Original-Research: 123fahrschule SE - from NuWays AG 30.04.2026 / 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 |
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| Reason for the research: | Update |
| Recommendation: | BUY |
| Target price: | EUR 6.10 |
| Target price on sight of: | 12 months |
| Last rating change: | |
| Analyst: | Philipp Sennewald |
Solid Q1 against market trend; reform momentum building 123f started FY26 on a resilient note, delivering
Q1 sales of € 6.7m (+1.5% yoy) in a market that continues to show broadly declining volumes. The ability to grow revenues against this trend reflects 123f's stronger brand and digital reach relative to smaller peers, which are facing increasing cost and compliance pressure in the current environment. Notably, this outperformance comes despite the ongoing demand vacuum created by prospective students deferring enrollment ahead of the reform, waiting for lower fees and digital learning options to become available, a dynamic that disproportionately affects less digitised competitors.
EBITDA came in at € 0.56m (Q1 25: € 0.67m), with the yoy decline driven by deliberate investments in the vehicle fleet and higher marketing spend aimed at gaining market share in a transitional market environment.
Management confirmed FY26 EBITDA guidance of € 1.5-2.5m, (eNuW: € 1.9m). We view the near-term cost step-up as strategically sound: building operational capacity and brand reach ahead of the reform maximises 123f's ability to capture the demand catch-up we expect from FY27e onwards, when lower price points and digital theory should meaningfully expand the addressable market.
On the regulatory front, momentum continues to build. Management reports visibly rising interest in digital solutions from both students and franchise partners following the VMK resolution in March, which confirmed January 1, 2027 as the reform implementation date. With its pre-built platform and simulator capacity already in place, 123f enters this phase better prepared than any peer. The reform permits full e-learning for theory and integrates simulators into mandatory training, two areas where 123f has invested ahead of the curve. Overall, the
release confirms the key pillars of our investment case: 123f is gaining market share in a challenging environment, management is investing deliberately rather than defensively, and the regulatory foundation for a meaningful earnings inflection from FY27e is firmly in place. We reiterate our
BUY rating with a PT of
€ 6.10. You can download the research here:
123fahrschule-se-2026-04-30-previewreview-en-dfb39 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. ++++++++++
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