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JDC Group (SCALE: JDC)

Last close As at 02/07/2024

EUR20.90

▲ −0.10 (−0.48%)

Market capitalisation

EUR303m

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
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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)

2.3

Forecast gearing ratio (%)

N/A

Share Price Performance

Price Performance
% 1M 3M 12M
Actual (4.3) 0.5 23.1
Relative (1.5) 1.7 7.2
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 6.87 304.2 39.6
2023A 171.7 11.7 3.8 27.93 74.8 33.9
2024E 212.9 15.3 6.8 37.42 55.9 20.9
2025E 250.0 22.3 13.5 73.94 28.3 15.1

Research

Flash note

Financials

JDC Group — FY22 guidance reiterated after strong Q222

Update

Financials

JDC Group — Adding more client groups

Financials

Update

JDC Group — Lower FY22 guidance and estimates

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

edison tv

Financials

JDC Group – executive interview

Update

Financials

JDC Group — Business model proves resilient to COVID-19

Update

Financials

JDC Group — Ready to scale up

Update

Financials

JDC Group — Large contracts start to materialise

Update

Financials

JDC Group — White label solutions attract new clients

Update

Financials

JDC Group — Back on track after a weaker Q417

Update

Financials

JDC Group — Muted Q417 does not spoil FY18 outlook

Update

Financials

JDC Group — Capturing additional margin

Initiation

Financials

JDC Group — Digitalised personal service

Further insights

insight

Financials

JDC Group: EKF 2023 QuickView

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