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Original-Research: 123fahrschule SE - from NuWays AG

06.05.2026 / 09:00 CET/CEST
Dissemination of a Research, transmitted by EQS News - a service of EQS
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The issuer is solely responsible for the content of this research. The
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Classification of NuWays AG to 123fahrschule SE

     Company Name:                123fahrschule SE
     ISIN:                        DE000A2P4HL9

     Reason for the research:     Update
     Recommendation:              BUY
     Target price:                EUR 6.1
     Target price on sight of:    12 months
     Last rating change:
     Analyst:                     Philipp Sennewald

Reform moves from resolution to draft law; reit. BUY

On Tuesday, the German government has published the draft legislations for
the FahrschModVO (driving school modernisation regulation) and FahrlG-ÄndG
(driving instructor act amendment). The drafts represent a meaningful step
forward in the legislative process: where the VMK resolution in late March
established political intent, the draft legislations translate this into
binding legal language, with an intended effective date of 1 January 2027.
In our view, the publication removes residual uncertainty around whether the
reform would materialise in the form originally envisaged, and largely plays
into 123f's business model.

Content broadly as expected, all group entities benefit. The content of the
drafts is broadly in line with what the reform narrative has been built on.
Theory instruction is fully decoupled from physical premises: attendance is
no longer mandatory, and the obligation to maintain a classroom is
abolished, saving the industry an estimated EUR 55m p.a. in fixed costs. For
123f, this removes the last structural barrier to an asset-light national
rollout as students anywhere in Germany will be able to complete theory via
the group's platform before being handed to local franchise or cooperation
partners for practical training, structurally extending the company's
addressable catchment area beyond its current branch footprint.

Moreover, simulators are formally recognised as standard training tools for
the first time, with stand-alone operation permitted and manual transmission
training for class B allowed predominantly via simulator. This is a direct
read-through to Foerst, the group's simulator subsidiary, which was involved
in the legislative consultation process and whose technology is referenced
in the underlying BASt 2024 report. The transition from supplementary
learning tool to legally mandated standard training instrument meaningfully
expands the addressable simulator market.

Special drives shift from fixed minimum numbers to a competency-based model,
improving throughput per instructor and per location and lifting unit
economics per training case. A newly introduced transparency register
disclosing pass rates by school adds a further structural tailwind, as it is
likely to favour operators with systematic quality management over analogue
independents.

FahrerWerk, the group's instructor training subsidiary, additionally
benefits from the reform's opening of digital and hybrid formats in initial
instructor education, enabling overregional candidate acquisition without
location constraints and lowering capex per graduate.

With the legislative framework now largely set, the focus shifts to
execution and 123f enters the reform with pre-built digital infrastructure,
a functioning simulator subsidiary and an instructor training operation
already geared towards the new requirements. We see limited read-through to
our estimates at this stage but view the drafts as a meaningful de-risking
of the FY27e growth assumptions embedded in our model.

For further detail, we will host a digital roundtable with CEO Polenske this
Thursday, 3:30 p.m. (registration via our website).
We reiterate our BUY rating with a EUR 6.10 PT based on DCF.



You can download the research here:
https://eqs-cockpit.com/c/fncls.ssp?u=d90d94c3a1b290b4d44acb32998f8046
For additional information visit our website:
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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
++++++++++
Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss
bestimmter Börsengeschäfte.
Offenlegung möglicher Interessenkonflikte nach § 85 WpHG beim oben
analysierten Unternehmen befindet sich in der vollständigen Analyse.
++++++++++

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2322068 06.05.2026 CET/CEST

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Quelle: dpa-AFX