Original-Research: 123fahrschule SE (von NuWays AG): BUY
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Original-Research: 123fahrschule SE - from NuWays AG
20.10.2025 / 09:00 CET/CEST
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Classification of NuWays AG to 123fahrschule SE
Company Name: 123fahrschule SE
ISIN: DE000A2P4HL9
Reason for the research: Update
Recommendation: BUY
from: 20.10.2025
Target price: EUR 7.40
Target price on sight of: 12 months
Last rating change:
Analyst: Philipp Sennewald
Ministry proposal clears the way - 123f seen to benefit most
The German Ministry of Transport published its long-awaited proposal to make
obtaining a driving licence more affordable, confirming a fundamental reform
of driving school training. Crucially, the paper explicitly enables the full
digitalisation of theory lessons by abolishing mandatory classroom teaching
and room requirements, while simulators will be formally integrated into the
practical training and can even replace parts of mandatory special drives.
In addition, bureaucracy will be reduced, documentation obligations
simplified, and the practical test will be shortened to the European minimum
of 25 minutes. These measures aim to lower costs for students, improve
efficiency for schools and increase competition via more transparency. Legal
implementation is targeted for H1 2026, in line with previous indications.
In our view, this marks a structural inflection point for 123f as it fully
confirms the company's strategic direction. 123f has been preparing for
exactly these changes over the past two years, investing in its digital
platform, simulator infrastructure (via the Foerst acquisition) and process
automation. With online theory, 123f can significantly scale capacity
without additional classrooms and reach a wider catchment area, driving
higher sales per branch and superior margins. The integration of simulators
into mandatory training should unlock the currently delayed demand,
especially as customers were waiting for legal clarity. As stated in our
last update, this should lead to catch-up effects from FY26e onwards.
Moreover, lower mandatory drives and digital theory allow 123f to offer
significantly cheaper licences with at least stable margins, supporting
market share gains in its core regions.
The reform also strengthens 123f's competitive moat: smaller peers lacking
digital capabilities or financial resources to invest in simulators will
struggle to comply, while 123f is already fully set up. Combined with its
integrated driving instructor training and largest branch network in
Germany, the company remains in pole position to benefit once the reform
comes into force.
All in all, the ministry's proposal removes the key bottleneck that has been
holding back simulator demand and confirms 123f's strategic roadmap. We see
this as a major medium-term catalyst that should accelerate growth, improve
margins and unlock significant operating leverage. With an undemanding
valuation and clear regulatory tailwind, the investment case strengthens
further.
We hence reiterate our BUY rating with an unchanged PT of EUR 7.40 based on
DCF.
You can download the research here:
https://eqs-cockpit.com/c/fncls.ssp?u=dba0bd04e3d56d1277b1431b2aa46dd5
For additional information visit our website:
https://www.nuways-ag.com/research-feed
Contact for questions:
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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2215246 20.10.2025 CET/CEST
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