JDC Group (SCALE: JDC)

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.

Latest Insights

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Financials

JDC Group — On track for a strong FY23

Financials

JDC Group — On track for a strong FY23

Financials

JDC Group — Lower FY22 guidance and estimates

Sector

Financials

Equity 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 (6.6) (11.0) (9.5)
Relative (6.1) (14.3) (19.8)
52 week high/low €21.2/€14.6

Financials

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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