123fahrschule: Reform moves from resolution to draft law; reit. BUY - NuWays AG Research

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.

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 € 6.10 PT based on DCF.

Länk till analysen i sin helhet: https://www.nuways-ag.com/company/123fahrschule-se/research/reform-moves-from-resolution-to-draft-law-reit-buy