Acquisition of FMK Group accelerates scaling and creates mutual synergies
At the beginning of August, the JDC Group (ISIN DE000A0B9N37, Open Market, JDC GY) announced its planned acquisition of initially 60% of the FMK Group. The transaction is expected to be completed at the end of September 2025 and will be reflected accordingly in the final quarter. The purchase price (fixed and variable) for the 60% stake is in the high double-digit million Euro range and will be financed through a (guaranteed) bond (initial volume of around €70 million). There is also the option of acquiring the entire FMK Group. It should be emphasised that the acquisition will contribute directly to an improvement in earnings – also because the integration costs are low, while economies of scale can be leveraged quickly, and mutual synergies are expected.Our fundamental analysis yields a value of € 31.36. the peer group analysis on the basis of 2025 and 2026 returns an average value of € 40.32. Weighted equally, this results in a Fair Value per share of € 35.84. We reiterate our rating ‘Buy’.
JDC Group AG. JDC Group AG, formerly Aragon AG, is a Germany-based financial services company that offers brokerage financial products and consultancy services. The Company's business is divided into two business segments: Advisory and AdvisorTech. The Advisory segment provides financial products of its subsidiaries Jung, DMS & Cie. and FiNUM to end customers via independent consultants, brokers and financial service providers. In addition, this segment also operates a managed portfolio of investment funds, closed-end funds, certificates, insurance policies and other financial products. The AdvisorTech segment provides information technology (IT) and management consulting services. The Company is active in Germany and Austria. JDC Group AG operates Jung, DMS & Cie, FiNUM. Private Finance AG (Austria), FiNUM Private Finance AG (Germany) and FiNUM. Finanzhaus AG as subsidiaries.
Since 2007, BankM AG (Frankfurt am Main, Germany) is the partner of small and medium-sized enterprises and specializing in capital market financing with its experienced, interdisciplinary team. SME customers benefit from individual service and rapid access to selected investors that fit their needs. BankM's services include capital market advisory, arranging IPOs and capital increases for equity financing, debt advisory and debt capital mediation, designated sponsoring and research as well as M&A, hereby specializing in the identification of suitable strategic partners in China.
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