Original-Research: 123fahrschule SE - von NuWays AG 19.02.2025 / 09:00 CET / CEST Veröffentlichung einer Research, übermittelt durch EQS News - ein Service der EQS Group.

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

Original-Research: 123fahrschule SE - von NuWays AG

19.02.2025 / 09:00 CET/CEST
Veröffentlichung einer Research, übermittelt durch EQS News - ein Service
der EQS Group.
Für den Inhalt der Mitteilung bzw. Research ist alleine der Herausgeber bzw.
Ersteller der Studie verantwortlich. Diese Meldung ist keine Anlageberatung
oder Aufforderung zum Abschluss bestimmter Börsengeschäfte.

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Einstufung von NuWays AG zu 123fahrschule SE

     Unternehmen:               123fahrschule SE
     ISIN:                      DE000A2P4HL9

     Anlass der Studie:         Update
     Empfehlung:                BUY
     seit:                      19.02.2025
     Kursziel:                  EUR 7.20
     Kursziel auf Sicht von:    12 months
     Letzte Ratingänderung:
     Analyst:                   Philipp Sennewald

Fresh capital to fuel strong growth & market share gains; chg.

Topic: On Monday evening, 123fahrschule (123f) announced the result of the
issuance of the company's
convertible bond. In detail:

100% of the partial bonds offered have been subscribed by existing
shareholders or placed with institutional
investors at the subscription price of EUR 3.30. The convertible bond has a
duration of 5 years and
carries an interest rate of 7.5% per annum. The strike was set at EUR 3.30.

As a result of the placement, 123f will receive gross proceeds of EUR 3.4m,
which will be used to finance
sales and earnings growth. In particular, it will be used for necessary
investments in the upcoming introduction
of legally recognized driver training on driving simulators and online
education for theoretical driving
license training.

Mind you, those legislative changes will come into effect in Q1'26e. Until
then, the company will need to
adapt its existing branch network to online theory and simulator training.
In addition, management recently
presented project FIT (driving simulator integrated theory), which will
enable large parts of theory and
practical training to be shifted to the digital driving instructor in the
simulator. The simulator will hereby
take over 50% of the practical training and support the theoretical
training. With this concept, the company
aims to reduce up to 10 hours of learning time in the learning app, as what
has been learned can be
applied directly on the simulator. Total costs for the adaptation of the
branch network and project FIT are
estimated at EUR 3.75m.

Moreover, 123f will offer students the chance to conduct the mandatory
on-site theory lessons in two
one-day seminars, which reduced the trips to the branch to two, thus
allowing for a higher catchment
area. Next to the time savings for the learner drivers, the inclusion of
simulators into the education will allow
123f to offer the driving license class B (car) for up to EUR 1,000 less than
conventional driving
schools.

Overall, this should enable the company to gain market share in its key
regions (i.e. Berlin, Hamburg
& Cologne), allowing for increased sales per branch, ultimately leading to
significant economies of
scale. -continued-

Besides this, the company is already putting the proceeds from last year's
cash capital increase to use,
as it signed 3 new locations to date. Management targets to add another 17
locations by July. With these
new locations, the company will have completely covered the three main
locations Berlin, Cologne and
Hamburg.

That said, 123f looks well on track to be the main beneficiary of the
upcoming legislative changes, which
soon should become visible via strong margin expansion and increasing
returns.

We reiterate BUY with an unchanged EUR 7.20 PT based on DCF.

Die vollständige Analyse können Sie hier downloaden:
http://www.more-ir.de/d/31805.pdf
Die Analyse oder weiterführende Informationen zu dieser können Sie hier
downloaden: https://www.nuways-ag.com/research-feed

Kontakt für Rückfragen:
NuWays AG - Equity Research
Web: www.nuways-ag.com
Email: [e-mail]
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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2088315 19.02.2025 CET/CEST