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
Final FY EBITDA even ahead of prelims; Chg. Topic: 123f released a strong set of FY24 results, where sales were slightly lower but EBITDA ahead of the preliminary figures published in January. In detail: FY24 sales came in at € 22.5m (FY24p: € 22.8m), implying a 9.2% improvement yoy. Sales were again driven by the Private Customers segment, were top-line improved by 11.1% yoy to € 17.3m caused by both price and volume effects. On the other hand, the Driving Instructor Training segment also saw a 9.5% increase in sales to € 3.0m, while the Professional Driver Segment however declined by 17.5% yoy to € 1.9m. The initial contribution from the Simulator segment amounted to € 0.3m sales. Not considering the simulator business, sales growth stood at 7.7%. Mind you, that during the first months of the year, 123f received a significantly increased demand für simulators, especially in the truck segment, leading to orders of already € 1m. For FY25e, we thus estimate a strong increase to € 2.5m sales. FY24 EBITDA turned positive for the first time, coming in at € 0.5m (FY24p: € 0.4m), implying a 2.4% margin. In our view, this is clearly displaying the ongoing operational improvements as well as scale effects starting to kick in. The clear highlight of the release however, was the operating cash flow, which came in at € 1.3m (FY23: € 0.4m), underpinning 123f’s cash generation ability. Overall, the results fully underpin our positive view on the company. Going forward, 123f is seen to substantially benefit from the upcoming regulation changes (e.g. re-introduction of online theory & inclusion of simulators into driving education). Besides this, the proceeds from the recent capital measures are seen to also be used to expand the branch network. In fact, management aims to increase to 70 branches until YE25 (57 as of FY24). Against this backdrop, the company’s guidance of € 27-29m sales looks well in reach (eNuW new: € 28.7m). So does the EBITDA guidance of € 1.5-2.5m (eNuW new: € 2.3m), especially given the strong simulator business, which is characterized by higher margins. In light of this, the current valuation continues to appear undemanding given an FY25e EV/EBITDA of 7.1x (FY26e: 3.1x). We hence reiterate BUY with an increased PT of € 7.90 (old: € 7.20) based on DCF. You can download the research here: http://www.more-ir.de/d/32058.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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2106402 26.03.2025 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 | ||||||||
| 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025e | ||
| Sales1 | 3,90 | 4,27 | 7,76 | 16,67 | 20,61 | 22,51 | 29,30 | |
| EBITDA1,2 | -3,10 | -2,18 | -3,79 | -2,66 | -0,89 | 0,53 | 2,10 | |
| EBITDA-Margin3 | -79,49 | -51,05 | -48,84 | -15,96 | -4,32 | 2,36 | 7,17 | |
| EBIT1,4 | -3,30 | -2,86 | -5,74 | -5,63 | -4,31 | -3,22 | -0,85 | |
| EBIT-Margin5 | -84,62 | -66,98 | -73,97 | -33,77 | -20,91 | -14,31 | -2,90 | |
| Net Profit (Loss)1 | -2,89 | -1,99 | -4,48 | -4,38 | -3,91 | -7,03 | -0,97 | |
| Net-Margin6 | -74,10 | -46,60 | -57,73 | -26,28 | -18,97 | -31,23 | -3,31 | |
| Cashflow1,7 | -2,68 | 1,81 | -6,96 | -2,77 | 0,39 | 1,28 | 0,00 | |
| Earnings per share8 | -1,59 | -0,82 | -1,85 | -1,41 | -0,80 | -1,26 | -0,17 | |
| 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 | 18,01 Mio € | 14.10.2020 | Halten | 9F28WX69+F9 |
| PE 2026e | PE 10Y-Ø | BGFL-Ratio | Shiller-PE | PB | PCF | KUV |
| 46,29 | 0,00 | 0,00 | -2,84 | 1,59 | 14,05 | 0,80 |
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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 | 30.09.2025 | 06.11.2024 | 25.03.2025 |
| Distance 60-days-line | Distance 200-days-line | Performance YtD | Performance 52 weeks | IPO |
| +27,21% | +19,82% | +35,00% | +84,09% | +194,55% |
