JDC Group (SCALE: JDC)

Last close As at 18/06/2024

EUR21.20

0.10 (0.47%)

Market capitalisation

EUR290m

JDC Group is a leading German insurance platform, providing advice and financial services to professional intermediaries and banks and directly to end-customers. JDC provides its digital platform for end-clients and for the administration and processing of insurance products as a white-label product.

In the last few years, JDC has won several very large contracts with German savings bank-related insurers Provinzial, Versicherungskammer Bayern and SparkassenVersicherung. Its pilot with R+V Versicherung, Germany’s cooperative banks’ insurance company, has also materialised and is extended this year. 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 | Flash note

JDC Group — Well on track in 2024

Financials | Update

JDC Group — Accelerating again in FY24

Financials | Flash note

JDC Group — 2024 could turn out to be a very strong year

Financials | Update

JDC Group — Banking on a strong Q4

JDC Group_resized

Sector

Financials

Equity Analyst

Key Management

  • Dr. Sebastian Grabmaier

    CEO

  • Ralph Konrad

    CFO

Balance Sheet

Forecast net cash (€m)

2.3

Forecast gearing ratio (%)

N/A

Share Price Performance

Price Performance
% 1M 3M 12M
Actual (10.2) (6.6) 12.5
Relative (7.3) (7.6) 1.5
52 week high/low €24.0/€14.8

Financials

JDC Group reported strong Q124 results. Revenue growth accelerated to 21.6% from 10% in FY23, driven by its Advisortech division (+22.6%). In terms of profitability, the EBITDA margin increased to 7.6% from 7.3% in Q123. JDC reiterated its FY24 revenue guidance of €205–220m, 24% y-o-y growth at the midpoint, partly driven by the acquisition of Top Ten Financial Network, which management expects to contribute more than €18m in revenues this year. EBITDA is also expected to increase to a guided range of €14.5–16.0m (FY23: €11.7m). We make no changes to our estimates. Our DCF provides a valuation of €34.04/share.

Y/E Dec Revenue (€m) EBITDA (€m) PBT (€m) EPS (c) P/E (x) P/CF (x)
2022A 156.1 9.0 1.1 6.87 308.6 40.1
2023A 171.7 11.7 3.8 27.93 75.9 34.4
2024E 212.9 15.3 6.8 37.42 56.7 21.2
2025E 250.0 22.3 13.5 73.94 28.7 15.3

Research

JDC Group_resized

Update

Financials

JDC Group — Banking on a strong Q4

Update

Financials

JDC Group — Accelerating into H223

Flash note

Financials

JDC Group — On track for a strong FY23

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

Further insights

insight

Financials

JDC Group: EKF 2023 QuickView

insight

Financials

Deutsches Eigenkapitalforum (EKF) 2022 financials

insight

Consumer

Deutsches Eigenkapitalforum (EKF) 2022

Thematics

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