123fahrschule SE
ISIN: DE000A2P4HL9
WKN: A2P4HL
17 May 2024 09:06AM

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

123fahrschule SE · ISIN: DE000A2P4HL9 · EQS - Analysts
Country: Germany · Primary market: Germany · EQS NID: 19795

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: Kaufen
from: 17.05.2024
Target price: EUR 7.20
Target price on sight of: 12 months
Last rating change:
Analyst: Philipp Sennewald

Promising acquisition & strong start into the year

123fahrschule announced an agreement to acquire Foerst GmbH, a manufacturer of driving simulators for cars, trucks, and buses, which are primarily used for driver education. The acquisition price, a mid-six-figure amount (eNuW: € 500k; c. 0.5x act. EV/sales), will be paid fully or partially in shares at the discretion of 123fahrschule. The payment is to be made in several tranches by the end of 2026. The shares will be issued at a price close to the stock exchange price. The transaction is intended to be closed on July 1st.

The acquisition appears sensible, in our view, as the use of driving simulators in driver training is expected to become increasingly important in the future. In fact, the market is seen to triple in the coming years especially as simulators are set to become part of the driving license category B197 in the context of the current amendment of the learner driver training regulations. According to the amendment, it should then be permitted to complete the mandatory manual driving lessons (10) on a simulator. This would be of particular importance, as the availability of manual driving school cars is already very limited today, but novice drivers often have to resort to manual vehicles initially due to limited financial resources. Moreover this is set to at least partly eliminate capacity constraints for 123f. In yesterday’s CC, CEO Polenske stated that the company intends to equip its driving schools with a total of 90 simulators once the amendment has been passed, which is seen to happen in 2025. While the acquisition looks set to significantly reduce CapEx for the roll-out of driving simulators across its own branches, it also opens up a further source of revenue. In fact, 123f intends to expand the product portfolio of Foerst with its own software elements to offer an improved product to other driving schools. However, as there is still limited visibility while the amendment has not been passed, we do not yet include this in our model.

Besides this, management also provided an update on current trading, stating an EBITDA of > € 0.5m for the first four months of the year as well as the expectation of positive cash flow thanks to an improved cash-collection cycle. While this underpins continuous operational improvements, boding well for managements outlook of positive EBITDA for FY ‘24, we continue to conservatively estimate a neutral EBITDA due to the seasonally weak Q4, where we observed a general reluctance of customers to take driving lessons during Christmas season in the past.

The stock remains a BUY, unchanged PT of € 7.20 based on DCF.

You can download the research here:
http://www.more-ir.de/d/29795.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. ++++++++++

-------------------transmitted by 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.

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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