JDC Group (SCALE: JDC)

Currency in EUR

Last close As at 07/02/2023

EUR16.80

−0.50 (−2.81%)

Market capitalisation

EUR230m

JDC Group is a leading German insurance platform, providing advice and financial services for professional intermediaries and banks, but also directly for end-customers. JDC’s digital platform, for end-clients and for the administration and processing of insurance products, is also provided 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.

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Sector

Financials

Equity Analyst

Key Management

  • Dr. Sebastian Grabmaier

    CEO

  • Ralph Konrad

    CFO

Balance Sheet

Forecast net cash (€m)

6.2

Forecast gearing ratio (%)

N/A

Share Price Performance

Price Performance
% 1M 3M 12M
Actual 0.9 (2.6) (35.4)
Relative (3.8) (14.0) (35.9)
52 week high/low €25.7/€14.6

Financials

JDC Group reported Q322 numbers and lowered its guidance to revenues of €155–165m (previously €165–175m) and EBITDA of €7.5–9.0m (previously more than €11m) The new guidance implies 1.1% revenue growth and an EBITDA of €2.0m at midpoint in Q422 (Q421: €3.0m). Given the 12.4% revenue growth in January to September 2022 this guidance may prove conservative. As such, we adjusted our estimates towards the upper range of the guided range. On our new estimates, JDC trades at an FY23e EV/EBITDA multiple of 15.3x, which we view as undemanding for what is essentially a platform business. Our DCF calculation implies a valuation of €36.40 per share.

Y/E Dec Revenue (€m) EBITDA (€m) PBT (€m) EPS (c) P/E (x) P/CF (x)
2020A 122.8 5.1 (1.0) (9.21) N/A 64.1
2021A 146.8 8.3 1.4 6.61 254.2 41.1
2022E 161.2 8.6 1.2 6.91 243.1 27.4
2023E 192.9 13.3 5.3 30.79 54.6 18.9

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