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JDC Group (SCALE: JDC)

Last close As at 04/11/2024

EUR21.30

▲ 0.30 (1.43%)

Market capitalisation

EUR288m

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, while its pilot with R+V Versicherung, Germany’s cooperative banks’ insurance company, has been extended. This year, JDC added a very large commercial insurer. These contracts could add well over €300m in annual turnover, with a significant contribution as of this year.

Latest Insights

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Financials | Update

JDC Group — Gaining a firm foothold in commercial insurers

Financials | edison tv

JDC Group – executive interview

Financials | Flash note

JDC Group — Well on track in 2024

Financials | Update

JDC Group — Accelerating again in FY24
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)

15.5

Forecast gearing ratio (%)

N/A

Share Price Performance

Price Performance
% 1M 3M 12M
Actual (10.3) (2.3) 37.7
Relative (9.9) (6.6) 5.2
52 week high/low €24.2/€15.3

Financials

JDC Group’s H124 results were strong, with organic revenue growth close to 20% largely driven by an accelerating number of insurance contracts transferred to JDC’s Advisortech platform (+45.5% y-o-y). Management reiterated its FY24 guidance of €205–220m in revenue and EBITDA of €14.5–16m. Given JDC’s H124 performance, we increased our estimates to the high end of the range. With an FY25e EV/EBITDA multiple of 11.9x (based on our estimates), we believe our valuation is undemanding, certainly compared to platform peers. Our discounted cash flow analysis values JDC at €38.20 per 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 6.87 305.7 40.0
2023A 171.7 11.7 3.8 27.93 75.2 34.3
2024E 220.4 16.0 7.5 43.93 47.8 19.8
2025E 258.6 23.3 14.4 79.16 26.5 14.6

Research

edison tv

Financials

JDC Group – executive interview

Flash note

Financials

JDC Group — Well on track in 2024

Financials

Update

JDC Group — Gaining a firm foothold in commercial insurers

Update

Financials

JDC Group — Accelerating again in FY24

Flash note

Financials

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

Thematics

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