JDC Group

DB: A8A

€100.6m market cap

€7.66 last close

JDC Group is a financial services group providing advice and financial services, both directly to end-customers and via independent intermediaries. It operates one of the largest broker pools in Germany. The strategy is to focus on digital advice and administration capabilities to drive organic growth and position the group as market consolidator.

Investment summary

JDC Group is ready to scale up. Development costs for its bancassurance advisory, administration and service platform are stabilising, and last year it was successful in winning some large client contracts. These new contracts underpin consensus revenue growth forecasts for the next few years. As a platform with a recurring revenue base, JDC’s business model is not very vulnerable to the COVID-19 crisis. A valuation of 14.2x consensus FY20e EV/EBITDA does not seem demanding compared with international peers.

Share price graph
Price performance
%
1m
3m
12m
Actual 23.5 51.4 13.0
Relative* 17.8 14.9 12.2
52-week high/low €7.7/€4.0
*% relative to local index
Key management
Ralf Funke IR