JDC Group (SCALE: JDC)

Last close As at 18/03/2024

EUR22.70

−0.80 (−3.40%)

Market capitalisation

EUR322m

JDC Group is a leading German insurance platform, providing advice and financial services to professional intermediaries and banks and directly to end-customers. JDC provides its digital platform for end-clients and for the administration and processing of insurance products as a white-label product.

In the last years, JDC has won several very large contracts with German savings bank-related insurers Provinzial and Versicherungskammer Bayern (VKB). Its pilot with R+V Versicherung, Germany’s cooperative banks’ insurance company, has also materialised. These contracts could add more than €300m in annual turnover with a significant contribution as of this year.

Latest Insights

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Financials | Flash note

JDC Group — 2024 could turn out to be a very strong year

Financials | Update

JDC Group — Banking on a strong Q4

Financials | Update

JDC Group — Accelerating into H223

Financials | Flash note

JDC Group — On track for a strong FY23

JDC Group_resized

Sector

Financials

Equity Analyst

Key Management

  • Dr. Sebastian Grabmaier

    CEO

  • Ralph Konrad

    CFO

Balance Sheet

Forecast net cash (€m)

2

Forecast gearing ratio (%)

N/A

Share Price Performance

Price Performance
% 1M 3M 12M
Actual 16.3 24.7 42.0
Relative 9.3 16.4 18.3
52 week high/low €24.0/€14.8

Financials

JDC reported preliminary FY23 results that were broadly in line with estimates, implying an impressive EBITDA generation of €5m in Q4. JDC guides for FY24 revenue growth acceleration to 24% at the midpoint of guidance (€205–220m), compared to 10% revenue growth in 2023. This still seems conservative given the tailwinds from the market environment and the acquisition of Top Ten Financial Network, which will add around 10% of revenue growth alone. The EBITDA margin is also expected to increase based on a guided EBITDA range of €14.5–16.0m

Y/E Dec Revenue (€m) EBITDA (€m) PBT (€m) EPS (c) P/E (x) P/CF (x)
2021A 146.8 8.3 1.4 6.88 341.6 55.0
2022A 156.1 9.0 1.1 6.87 342.1 44.7
2023E 175.2 11.5 3.1 18.05 130.2 29.5
2024E 215.6 15.5 6.7 39.44 59.6 22.7

Research

Flash note

Financials

JDC Group — On track for a strong FY23

Update

Financials

JDC Group — Strong results in a difficult market

Flash note

Financials

JDC Group — On track for a strong FY23

Update

Financials

JDC Group — Lower FY22 guidance and estimates

Flash note

Financials

JDC Group — FY22 guidance reiterated after strong Q222

Update

Financials

JDC Group — Adding more client groups

Update

Financials

JDC Group — Starting to execute on large client wins

QuickView

Financials

JDC Group — Seeking higher levels of growth

Further insights

insight

Financials

JDC Group: EKF 2023 QuickView

insight

Financials

Deutsches Eigenkapitalforum (EKF) 2022 financials

insight

Consumer

Deutsches Eigenkapitalforum (EKF) 2022

Thematics

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