BankM AG - JDC Group AG (JDC) Übernahme der FMK-Gruppe beschleunigt Skalierung und schafft wechselseitige Synergien

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BankM AG

Daniel Grossjohann ...

Dr. Roger Becker

Übernahme der FMK-Gruppe beschleunigt Skalierung und schafft wechselseitige Synergien

Anfang August hat die JDC-Gruppe (ISIN DE000A0B9N37, Open Market, JDC GY) die geplante Übernahme von zunächst 60% an der FMK-Gruppe vermeldet, die Transaktion wird ihren Abschluss voraussichtlich Ende September 2025 finden und entsprechend in das Schlussquartal einfließen. Der Kaufpreis (fix und variabel) für den 60%igen Anteil liegt im hohen zweistelligen Mio.-Euro-Bereich und wird über eine (garantierte) Anleihe (Volumen zunächst rd. € 70 Mio.) finanziert. Es besteht eine Option, die FMK-Gruppe komplett zu übernehmen. Hervorzuheben ist, dass die Übernahme unmittelbar zu einer Ergebnisverbesserung beiträgt – auch weil der Integrationsaufwand gering ist, während die Skalenvorteile schnell gehoben werden können und wechselseitige Synergien zu erwarten sind.

Unsere Fundamentalanalyse ergibt einen Wert von € 31,36, die Peer Group-Analyse auf Basis von 2026 ergibt einen Wert von € 40,32. Zu gleichen Teilen gewichtet resultiert ein Fairer Wert pro Aktie von € 35,84. Wir stufen die Aktie weiterhin mit „Kaufen“ ein.

11/08/2025 11 DE

Underlying

JDC Group AG

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.

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DE000A0B9N37 Germany

Provider

BankM AG

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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Analysts

Daniel Grossjohann

Dr. Roger Becker

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Übernahme der FMK-Gruppe beschleunigt Skalierung und schafft wechselseitige Synergien

Acquisition of FMK Group accelerates scaling and creates mutual synergies

JDC posts another record quarter

Book-to-bill ratio at 1.3 – H1 figures confirm price trend

Book-to-Bill-Ratio bei 1,3 – H1-Zahlen bestätigen Kurstrend

Acquisition of FMK Group accelerates scaling and creates mutual synergies

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