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:
Empfehlung: BUY
seit: 02.02.2024
Kursziel: 8.70
Kursziel auf Sicht von: 12 Monate
Letzte Ratingänderung:
Analyst: Philipp Sennewald
Topic: 123fahrschule looks set to report a decent set of FY '23 figures in
Q1. Here is what investors can
expect from the release:
After a strong first nine months, we expect the company to keep up the
momentum and report an increase
in total sales by 21% yoy to EUR 20.2m (eNuW; eCons: EUR 20.9m), driven by
strong growth of the
Private Customer segment to EUR 15.9m (+18% yoy) as well as the Professional
Drivers Education segment,
which is seen to more than double yoy to EUR 2.2m. The Education segment
however is seen to provide
a muted development and come in at EUR 2.2m (+1% yoy), although we expect a
sequential improvement
in Q4 (flat yoy vs -14% in Q3). Despite a neutral EBITDA at 9M '23, the
company is seen to report a
FY EBITDA of EUR -0.7m as profitability is seasonally weak in Q4 due to (1)
students' general reluctance to
take driving lessons during Christmas and (2) higher other OpEx based on
the built up of provisions, especially
vacation accruals, which happens almost entirely at YE. Still, this will be
a significant improvement
compared to a negative EUR 2.7m EBITDA in FY '22, thanks to the successful
implementation of
cost-cutting measures leading to efficiency gains.
What to expect for FY '24e: 123fahrschule looks set to remain on its growth
path, as sales is seen to
increase by 13% to EUR 22.9m (eNuW; eCons: EUR 24.7m), which should be largely
driven by the Private
Customer segment (+12% yoy to EUR 17.8m) based on increased capacity of
driving instructor FTEs (+22%
yoy at YE '24e). Mind you, 123fahrschule is seen to cope well with the
general shortage of driving instructors
thanks to its own driving instructor training centers. Moreover, we expect
another strong
growth contribution from the Professional Driver Education segment (+20%
yoy to EUR 2.6m), as an
increased focus on corporate clients (i.e. logistics, retail, agriculture)
is seen to offset a possible negative
effect of the current government budget crisis on the awarding of education
vouchers.
Against this backdrop, EBITDA is seen to further improve to a neutral level
(eNuW; eCons: EUR 2.1m)
before turning positive in FY '25e (eNuW: EUR 2.2m; eCons: EUR 3.5m). Keep in
mind, that the likely return of
online theory in 2025 is seen to allow for higher capacities and improved
constructor utilization, thus
supporting growth and profitability at 123fahrschule.
Valuation looks undemanding at 0.6 EV/Sales '23e. Reiterate BUY, EUR 8.70 PT
based on DCF.
Die vollständige Analyse können Sie hier downloaden:
http://www.more-ir.de/d/28783.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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