JDC Group

JDC Group (SCALE: JDC)

Currency in EUR

Last close As at 22/09/2023

EUR17.05

▲ −0.05 (−0.29%)

Market capitalisation

EUR236m

Overview
Price performance
Financials
Research
Sector insights
Thematics

JDC Group is a leading German insurance platform, providing advice and financial services to professional intermediaries and banks and 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 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 2023.

Latest Insights

Financials |
Update

16.08.23

JDC Group — Accelerating into H223

Financials |
Flash note

15.05.23

JDC Group — On track for a strong FY23

Financials |
Update

17.04.23

JDC Group — Strong results in a difficult market

Financials |
Flash note

10.03.23

JDC Group — On track for a strong FY23

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Sector

Financials

Equity Analyst

Edwin De Jong

Analyst

Key Management

Dr. Sebastian Grabmaier

CEO
Ralph Konrad

CFO

Balance Sheet

Forecast net cash (€m)

2.2

Forecast gearing ratio (%)

N/A

Share Price Performance

Price Performance
%	1M	3M	12M
Actual	0.9	(8.6)	(0.9)
Relative	1.1	(5.9)	(18.7)
52 week high/low	€19.5/€14.6

Financials

JDC Group (JDC) reported H123 results that showed accelerating growth at its key Advisortech division (c 89% of revenue) of 11.2%. After three slower quarters, JDC expects overall growth to accelerate in H223 and reiterated its challenging but realistic FY23 guidance of 17% revenue growth at the midpoint, with EBITDA of €11.5–13.0m. JDC trades at an FY24e EV/EBITDA multiple of 13.2x on consensus estimates, which we believe is undemanding for what is essentially a fast-scaling platform business. Our DCF calculation provides a valuation of €34.09/share.