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JDC Group (SCALE: JDC)

Last close As at 22/11/2024

EUR23.10

▲ −0.50 (−2.12%)

Market capitalisation

EUR316m

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 | Flash note

JDC Group — On track to reach high-end FY24 sales guidance

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
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 1.3 31.5
Relative 14.1 (2.2) 10.0
52 week high/low €24.2/€16.7

Financials

After two quarters of >20% y-o-y revenue growth, JDC Group (JDC) has benefited from strong tailwinds in Q324 as well. Revenue growth of 36% in the quarter was partly driven by the acquisition of Top Ten, but mostly by strong Insurance, investment and banks activities. Q424 is also expected to be strong and JDC indicated that the high end of FY24 revenue guidance of €205–220m is well within reach. FY24 EBITDA guidance is in the range of €14.5–16.0m (FY23: €11.7m). After raising our estimates with the H124 results, we make no further changes. Our discounted cash flow provides a valuation of €34.0/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 6.87 336.2 44.0
2023A 171.7 11.7 3.8 27.93 82.7 37.7
2024E 220.4 16.0 7.5 43.93 52.6 21.8
2025E 258.6 23.3 14.4 79.16 29.2 16.1

Research

Update

Financials

JDC Group — Gaining a firm foothold in commercial insurers

edison tv

Financials

JDC Group – executive interview

Financials

Flash note

JDC Group — On track to reach high-end FY24 sales guidance

Flash note

Financials

JDC Group — Well on track in 2024

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
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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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