Currency in EUR
Last close As at 26/05/2023
▲ −0.55 (−3.13%)
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.
Dr. Sebastian Grabmaier
Forecast net cash (€m)
Forecast gearing ratio (%)
|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.
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