Original-Research: 123fahrschule SE (von NuWays AG): Buy

^

Original-Research: 123fahrschule SE - from NuWays AG

24.03.2025 / 09:01 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: 24.03.2025

Target price: EUR 7.20

Target price on sight of: 12 months

Last rating change:

Analyst: Philipp Sennewald

Promising addition to management / Strong FY24 figures ahead

123f announced that the Supervisory Board has appointed Dr. Andreas Günther

as an additional member to the management board. Dr. Günther will be

responsible for the operational management and strategic development of the

company together with CEO Boris Polenske. Notably, Dr. Günther's appointment

was preceded by more than six months of preparatory work as part of a

pre-assigned mandate from the Supervisory Board, where he was able to engage

intensively with the company's structures, challenges, and potential.

Combined with his extensive experience in management roles, this makes us

confident that Dr. Günther, with his expertise and commitment, will be able

to significantly contribute to achieving 123f's strategic goals and thus

creating sustainable shareholder value. Prior to joining 123f, Dr. Günther,

after many years at Bain & Company, was Managing Director at the CHECK24

Group and then at JUMiNGO, a tech scale-up.

Strong FY24 ahead. On March 31st, 123f will release final FY24 figures,

which should be in line with the company's prelims from January. To remind

you, FY24p sales came in at EUR 22.8m (%), indicating an improved level of

registrations in H2 following 6% growth in H1 but also the impact of Foerst

GmbH (closed on July 1st). FY24p EBITDA came in at EUR 0.4m, implying a EUR 1.3m

improvement and clearly displaying the continuously improving scalability of

the business. Moreover, the cash flow from operating activities came in

above the preliminary EBITDA.

Strong order intake to start off FY25. During the first months of the year,

123f has received strong demand for simulators, especially truck simulators.

Notably, in January alone, the company received new orders worth EUR 1m, thus

already surpassing total FY24 sales in the simulator segment. Based on this,

we expect management to increase marketing and sales effort in order to

grasp the momentum.

This, coupled with the strong underlying business model and the introduction

of new branches, 123f looks set to accelerate growth and notably improve its

profitability as reflected in the FY25 guidance of EUR 28-30m sales (eNuW: EUR

28.5m) and EUR 1.5-2.5m EBITDA (eNuW: EUR 2.5m).

We reiterate BUY with an unchanged EUR 7.20 PT based on DCF.

You can download the research here: http://www.more-ir.de/d/32054.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

ﯯ뻻

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.

ﯯ뻻

---------------------------------------------------------------------------

The EQS Distribution Services include Regulatory Announcements,

Financial/Corporate News and Press Releases.

Archive at www.eqs-news.com

---------------------------------------------------------------------------

2104790 24.03.2025 CET/CEST

°