123fahrschule SE Records Strong H1 Performance; BUY Recommendation Maintained

123fahrschule SE recently announced its H1 2025 financial results, showing a 16.9% increase in sales year-over-year to €12.9 million. This growth was primarily driven by the private customer segment and the newly consolidated simulator segment. Private customer sales rose 20.3% to €10.1 million, aided by a 30% increase in net registrations and pricing strategies. The company's branch network expanded to 61 locations, up from 56 in H1 2024, contributing further to the revenue rise.

The simulator segment added €0.7 million in sales, mainly from truck simulators, while car simulator sales await legislative developments. Professional driver training sales declined 13.4% to €0.8 million due to project delays, and instructor training sales dropped 27.5% amid capacity adjustments.

EBITDA doubled to €1.0 million, highlighting the business model's scalability. The company forecasts FY25 sales between €28-30 million and EBITDA between €1.5-2.5 million. Despite ambitious sales goals, growth acceleration is feasible, supported by potential catch-up in the car simulator business. The BUY rating is reaffirmed with a target price of €7.90.