JDC Group

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 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 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

Financials |
Update

08.04.24

JDC Group — Accelerating again in FY24

Financials |
Flash note

11.03.24

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

Financials |
Update

14.11.23

JDC Group — Banking on a strong Q4

Financials |
Update

16.08.23

JDC Group — Accelerating into H223

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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)

2.3

Forecast gearing ratio (%)

N/A

Share Price Performance

Price Performance
%	1M	3M	12M
Actual	(6.6)	6.0	12.8
Relative	(4.8)	(1.0)	0.3
52 week high/low	€24.0/€14.8

Financials

JDC Group (JDC) reported FY23 results that were in line with the preliminary results published on 8 March. After a very strong Q423, JDC expects FY24 revenue growth to accelerate to c 17% (FY23: 10.0%) and EBITDA to grow by 36% (FY23: 30.2%) at the midpoint of guidance. To reach the FY25 target of €246m in revenue, JDC also needs 17% top-line growth in FY25. JDC trades at an FY25e EV/EBITDA multiple of 13.7x on our estimates, which we believe is undemanding for what is essentially a fast-scaling platform business. Our DCF provides a valuation of €34.04/share (versus €34.09/share previously).