JDC Group

DB: A8A

€99.8m market cap

€7.6 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 and recently acquired comparison website GELD.de. Digital advice and administration capabilities are a focus of strategy to drive organic growth and position the group as a consolidator.

Investment summary

JDC continued to improve its financial results in H118 (commission income was up 10% y-o-y), building on its strong market presence and ongoing digitalisation programme. The results put JDC on track to reach break-even at the net income level in FY18 (in line with current Bloomberg consensus). Further investments in new technologies (eg B-LAB) along with potential M&A activity should help strengthen its position as one of the market leaders. JDC’s shares currently trade on a FY18 consensus P/E of c 56x, a premium of >100% to the peer group, although this premium diminishes over subsequent years.

Share price graph
Price performance
%
1m
3m
12m
Actual 11.8 25.8 (21.6)
Relative* 9.0 23.9 (14.5)
52-week high/low €10.1/€6.0
*% relative to local index
Key management
Ralf Funke IR