Märkte & Kurse

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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
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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:                        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 (+10%), 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
++++++++++
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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2104790 24.03.2025 CET/CEST

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