Original-Research: 123fahrschule SE - from NuWays AG 29.04.2025 / 09:00 CET / CEST Dissemination of a Research, transmitted by EQS News - a service of EQS Group.
29.04.2025 - 09:00:33Original-Research: 123fahrschule SE (von NuWays AG): BUY
Original-Research: 123fahrschule SE - from NuWays AG
29.04.2025 / 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.
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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: 29.04.2025
Target price: EUR 7.90
Target price on sight of: 12 months
Last rating change:
Analyst: Philipp Sennewald
Superb preliminary Q1 sales and profitability
Topic: 123fahrschule provided strong Q1 preliminary figures, both on the
top- and bottom-line. In detail:
Q1 preliminary sales came in at EUR 6.6m, marking an 18% yoy improvement. This
was mainly driven by the Private Customer segment, where some of the newly
opened branches had a first positive impact. Notably, registrations
increased substantially by 41% yoy in the first quarter, indicating strong
market share gains across key regions. In our view, this should bode well
for further strong growth in the coming quarters. This comes mainly on the
back of an improved marketing strategy, which was implemented during H2'24
including new hires.
Despite higher marketing spending, 123fahrschule was able to improve EBITDA
significantly to EUR 0.65m (Q1'24: EUR - 0.05m), implying a 9.8% margin. In our
view, this clearly underpins the operational improvements and scalability of
the business.
Important to note, the major simulator order (EUR 1m volume) that was
communicated in January, is not yet reflected in the numbers, as delivery is
scheduled for Q2.
Against the backdrop of the strong Q1 prelims, management reiterated the
FY25 guidance of EUR 28-30m (eNuW: EUR 28.7m) in sales and EUR 1.5-2.5m (eNuW: EUR
2.5m) in EBITDA. In our view, the company looks well on track to achieve
those targets, especially after the strong first quarter of the year.
Taking a look beyond FY25e, 123fahrschule is poised for continuous strong
growth, which should be driven by the ongoing expansion of the branch
network as well as the new driving school legislation (re-introduction of
online-theory & inclusion of simulators into education plan), which is seen
to come into effect in Q1'26. Thanks to its scale, 123fahrschule should be
able to significantly capitalize on those changes in the form of an
increased catchment area as well as pricing advantages, which should allow
for market share gains. Moreover, 123fahrschule will be able to offer an
education with a much higher quality and convenience for students compared
to peers, making it the driving school of choice for upcoming learner
drivers.
Against this backdrop and the continuously undemanding valuation, we confirm
BUY with an unchanged PT of EUR 7.90 based on DCF.
You can download the research here: http://www.more-ir.de/d/32364.pdf
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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2125950 29.04.2025 CET/CEST
