Anzeige
++++++ Deal-Potenzial 2026: Zwei Verkäufe in Sicht? Warum bei dieser Aktie 2026 der Knoten platzen könnte ++++++
Original-Research

123fahrschule SE (von NuWays AG): BUY 29.09.2025, 09:00 Uhr von EQS Research Jetzt kommentieren: 0

Werte zum Artikel
Name Aktuell Diff. Börse
123fahrschule 2,66 EUR +4,72 % L&S Exchange

Original-Research: 123fahrschule SE - from NuWays AG

29.09.2025 / 09:00 CET/CEST
Dissemination of a Research, transmitted by EQS News - a service of EQS Group.
The issuer is solely responsible for the content of this research. The result of this research does not constitute investment advice or an invitation to conclude certain stock exchange transactions.


Classification of NuWays AG to 123fahrschule SE

Company Name: 123fahrschule SE
ISIN: DE000A2P4HL9
 
Reason for the research: Update
Recommendation: BUY
from: 29.09.2025
Target price: EUR 7.40
Target price on sight of: 12 months
Last rating change:
Analyst: Philipp Sennewald

123f issues PW amid pending reform; chg.

Friday after market close, 123f put out an ad-hoc, stating that the company will likely not achieve its initial FY25 guidance of € 26-28m sales and € 1.5-2.5m EBITDA. From our perspective, this came as a surprise, following the strong H1 results published only three weeks ago, which also came with a confirmation of the FY outlook. In detail:

Management now expects sales to come to arrive in the range of € 25-26m, caused mainly by a weaker than anticipated performance in the professional driver and driving instructor training segments. Moreover, the still-pending reform of the driver training regulations (i.e. simulators & online theory lessons) is apparently delaying investment decisions thus dampening demand especially in the simulator segment. Although simulators provided an already strong revenue contribution in H1 (€ 0.7m), it still could not realize its full potential. Moreover, a major truck order expected for H2 did not materialize, while the communicated large order from Q1 (€ 1m) shrank to € 0.35m due to “political uncertainties in the US.

The EBITDA guidance was also reduced, as management is now targeting € 0.4-1.0m. This was due to higher operating costs in H2 following strategic personnel and investment decisions, one-off burdens from relocations and new site openings, and the weaker top-line development. Given the € 1.0m EBITDA in H1, the new outlook implies a negative € 0.3m EBITDA for H2 at mid-point. We hence position ourselves at the very upper end of the new guidance.

On a positive note, management emphasizes that the core driver, the private customer training segment (79% sales contribution in H1), is continuing to perform well with double-digit growth, higher sales per instructor, and strong profitability, providing resilience despite the weaker segments. Looking ahead, a catch-up in the simulator business from FY26 on appears to be in the cards once regulatory reforms are enacted and demand materializes, while investments in the ERP platform, AI, and process automation are expected to improve efficiency and scalability. Overall, the strategic agenda remains unchanged, underpinning confidence in sustained growth and margin expansion, in our view.

Overall, we continue to regard the case as fully intact, given the pending reform should only delay revenues. More importantly, 123f remains in pole position for the upcoming change in regulation given its unique set-up based on its proprietary digital platform as well as market leadership in most of Germany’s larger municipalities. Hence, the company remains well on track for sustained growth and margin expansion based on increasing scale effects.

We thus confirm our BUY rating with a reduced PT of € 7.40 (old: € 7.90) based on DCF.



You can download the research here: 123fahrschule-se-2025-09-29-update-en-4ef67
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
++++++++++
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.
++++++++++


The EQS Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
Archive at www.eqs-news.com


2204770  29.09.2025 CET/CEST

Kommentare (0) ... diskutiere mit.
Werbung

Handeln Sie Aktien bei SMARTBROKER+ für 0 Euro!* Profitieren Sie von kostenloser Depotführung, Zugriff auf 29 deutsche und internationale Börsenplätze und unschlagbar günstigen Konditionen – alles in einer innovativen, brandneuen App. Jetzt zu SMARTBROKER+ wechseln und durchstarten!

*Ab 500 EUR Ordervolumen über gettex. Zzgl. marktüblicher Spreads und Zuwendungen.

k.A. k.A. k.A. k.A.
k.A. k.A. k.A. k.A.
k.A. k.A. k.A. k.A.
Schreib den ersten Kommentar!

Dis­clai­mer: Die hier an­ge­bo­te­nen Bei­trä­ge die­nen aus­schließ­lich der In­for­ma­t­ion und stel­len kei­ne Kauf- bzw. Ver­kaufs­em­pfeh­lung­en dar. Sie sind we­der ex­pli­zit noch im­pli­zit als Zu­sich­er­ung ei­ner be­stim­mt­en Kurs­ent­wick­lung der ge­nan­nt­en Fi­nanz­in­stru­men­te oder als Handl­ungs­auf­for­der­ung zu ver­steh­en. Der Er­werb von Wert­pa­pier­en birgt Ri­si­ken, die zum To­tal­ver­lust des ein­ge­setz­ten Ka­pi­tals füh­ren kön­nen. Die In­for­ma­tion­en er­setz­en kei­ne, auf die in­di­vi­du­el­len Be­dür­fnis­se aus­ge­rich­te­te, fach­kun­di­ge An­la­ge­be­ra­tung. Ei­ne Haf­tung oder Ga­ran­tie für die Ak­tu­ali­tät, Rich­tig­keit, An­ge­mes­sen­heit und Vol­lständ­ig­keit der zur Ver­fü­gung ge­stel­lt­en In­for­ma­tion­en so­wie für Ver­mö­gens­schä­den wird we­der aus­drück­lich noch stil­lschwei­gend über­nom­men. Die Mar­kets In­side Me­dia GmbH hat auf die ver­öf­fent­lich­ten In­hal­te kei­ner­lei Ein­fluss und vor Ver­öf­fent­lich­ung der Bei­trä­ge kei­ne Ken­nt­nis über In­halt und Ge­gen­stand die­ser. Die Ver­öf­fent­lich­ung der na­ment­lich ge­kenn­zeich­net­en Bei­trä­ge er­folgt ei­gen­ver­ant­wort­lich durch Au­tor­en wie z.B. Gast­kom­men­ta­tor­en, Nach­richt­en­ag­en­tur­en, Un­ter­neh­men. In­fol­ge­des­sen kön­nen die In­hal­te der Bei­trä­ge auch nicht von An­la­ge­in­te­res­sen der Mar­kets In­side Me­dia GmbH und/oder sei­nen Mit­ar­bei­tern oder Or­ga­nen be­stim­mt sein. Die Gast­kom­men­ta­tor­en, Nach­rich­ten­ag­en­tur­en, Un­ter­neh­men ge­hör­en nicht der Re­dak­tion der Mar­kets In­side Me­dia GmbH an. Ihre Mei­nung­en spie­geln nicht not­wen­di­ger­wei­se die Mei­nung­en und Auf­fas­sung­en der Mar­kets In­side Me­dia GmbH und de­ren Mit­ar­bei­ter wie­der. Aus­führ­lich­er Dis­clai­mer