Original-Research: 123fahrschule SE - from NuWays AG
Classification of NuWays AG to 123fahrschule SE
Reform moves from resolution to draft law; reit. BUY Moreover, simulators are formally recognised as standard training tools for the first time, with stand-alone operation permitted and manual transmission training for class B allowed predominantly via simulator. This is a direct read-through to Foerst, the group's simulator subsidiary, which was involved in the legislative consultation process and whose technology is referenced in the underlying BASt 2024 report. The transition from supplementary learning tool to legally mandated standard training instrument meaningfully expands the addressable simulator market. Special drives shift from fixed minimum numbers to a competency-based model, improving throughput per instructor and per location and lifting unit economics per training case. A newly introduced transparency register disclosing pass rates by school adds a further structural tailwind, as it is likely to favour operators with systematic quality management over analogue independents. FahrerWerk, the group's instructor training subsidiary, additionally benefits from the reform's opening of digital and hybrid formats in initial instructor education, enabling overregional candidate acquisition without location constraints and lowering capex per graduate. With the legislative framework now largely set, the focus shifts to execution and 123f enters the reform with pre-built digital infrastructure, a functioning simulator subsidiary and an instructor training operation already geared towards the new requirements. We see limited read-through to our estimates at this stage but view the drafts as a meaningful de-risking of the FY27e growth assumptions embedded in our model. For further detail, we will host a digital roundtable with CEO Polenske this Thursday, 3:30 p.m. (registration via our website). We reiterate our BUY rating with a € 6.10 PT based on DCF. You can download the research here: 123fahrschule-se-2026-05-06-update-en-2887b 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 Interessenkonflikte nach § 85 WpHG beim oben analysierten Unternehmen befindet sich in der vollständigen Analyse. ++++++++++ The EQS Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. | ||||||||||||||||||
2322068 06.05.2026 CET/CEST
