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Currency in EUR
Last close As at 26/05/2023
EUR17.05
▲ −0.55 (−3.13%)
Market capitalisation
EUR233m
JDC Group is a leading German insurance platform, providing advice and financial services to professional intermediaries and banks but also directly to end-customers. JDC also 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), and is running a pilot with R+V Versicherung, Germany’s cooperative banks’ insurance company. These contracts could add more than €300m in annual turnover with a significant contribution as of 2023.
Financials
Financials
Analyst
Dr. Sebastian Grabmaier
CEO
Ralph Konrad
CFO
Forecast net cash (€m)
2.3
Forecast gearing ratio (%)
N/A
| % | 1M | 3M | 12M |
|---|---|---|---|
| Actual | (6.6) | (11.0) | (9.5) |
| Relative | (6.1) | (14.3) | (19.8) |
| 52 week high/low | €21.2/€14.6 |
JDC Group (JDC) reported Q123 results in line with management’s expectations. Despite the relatively low year-on-year revenue growth of 1.4% in Q1, JDC reiterated its FY23 guidance for revenue of €175–190m based on cooperation agreements that have been signed. This translates to 17% top-line growth at the midpoint of guidance. EBITDA is still expected to be in the range of €11.5–13.0m. We have made no changes to our estimates, which are more or less at the midpoint of guidance. JDC trades at an FY24e EV/EBITDA multiple of 12.0x on our estimates, which we believe is undemanding for what is essentially a fast-scaling platform business.
| Y/E Dec | Revenue (€m) | EBITDA (€m) | PBT (€m) | EPS (c) | P/E (x) | P/CF (x) |
|---|---|---|---|---|---|---|
| 2021A | 146.8 | 8.3 | 1.4 | 6.88 | 247.8 | 41.7 |
| 2022A | 156.1 | 9.0 | 1.1 | 6.87 | 248.2 | 32.4 |
| 2023E | 182.7 | 12.3 | 3.9 | 22.68 | 75.2 | 20.1 |
| 2024E | 212.2 | 17.4 | 8.6 | 50.36 | 33.9 | 14.9 |
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