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JDC Group (SCALE: JDC)

Currency in EUR

Last close As at 08/12/2023

EUR17.70

▲ 0.65 (3.81%)

Market capitalisation

EUR242m

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 this year.

Latest Insights

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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

Financials | Update

JDC Group — Strong results in a difficult market
JDC Group_resized
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Sector

Financials

Equity Analyst

Edwin de Jong

Edwin De Jong

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 (0.8) 2.3 10.6
Relative (9.6) (3.3) (5.1)
52 week high/low €19.5/€14.8

Financials

JDC Group (JDC) issued its Q323 report in which its FY23 guidance was adjusted to the lower end of the indicated revenue and EBITDA ranges. This was partly due to the weak economic environment in Germany and partly because JDC may not be able to consolidate Top Ten Group in FY23. Nevertheless, to reach the lower end of the €175–190m revenue guidance, a strong Q4 is needed given the 9M23 realised revenue of €122.9m. However, we believe guidance is realistic given seasonal trends as Q4 is the quarter when clients usually evaluate their insurance portfolios.Our DCF calculation provides a valuation of €34.09/share.

Y/E Dec Revenue (€m) EBITDA (€m) PBT (€m) EPS (c) P/E (x) P/CF (x)
2021A 146.8 8.3 1.4 6.88 257.3 41.4
2022A 156.1 9.0 1.1 6.87 257.6 33.7
2023E 175.2 11.5 3.1 18.05 98.1 22.2
2024E 215.6 15.5 6.7 39.44 44.9 17.1

Research

Update

Financials

JDC Group — Accelerating into H223

Flash note

Financials

JDC Group — On track for a strong FY23
JDC Group_resized

Financials

Update

JDC Group — Banking on a strong Q4

JDC Group_resized

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

Update

Financials

JDC Group — Seeking a higher level of growth
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Further insights

insight

Financials

JDC Group: EKF 2023 QuickView

insight

Financials

Deutsches Eigenkapitalforum (EKF) 2022 financials

insight

Consumer

Deutsches Eigenkapitalforum (EKF) 2022

Analyst of the week

Milosz Papst

Milosz Papst

Director, Financials

mpapst@edisongroup.com +44 (0)20 3077 5700
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IFRS 17: Impact on life assurance companies

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