Original-Research: 123fahrschule SE (von NuWays AG): BUY
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Original-Research: 123fahrschule SE - from NuWays AG
Classification of NuWays AG to 123fahrschule SE
Preliminary H1 in line with estimates / chg. Yesterday, 123fahrschule released preliminary H1 sales and EBITDA figures, which were in line with our expectations (click here for preview). According to the release, H1 sales came in at € 11.0m (eNuW: € 11.1m), implying a yoy growth of 5%. As anticipated, H1 EBITDA arrived slightly softer compared to last year at € 0.1m (H1 ’23: € 0.2m; eNuW: € 0.1m). Yet, this was due to several accounting changes during the first half of the year, making the yoy comparison less meaningful. The changes relate to (1) optimizations in the accounting system, which improved accruals during the year rather than once in December as well as (2) the write-off of customer receivables at an accelerated rate following the streamlining of the collection process. To allow for a better comparison, the company thus provided an adjusted EBITDA figure of € 0.5m, implying a margin of 4.5%. Thanks to the mentioned changes, the seasonally weaker December should show efficiency improvements compared to previous years. Hence, we adjusted our bottom-line estimates accordingly. Besides the preliminary figures, the company also provided a target for FY ‘24e, as management aims to achieve an EBITDA of € 0.5m (adjusted: € 1m), which looks ambitious but achievable in our view (eNuW: € 0.4m EBITDA). On top of this, management also provided a strategy update, stating the intention to introduce additional locations to the cities of Berlin, Cologne and Hamburg. According to the company, opening new stores in cities with existing locations has proven to be the most efficient way to accelerate growth and increase market share. In order to finance the expansion, management is currently considering several options, including a further cash capital increase of up to 10% of the existing share capital. Along with the reintroduction of online theory lectures starting 2025 and the scaling up of the driving simulator business, this should poise 123f for dynamic top-line growth from 2025e onwards thanks to a significant increase of driving instructor capacities. Moreover, 123f’s in-house driving instructor education centers should allow for further organic growth, whereas the vast majority of competitor will face succession problems in the coming years given the age structure of the industry (avg. age around 55 years). 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/30281.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 ++++++++++ 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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1952641 24.07.2024 CET/CEST
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
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| INVESTOR-INFORMATION | ||||||
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| 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 |
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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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