JDC Group (SCALE: JDC)

Currency in EUR

Last close As at 22/09/2023

EUR17.05

−0.05 (−0.29%)

Market capitalisation

EUR236m

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

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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

Financials | Flash note

JDC Group — On track for a strong FY23

Sector

Financials

Equity 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.

Y/E Dec Revenue (€m) EBITDA (€m) PBT (€m) EPS (c) P/E (x) P/CF (x)
2021A 146.8 8.4 1.4 6.88 247.8 39.9
2022A 156.1 9.0 1.1 6.87 248.2 32.4
2023E 182.3 12.2 3.7 21.92 77.8 20.3
2024E 212.4 17.4 8.7 50.63 33.7 14.9

Research

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

Update

Financials

JDC Group — Scaling up

Further insights

insight

Financials

Deutsches Eigenkapitalforum (EKF) 2022 financials

insight

Consumer

Deutsches Eigenkapitalforum (EKF) 2022

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