Last close As at 05/08/2026
EUR23.40
▲ 0.60 (2.63%)
Market capitalisation
EUR317m
Research: 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
JDC Group |
Q423 preliminary results |
Insurance |
11 March 2024 |
Share price performance
Business description
Analyst
JDC Group is a research client of Edison Investment Research Limited |
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JDC Group (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
2024 could turn out to be a very strong year |
Year |
Revenue |
EBITDA |
Net profit |
EPS* |
DPS |
P/E |
12/22 |
156.1 |
8.9 |
0.9 |
0.07 |
0.0 |
250.7 |
12/23** |
171.7 |
11.7 |
3.8 |
0.28 |
0.0 |
76.4 |
12/24e |
215.6 |
15.5 |
5.4 |
0.39 |
0.0 |
55.1 |
Note: *EPS are reported. **2023 numbers are preliminary.
Impressive EBITDA in Q4
JDC announced preliminary FY23 and Q423 numbers on 8 March. Q423 revenues increased 21.2% to €48.8m and EBITDA came in at an impressive level of €5.0m. With this, FY23 revenues were €171.7m, a little short of guidance of €175–190m. This was driven by a lower-than-expected recovery of Advisory revenue and the fact that the acquired Top Ten group could only be consolidated for one month, as the approval from Austrian regulator FMA took longer than expected. FY23 EBITDA of €11.7m was in line with guidance of €11.5–13.0m, despite these issues.
FY24 off to a good start, sales growth to double
FY24 started off well with strong tailwinds. In addition to higher growth in insurance, JDC expects a return to growth in the real estate and financing business as well as accelerating new business in the investment sector in 2024. The onboarding of German savings bank-related insurer Provinzial is progressing well (especially in Cologne), according to management, while the contributions from savings bank-related insurer VKB and cooperative bank insurer R+V could take longer. This leads to a promising outlook for FY24, with almost 24% revenue growth at the midpoint of the guided €205–220m range, compared to 10% growth in 2023, and EBITDA at the midpoint of €15.3m (guided range €14.5–16.0m). This compares to our estimates of revenues of €215.6m and €15.5m EBITDA. We note, given that the acquisition of Top Ten alone will lead to ~10% additional revenue growth, this guidance is potentially conservative, with the risk to our estimates on the upside because of the tailwinds described above. We will update our FY24 estimates and introduce FY25 forecasts after the final results, which will be published on 28 March.
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Research: TMT
Informa’s FY23 results were strong, slightly ahead of guidance at January’s update. Underlying revenues grew 30.4% and adjusted operating margin expanded from 21.9% to 26.8%, with all four operating segments posting underlying revenue progress. The momentum has continued into FY24, and formal guidance has been edged ahead. The group generates significant amounts of cash, and leverage at end FY23 of 1.4x was below the guided range of 1.5–2.5x. With modest investment requirements and M&A opportunities of a large enough scale hard to come by, it seems likely that the share buyback programme will be extended further, underpinning the valuation.