JDC Group - Edison 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, 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

18.11.24

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

Financials |
Update

19.08.24

JDC Group — Gaining a firm foothold in commercial insurers

Financials |
edison tv

09.07.24

JDC Group – executive interview

Financials |
Flash note

14.05.24

JDC Group — Well on track in 2024

JDC Group_resized

Sector

Financials

Equity Analyst

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	343.5	44.9
2023A	171.7	11.7	3.8	27.93	84.5	38.5
2024E	220.4	16.0	7.5	43.93	53.7	22.3
2025E	258.6	23.3	14.4	79.16	29.8	16.4

Research

Update

Financials

17.04.23

JDC Group — Strong results in a difficult market

Flash note

Financials

10.03.23

JDC Group — On track for a strong FY23

Financials

Flash note

JDC Group — On track for a strong FY23

Update

Financials

21.11.22

JDC Group — Lower FY22 guidance and estimates

Flash note

Financials

12.08.22

JDC Group — FY22 guidance reiterated after strong Q222

Update

Financials

14.07.22

JDC Group — Adding more client groups

Update

Financials

30.05.22

JDC Group — Starting to execute on large client wins

QuickView

Financials

28.10.21

JDC Group — Seeking higher levels of growth

Update

Financials

17.08.21

JDC Group — Seeking a higher level of growth

Update

Financials

13.04.21

JDC Group — Scaling up

edison tv

Financials

10.03.21

JDC Group – executive interview

Update

Financials

26.08.20

JDC Group — Business model proves resilient to COVID-19

Update

Financials

15.05.20

JDC Group — Ready to scale up

Update

Financials

04.09.19

JDC Group — Large contracts start to materialise

Update

Financials

09.05.19

JDC Group — White label solutions attract new clients

Update

Financials

06.09.18

JDC Group — Back on track after a weaker Q417

Update

Financials

23.03.18

JDC Group — Muted Q417 does not spoil FY18 outlook

Update

Financials

06.09.17

JDC Group — Capturing additional margin

Initiation

Financials

05.07.17

JDC Group — Digitalised personal service

Further insights

insight

Financials

20.11.23

JDC Group: EKF 2023 QuickView

insight

Financials

16.11.22

Deutsches Eigenkapitalforum (EKF) 2022 financials

insight

Consumer

26.07.22

Deutsches Eigenkapitalforum (EKF) 2022

thematic

Financials

09.05.23

IFRS 17: Impact on life assurance companies

thematic

Financials

17.03.23

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03.11.22

UK motor P&C insurers series

thematic

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05.10.22

IPO apocalypse

thematic

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10.08.22

ESG, moving beyond the box tick

thematic

Financials

11.05.22

Revisiting IPOs in London

thematic

Financials

11.03.22

Five things you need to know about AQRU and crypto 2.0

thematic

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23.08.21

Bitcoin’s investment thesis – How ‘dirty’ is the Bitcoin network’s carbon footprint?

thematic

Financials

03.07.19

IFRS 16

thematic

Financials

26.06.19

DACH Industrial & Logistic Property

thematic

Financials

14.05.19

Time value of money

thematic

Financials

15.04.19

Cash flow

thematic

Financials

08.02.19

Enterprise versus equity valuation

thematic

Financials

15.01.19

Deutsche Börse’s Scale

thematic

Financials

08.01.19

Price to earnings ratio

thematic

Consumer

11.11.14

Deutsche Börse Eigenkapitalforum 2014 Research Guide