123fahrschule SE
ISIN: DE000A2P4HL9
WKN: A2P4HL
19 July 2024 09:01AM

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

123fahrschule SE · ISIN: DE000A2P4HL9 · EQS - Analysts
Country: Germany · Primary market: Germany · EQS NID: 20255

Original-Research: 123fahrschule SE - from NuWays AG

19.07.2024 / 09:01 CET/CEST
Dissemination of a Research, transmitted by EQS News - a service of EQS Group AG.
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: 19.07.2024
Target price: EUR 7.20
Last rating change:
Analyst: Philipp Sennewald

H1 prelims to show further operational improvements

Next week,123fahrschule will report H1 figures. H1 sales are seen to increase by 6% yoy to € 11.1m (eNuW), which once again looks set to be predominantly driven by the Private Customer segment (eNuW: € 8.4m) thanks to the imposed price increases, while the number of private customer registrations should have remained rather stable. Moreover, we expect the Professional Driver Education with €  1.3m sales (+15%  yoy; eNuW) the Driving Instructor Training segment with €  1.5m sales (+10% yoy; eNuW) to continue on its strong growth paths.

However, EBITDA is seen to come in slightly softer yoy at € 0.1m (vs € 0.2m in H1’23), mainly due to a change in accounting, as the company is now building up provisions (i.e. vacation accruals) throughout the year instead of once a year in December. Adjusted for this effect, EBITDA should rather be in the region of € 0.5m (eNuW).

Overall, we expect the release to fully underpin our investment case, although it should only fully unfold next year when the positive effects from online theory lessons looks set to materialize. In fact, c. 50% of theory lessons can be held online, which should save the time resources of driving instructors and hence increase efficiency. This should ultimately ramp-up returns and profitability.

Moreover, 123f intends to further increase efficiency with the implementation of driving simulators, which allow learner drivers to complete up to 10 lessons in the future. According to management this should lead to significant scale effects as it increases the FTE per learner driver ratio. Through the acquisition of Foerst GmbH, 123f has additionally secured the sourcing of simulators. The company also plans to expand Foerst’s portfolio with its proprietary software elements in order to offer an improved product also to third party market participants as part of a rental model (not yet included in our model).

Furthermore, one of 123f’s key USP’s remains its in-house instructor training (10% market share), which grants the company a significant competitive edge given an average age of instructors in Germany of around 55 years. Unlike 123f, many competitors face succession problems. In order to take advantage of the situation, the company thus plans to open another instructor training center in FY25, increasing the annual capacities by another 30%.

Against this backdrop, the stock remains a BUY with an unchanged PT of € 7.20 based on DCF.

You can download the research here: http://www.more-ir.de/d/30255.pdf
For additional information visit our website: www.nuways-ag.com/research

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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1949627  19.07.2024 CET/CEST

fncls.ssp?fn=show_t_gif&application_id=1949627&application_name=news&site_id=boersengefluester_html

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
Quelle: boersengefluester.de and Company information
Explanation

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
Dividends
Dividend '2022
in €
Dividend '2023
in €
Dividend '2024e
in €
Div.-Yield '2024e
in %
0,00 0,00 0,00 0,00%
Financial calendar
Annual General Meeting Q1-figures Q2-figures Q3-figures Annual press conference
06.05.2025 23.07.2024 06.11.2024 31.03.2025
Performance
Distance 60-days-line Distance 200-days-line Performance YtD Performance 52 weeks IPO
Last Price (EoD)
-3,13%
2,48 €
ATH 17,60 €
-10,89% -11,08% +1,64% +0,81% +125,45%

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