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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: research@nuways-ag.com

LinkedIn: https://www.linkedin.com/company/nuwaysag

Adresse: Mittelweg 16-17, 20148 Hamburg, Germany

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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

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