Original-Research: 123fahrschule SE (von NuWays AG): BUY
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Original-Research: 123fahrschule SE - von NuWays AG
Einstufung von NuWays AG zu 123fahrschule SE
Unternehmen: 123fahrschule SE
ISIN: DE000A2P4HL9
Anlass der Studie: Q3 Review
Empfehlung: BUY
seit: 06.12.2023
Kursziel: EUR 8,70
Kursziel auf Sicht von: 12 Monaten
Letzte Ratingänderung:
Analyst: Philipp Sennewald
Sound Q3 confirms positive momentum
123fahrschule published a sound set of Q3 results, showing continuous
top-line growth and a significantly improved profitability. Here are the
key takeaways:
Q3 sales increased by 23% yoy to EUR 5.2m (eNuW: EUR 5.1m) driven by a
significantly increased number of overall driving lessons (+19% to 146k) as
well as a strong performance of the Professional Driver Education segment.
In detail: Sales of the company's core segment Private Customers rose 18%
yoy to EUR 4.0m (eNuW: EUR 4.3m) thanks to last year's M&A activities as well
as organic growth carried by improving utilization rates. Notably,
Professional Drivers Education continues to gain traction with yoy topline
growth of 114% to EUR 0.6m (eNuW: EUR 0.4m) after management significantly
strengthened the respective salesforce, which is bearing fruit quicker than
anticipated. Only the Driving Instructor Training segment fell slightly
behind our estimates with sales down 12% yoy to EUR 0.4m (eNuW: EUR 0.5m).
Against this backdrop, the company provided a neutral Q3 EBITDA, which is a
significant improvement compared to a negative EUR 2.0m in Q3'22. Mind you,
that the FY EBITDA is still seen to turn negative (eNuW: EUR -0.7m) which is
due to two main effects: (1) Seasonally weak December as students are
generally reluctant to take driving lessons during Christmas. (2) Other
OpEx are seasonally higher in Q4 based on the built up of provisions,
especially vacation accruals, which are entirely built up at YE.
Still, from 2024e onwards, FY EBITDA looks set to turn positive driven by
efficiency gains and economies of scale based on continuous strong oganic
growth of 15% (eNuW). Thanks to its own driving instructor training
centers, 123f is seen to cope well with the shortage of skilled workforce
and thus continue to outperform the market. That said, the current budget
crisis could have a negative impact on the awarding of education vouchers
(eNuW: 70% of sales in Professional Driver Education & Driving Instructor
Training segments), which implies some downside risk to our esimates.
Liquidity issue resolved. As flagged in our initiation, the company
recently resolved a cash capital increase, raising gross proceeds of EUR
1.7m. With this, management eliminated liquidity as a risk factor as the
company is now fully financed until FCF generation is seen to kick in in
2025e.
Shares continue to appear undervalued trading at 0.7x EV/Sales 2023e,
especially after the recent weakness following the capital increase.
Remains a BUY with an unchanged PT of EUR 8.70 based on DCF.
Die vollständige Analyse können Sie hier downloaden:
http://www.more-ir.de/d/28489.pdf
Die Analyse oder weiterführende Informationen zu dieser können Sie hier downloaden
www.nuways-ag.com/research.
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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-------------------übermittelt durch die EQS Group AG.-------------------
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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