Original-Research: 123fahrschule SE (von NuWays AG): Buy
Original-Research: 123fahrschule SE - from NuWays AG
Classification of NuWays AG to 123fahrschule SE
Company Name: 123fahrschule SE
ISIN: DE000A2P4HL9
Reason for the research: Update
Recommendation: Buy
from: 05.03.2024
Target price: 7.20
Target price on sight of: 12 Monaten
Last rating change:
Analyst: Philipp Sennewald
FY ’23: Strong growth and improved profitability; chg. est & PT
Last week, 123fahrschule published a sound set of FY ‘23 results. Total sales increased by 24% yoy, coming in at € 20.6m (eNuW: € 20.2m; eCons: € 21.0m). In spite of a slight decrease in the number of private customer registrations, sales growth was still driven by the Private Customers segment, where sales grew by 16% yoy to € 15.6m (eNuW: € 15.9m). The Professional Driver Education segment continued its strong growth momentum, as sales were up 138% yoy to € 2.3m. Importantly, sales from the Driving Instructor Training segment regained traction in Q4 (+106% yoy), as FY sales came in at € 2.7m (+22% yoy; eNuW: € 2.2m), which was largely due to efficiency gains.
FY EBITDA came in at € -0.8m (eNuW: € -0.7m; eCons: € -0.4m), which is largely in line with expectations. After a neutral 9M EBITDA, the full-year figure, once again, underpins the company's strong seasonality, which is reflecting (1) a general reluctance of customers to take driving lessons during Christmas season as well as (2) higher OpEx based on built-up provisions for vacation accruals which are cumulated at YE. However, this represents a substantial improvement compared to an EBITDA of € -2,7m in FY ‘22. In our view, this shows the effectiveness of the cost-cutting measures introduced in December 2022, whose implementation was fulfilled in 2023.
Going forward, the company looks set to remain on its growth path, as sales are seen to grow by 13% yoy to € 23.2m in FY’ 24e (eNuW; eCons: € 24.2m), which should be driven by the Private Customer segment (+12% yoy) based on increased capacity of driving instructor FTEs (+20% yoy at YE ‘24e). Yet, we also expect a contribution from the Professional Driver Education segment (+20% yoy), as an increased focus on corporate clients (i.e. logistics, retail, agriculture) is seen to offset a possible negative effect of the current government budget crisis on the awarding of education vouchers.
Against this backdrop, EBITDA is seen to further improve to a neutral level (eNuW; eCons: € 2.6m) before turning positive in FY ‘25e (eNuW: € 2.2m; eCons: € 3.2m), which should be fuelled by the likely return of online theory in 2025. In a CC scheduled for next Monday (register here), management is going to provide more colour on this matter as well as on possible legal changes regarding the use of simulators in driving schools.
The stock remains a BUY with a new PT of € 7.20 based on DCF.
You can download the research here:
http://www.more-ir.de/d/29067.pdf
For additional information visit our website
www.nuways-ag.com/research.
Contact for questions
Die Analyse oder weiterführende Informationen zu dieser können Sie hier downloaden
www.nuways-ag.com/research.
Kontakt für Rückfragen
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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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.
Boersengefluester.de (BGFL) provides an overview of the key figures on sales, earnings, cash flow and dividends to help you better assess the fundamental development of the respective companies. All information is entered manually in our database - the source is the respective annual reports. All estimates for future figures are provided by BGFL.
| The most important financial data at a glance | ||||||||
| 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024e | ||
| Sales1 | 1,40 | 3,90 | 4,27 | 7,76 | 16,67 | 20,61 | 0,00 | |
| EBITDA1,2 | -2,40 | -3,10 | -2,18 | -3,79 | -2,66 | -0,89 | 0,00 | |
| EBITDA-Margin3 | -171,43 | -79,49 | -51,05 | -48,84 | -15,96 | -4,32 | 0,00 | |
| EBIT1,4 | -2,60 | -3,30 | -2,86 | -5,74 | -5,63 | -4,31 | 0,00 | |
| EBIT-Margin5 | -185,71 | -84,62 | -66,98 | -73,97 | -33,77 | -20,91 | 0,00 | |
| Net Profit (Loss)1 | -2,04 | -2,89 | -1,99 | -4,48 | -4,38 | -3,91 | 0,00 | |
| Net-Margin6 | -145,71 | -74,10 | -46,60 | -57,73 | -26,28 | -18,97 | 0,00 | |
| Cashflow1,7 | -1,80 | -2,68 | 1,81 | -6,96 | -2,77 | 0,39 | 0,00 | |
| Earnings per share8 | -1,12 | -1,59 | -0,82 | -1,85 | -1,41 | -0,80 | -0,41 | |
| Dividend per share8 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | |
1 in Mio. Euro; 2 EBITDA = Earnings before interest, taxes, depreciation and amortisation; 3 EBITDA in relation to sales; 4 EBIT = Earnings before interest and taxes; 5 EBIT in relation to sales; 6 Net profit (-loss) in relation to sales; 7 Cashflow from operations; 8 in Euro; Source: boersengefluester.de
Auditor: Morison Köln
All relevant valuation ratios, dates and other investor information on your share at a glance. Good to know: All data comes from boersengefluester.de and is updated daily. This means you are always up to date. You can get brief explanations of the key figures by moving the cursor or mouse over the relevant field.
| INVESTOR-INFORMATION | ||||||
| ©boersengefluester.de | ||||||
| 123fahrschule | ||||||
| WKN | ISIN | Legal Type | Marketcap | IPO | Recommendation | Plus Code |
| A2P4HL | DE000A2P4HL9 | SE | 13,78 Mio € | 14.10.2020 | Kaufen | 9F28WX69+F9 |
| PE 2025e | PE 10Y-Ø | BGFL-Ratio | Shiller-PE | PB | PCF | KUV |
| 0,00 | 0,00 | 0,00 | -2,17 | 0,84 | 35,62 | 0,67 |
|
Dividend '2022 in € |
Dividend '2023 in € |
Dividend '2024e in € |
Div.-Yield '2024e in % |
| 0,00 | 0,00 | 0,00 | 0,00% |
| Annual General Meeting | Q1-figures | Q2-figures | Q3-figures | Annual press conference |
| 06.05.2025 | 23.07.2024 | 06.11.2024 | 31.03.2025 |
| Distance 60-days-line | Distance 200-days-line | Performance YtD | Performance 52 weeks | IPO |
| -10,89% | -11,08% | +1,64% | +0,81% | +125,45% |
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