Original-Research: 123fahrschule SE - from NuWays AG
Classification of NuWays AG to 123fahrschule SE
Ministry proposal clears the way - 123f seen to benefit most In our view, this marks a structural inflection point for 123f as it fully confirms the company's strategic direction. 123f has been preparing for exactly these changes over the past two years, investing in its digital platform, simulator infrastructure (via the Foerst acquisition) and process automation. With online theory, 123f can significantly scale capacity without additional classrooms and reach a wider catchment area, driving higher sales per branch and superior margins. The integration of simulators into mandatory training should unlock the currently delayed demand, especially as customers were waiting for legal clarity. As stated in our last update, this should lead to catch-up effects from FY26e onwards. Moreover, lower mandatory drives and digital theory allow 123f to offer significantly cheaper licences with at least stable margins, supporting market share gains in its core regions. The reform also strengthens 123f's competitive moat: smaller peers lacking digital capabilities or financial resources to invest in simulators will struggle to comply, while 123f is already fully set up. Combined with its integrated driving instructor training and largest branch network in Germany, the company remains in pole position to benefit once the reform comes into force. All in all, the ministry's proposal removes the key bottleneck that has been holding back simulator demand and confirms 123f's strategic roadmap. We see this as a major medium-term catalyst that should accelerate growth, improve margins and unlock significant operating leverage. With an undemanding valuation and clear regulatory tailwind, the investment case strengthens further. We hence reiterate our BUY rating with an unchanged PT of € 7.40 based on DCF. You can download the research here: 123fahrschule-se-2025-10-20-update-en-51e8c 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. ++++++++++ The EQS Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. |
2215246 20.10.2025 CET/CEST