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JDC Group (SCALE: JDC)

Last close As at 15/04/2024

EUR22.20

▲ −0.10 (−0.45%)

Market capitalisation

EUR305m

JDC Group is a leading German insurance platform, providing advice and financial services to professional intermediaries and banks and directly to end-customers. JDC provides its digital platform for end-clients and for the administration and processing of insurance products as a white-label product.

In the last few years, JDC has won several very large contracts with German savings bank-related insurers Provinzial and Versicherungskammer Bayern (VKB). Its pilot with R+V Versicherung, Germany’s cooperative banks’ insurance company, has also materialised. These contracts could add more than €300m in annual turnover with a significant contribution as of this year.

Latest Insights

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Financials | Update

JDC Group — Accelerating again in FY24

Financials | Flash note

JDC Group — 2024 could turn out to be a very strong year

Financials | Update

JDC Group — Banking on a strong Q4

Financials | Update

JDC Group — Accelerating into H223
JDC Group_resized
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Sector

Financials

Equity Analyst

Edwin de Jong

Edwin De Jong

Analyst

Key Management

  • Dr. Sebastian Grabmaier

    CEO

  • Ralph Konrad

    CFO

Balance Sheet

Forecast net cash (€m)

2.3

Forecast gearing ratio (%)

N/A

Share Price Performance

Price Performance
% 1M 3M 12M
Actual (3.9) 18.3 23.2
Relative (5.0) 9.0 7.4
52 week high/low €24.0/€14.8

Financials

JDC Group (JDC) reported FY23 results that were in line with the preliminary results published on 8 March. After a very strong Q423, JDC expects FY24 revenue growth to accelerate to c 17% (FY23: 10.0%) and EBITDA to grow by 36% (FY23: 30.2%) at the midpoint of guidance. To reach the FY25 target of €246m in revenue, JDC also needs 17% top-line growth in FY25. JDC trades at an FY25e EV/EBITDA multiple of 13.7x on our estimates, which we believe is undemanding for what is essentially a fast-scaling platform business. Our DCF provides a valuation of €34.04/share (versus €34.09/share previously).

Y/E Dec Revenue (€m) EBITDA (€m) PBT (€m) EPS (c) P/E (x) P/CF (x)
2022A 156.1 9.0 1.1 6.87 324.6 42.2
2023A 171.7 11.7 3.8 27.93 79.8 36.2
2024E 212.9 15.3 6.8 37.42 59.6 22.3
2025E 250.0 22.3 13.5 73.94 30.2 16.1

Research

Flash note

Financials

JDC Group — 2024 could turn out to be a very strong year
JDC Group_resized

Update

Financials

JDC Group — Banking on a strong Q4

Financials

Update

JDC Group — Accelerating again in FY24

Update

Financials

JDC Group — Accelerating into H223

Flash note

Financials

JDC Group — On track for a strong FY23

Update

Financials

JDC Group — Strong results in a difficult market

Flash note

Financials

JDC Group — On track for a strong FY23

Update

Financials

JDC Group — Lower FY22 guidance and estimates

Flash note

Financials

JDC Group — FY22 guidance reiterated after strong Q222

Update

Financials

JDC Group — Adding more client groups

Update

Financials

JDC Group — Starting to execute on large client wins
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Further insights

insight

Financials

JDC Group: EKF 2023 QuickView

insight

Financials

Deutsches Eigenkapitalforum (EKF) 2022 financials

insight

Consumer

Deutsches Eigenkapitalforum (EKF) 2022

Analyst of the week

Milosz Papst

Milosz Papst

Director, Financials

mpapst@edisongroup.com +44 (0)20 3077 5700
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Deutsches Eigenkapitalforum (EKF) 2023 financials and investment companies

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