschule SE (von NuWays AG): BUY 30.04.2026, 09:00 Uhr von dpa-AFX Jetzt kommentieren: 0

Original-Research: 123fahrschule SE - from NuWays AG



30.04.2026 / 09:00 CET/CEST
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Classification of NuWays AG to 123fahrschule SE



     Company Name:                123fahrschule SE
     ISIN:                        DE000A2P4HL9



     Reason for the research:     Update
     Recommendation:              BUY
     Target price:                EUR 6.10
     Target price on sight of:    12 months
     Last rating change:
     Analyst:                     Philipp Sennewald



Solid Q1 against market trend; reform momentum building



123f started FY26 on a resilient note, delivering Q1 sales of EUR 6.7m (+1.5%
yoy) in a market that continues to show broadly declining volumes. The
ability to grow revenues against this trend reflects 123f's stronger brand
and digital reach relative to smaller peers, which are facing increasing
cost and compliance pressure in the current environment. Notably, this
outperformance comes despite the ongoing demand vacuum created by
prospective students deferring enrollment ahead of the reform, waiting for
lower fees and digital learning options to become available, a dynamic that
disproportionately affects less digitised competitors.



EBITDA came in at EUR 0.56m (Q1 25: EUR 0.67m), with the yoy decline driven by
deliberate investments in the vehicle fleet and higher marketing spend aimed
at gaining market share in a transitional market environment.



Management confirmed FY26 EBITDA guidance of EUR 1.5-2.5m, (eNuW: EUR 1.9m). We
view the near-term cost step-up as strategically sound: building operational
capacity and brand reach ahead of the reform maximises 123f's ability to
capture the demand catch-up we expect from FY27e onwards, when lower price
points and digital theory should meaningfully expand the addressable market.



On the regulatory front, momentum continues to build. Management reports
visibly rising interest in digital solutions from both students and
franchise partners following the VMK resolution in March, which confirmed
January 1, 2027 as the reform implementation date. With its pre-built
platform and simulator capacity already in place, 123f enters this phase
better prepared than any peer. The reform permits full e-learning for theory
and integrates simulators into mandatory training, two areas where 123f has
invested ahead of the curve.



Overall, the release confirms the key pillars of our investment case: 123f
is gaining market share in a challenging environment, management is
investing deliberately rather than defensively, and the regulatory
foundation for a meaningful earnings inflection from FY27e is firmly in
place.



We reiterate our BUY rating with a PT of EUR 6.10.



You can download the research here:
https://eqs-cockpit.com/c/fncls.ssp?u=611d7eac01b42abd384bfd463eedaad2
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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 Interessenkonflikte nach § 85 WpHG beim oben
analysierten Unternehmen befindet sich in der vollständigen Analyse.
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2318550 30.04.2026 CET/CEST