NuWays AG Recommends Buy for 123fahrschule SE Despite FY25 Challenges

In a recent evaluation, NuWays AG has issued a "Buy" recommendation for 123fahrschule SE, setting a target price of EUR 6.1 despite initial disappointments in FY25 results. One-off expenses, notably related to personnel changes, and a comprehensive balance sheet revision caused EBITDA to fall substantially below expectations, registering at € -1.3m against an anticipated € 0.5m. Adjustments, particularly in receivables, were necessary due to legal changes impacting training loans.

Looking forward, 123fahrschule SE anticipates a marked improvement in FY26, estimating an EBITDA range of € 1.5-2.5m. This optimistic outlook is based on efficiency improvements and an expanded branch network, even as demand fluctuates due to pending driving license reforms. Notably, the company recorded one of its highest enrollment months in January, aided by a strong market presence and digital onboarding advancements.

Long-term, 123fahrschule SE is positioned for growth, leveraging its scalable AI-driven training platforms and simulator-based education, aiming for greater market share as smaller competitors face escalating costs.