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

^

Original-Research: 123fahrschule SE - from NuWays AG

17.07.2026 / 09:00 CET/CEST

Dissemination of a Research, transmitted by EQS News - a service of EQS

Group.

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.

---------------------------------------------------------------------------

Classification of NuWays AG to 123fahrschule SE

Company Name: 123fahrschule SE

ISIN: DE000A2P4HL9

Reason for the research: Update

Recommendation: BUY

Target price: EUR 6.1

Target price on sight of: 12 months

Last rating change:

Analyst: Philipp Sennewald

Solid H1 despite a tough market environment

Yesterday, 123f released preliminary H1'26 figures, which we regard as a

solid print given the ongoing demand vacuum ahead of the driving school

reform. In detail:

H1 group sales increased slightly to EUR 13.0m (H1'25: EUR 12.9m; eNuW: EUR

13.5m), slightly below estimates but nonetheless standing out against a

market in which numerous peers are reporting declining volumes as

prospective learners continue to postpone enrollment ahead of the reform

taking effect on 1 January 2027. Reported EBITDA came in at c. EUR 0.85m,

burdened by planned growth investments, while adj. EBITDA improved 12% yoy

to c. EUR 1.1m (H1'25: EUR 1.0m; eNuW: EUR 1.0m), confirming the underlying

operating leverage of the model.

Core business improves profitability in a soft market. Sales and EBITDA in

the core driving school segment increased yoy, validating the operational

clean-up and efficiency measures taken and in FY25. The transformation

towards a structurally leaner setup is progressing well. With a full

transition of theory lessons to e-learning, roughly half of the existing

lease contracts have already been terminated, improving scalability with a

lasting margin tailwind into FY27e.

Foerst with high H2 visibility. The simulator subsidiary saw a slightly

weaker H1 against a tough comparison base. Yet, based on the current order

backlog, management expects a significantly stronger H2. Notably, the legal

recognition of simulators for mandatory training components from 1 January

2027 is already triggering a tangible pick-up in demand, as driving schools

front-load investments ahead of the new regulatory framework. This is in

line with the pull-forward dynamics we outlined in our previous update

following the publication of the draft legislation.

FahrerWerk enters asset-light expansion mode. The subsidiary signed its

first cooperation partner, adding five locations (Hamburg, Hannover, Erfurt,

Halle/Leipzig, Mörfelden-Walldorf). FahrerWerk provides brand, training

concept and digital infrastructure while the partner carries local

operations and site infrastructure, allowing the network to scale without

meaningful own investments. While the H1 contribution remained muted due to

long course durations and lead times in participant acquisition and funding

processes, a noticeable pick-up in utilisation and registrations should

become visible in H2. Management hence reiterated its long-term target of a

nationwide network of 650+ locations and c. 1,200 instructors by 2029,

implying a market share of c. 10%.

FY26 guidance confirmed. Management reiterated its FY26 EBITDA guidance of EUR

1.5-2.5m (eNuW: EUR 1.9m), which looks achievable given the operational

tailwinds described as well as the solid H1. Looking at our FY26e sales

estimate of EUR 29.1m, the achievability of the implied H2 sales of c. EUR 16m

will largely depend on the timing of Foerst deliveries and FahrerWerk

acceleration.

Overall, the release confirms the the equity story as the company is

successfully bridging the pre-reform demand trough while building the

infrastructure to capture the post-reform acceleration. To break it down,

123f looks set to become a main beneficiary of the upcoming reform, which

should translate into meaningful market share gains.

Reiterate BUY with an unchanged PT of EUR 6.10 based on DCF.

You can download the research here:

https://nwr.eqs-cockpit.com/fncls2.ssx?fn=redirect&u=a74c3457315ce68d7a4dd937e3a65cf1

For additional information visit our website:

https://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 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.

View original content:

https://eqs-news.com/?origin_id=06a057fe-81a5-11f1-8534-027f3c38b923&lang=en

---------------------------------------------------------------------------

2367290 17.07.2026 CET/CEST

°