Original-Research: 123fahrschule SE - from NuWays AG 11.09.2025 / 09:00 CET / CEST Dissemination of a Research, transmitted by EQS News - a service of EQS Group.

Original-Research: 123fahrschule SE - from NuWays AG



11.09.2025 / 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.



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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:                        11.09.2025
     Target price:                EUR 7.90
     Target price on sight of:    12 months
     Last rating change:
     Analyst:                     Philipp Sennewald



Strong H1 were no surprise after preliminary figures



Yesterday, 123fahrschule released a strong set of H1 figures, which were in
line with the prelims published on 13 August (click here for update). In
detail:



H1'25 sales increased 16.9% yoy to EUR 12.9m, mainly driven by the private
customer segment as well as the newly consolidated simulator segment.
Private customer sales increased 20.3% yoy to EUR 10.1m on the back of a 30%
increase in net registrations as well as price increases. Moreover, the
branch network grew to 61 locations (H1'24: 56), thus explaining the sharp
sales increase in part as well. Following the acquisition of Foerst GmbH in
FY24, the simulator segment initially contributed EUR 0.7m sales, which was
predominantly stemming from truck simulators as car simulator demand slowed
due to the pending legislation. Yet, once we see clarity in this regard, we
expect catch-up effects to materialize, accelerating segment growth further.
Sales in professional driver training however decreased to EUR 0.8m (-13.4%
yoy) due to lower demand related to project delays and fewer funded training
measures. The same held true for the driving instructor training segment,
where sales declined 27.5% to EUR 1.2, which came however against a tough
comparable base and capacity adjustments in light of the organizational
fine-tuning.



Against this backdrop, H1'25 EBITDA doubled yoy to EUR 1.0m (H1'25 reported vs
H1'24 adj. EBITDA), clearly displaying the scalability of the business model
visible in a rising capacity utilization as well as continuous digitization
and process automation. The H1 EBITDA margin strongly improved to 7.6%,
+5.5pp yoy.



On this basis, management confirmed the positive outlook for FY25, targeting
sales of EUR 28-30m (eNuW: EUR 28.7m) and EBITDA of EUR 1.5-2.5m (eNuW: EUR 2.5m).
While the upper end of the EBITDA guidance looks well in reach, 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
growth acceleration in H2 as feasible, especially in combination with the
potential catch-up effect in the car simulator business.



Overall, in light of the strong release, the upcoming legislation changes,
the ongoing and successful branch expansion as well as the scalable digital
platform we regard 123fahrschule well on track for sustained and profitable
growth.



We thus maintain our conviction in the case and confirm our BUY rating with
an unchanged EUR 7.90 PT based on DCF.





You can download the research here:
https://eqs-cockpit.com/c/fncls.ssp?u=2bd978a56a701625d994fac819568315
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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.
++++++++++



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2196052 11.09.2025 CET/CEST