JDC Group’s (JDC’s) final FY24 results were in line with the preliminary numbers published on 10 March. FY24 growth was driven by the platform Advisortech division, but Advisory activities were also strong. Management provided FY25 guidance for revenue of €245–265m and EBITDA of €18.5–20.5m, along with mid-term guidance of €450–500m in turnover and EBITDA of €40–50m by 2030, which we see as both realistic and conservative. With an FY25e EV/EBITDA multiple of 13.7x, JDC’s valuation still appears undemanding, particularly compared to platform peers. Our discounted cash flow (DCF) values JDC at €34.56/share (from €34.04/share previously).

JDC Group (JDC) has reported very strong preliminary Q424 results, with revenue growth of 28.4% and record EBITDA of €5.9m (Q423: €5.0m). Growth was driven by the platform Advisortech division, but Advisory activities were also strong. Management provided FY25 guidance of €245–265m in revenue and EBITDA of €18.5–20.5m, as well as mid-term guidance of €450–500m turnover with EBITDA of €40–50m by 2030. CEO Sebastian Grabmaier and CFO Ralph Konrad have extended their contracts to 2030. Our estimates are under review pending the final results, which will be published on 31 March.