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NuWays AG Endorses 123fahrschule SE with a "Buy" Rating and Projects Continued Growth

NuWays AG recently updated its research on 123fahrschule SE, maintaining a "Buy" recommendation with a raised target price of €7.20. This outlook follows 123fahrschule's revelation of their fiscal year 2023 results, demonstrating a robust 24% year-over-year sales growth to reach €20.6 million, slightly below consensus expectations but still significant. The sales uptick was primarily fueled by its Private Customers segment and notable leaps in the Professional Driver Education and Driving Instructor Training segments.

The company experienced a manageable EBITDA loss of €0.8 million, marking a considerable improvement over the previous year's €2.7 million loss, largely attributed to effective cost-control measures implemented in 2022. Looking ahead, 123fahrschule anticipates extending its growth trajectory into fiscal year 2024, with projected sales growth of 13% to €23.2 million and an expected EBITDA improvement towards neutrality.

The analysis rests on anticipated growth in the Private Customer segment and a strategic focus on corporate clients within the Professional Driver Education segment. NuWays AG also hints at potential positive impacts from the likely reinstatement of online theory in 2025 and forthcoming legal adjustments concerning the use of simulators in driver training. Investors and stakeholders await further details from the company's upcoming conference call.

R. P.

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