Q3 impresses with double-digit growth - macro environment could weigh on year-end business
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JDC Group AG AG (ISIN DE000A0B9N37, Open Market, JDC GY) once again recorded double-digit revenue growth in Q3 2023, with quarterly EBITDA doubling. The outlook was confirmed, with a clarification towards the lower end of the range. The background to this is that the already difficult macro environment (Ukraine war, inflation, consumer restraint) has been compounded by the resurgence of the Middle East conflict, which could impact the typically strong year-end business. Should this occur, we believe that it will essentially be a temporary effect - strategically, JDC remains on track, with sales growth accompanied by disproportionately high increases in earnings. With a P/E2023 ratio of 71,9, the company is priced more attractively than its peers (92,5) - as announced on 10 November 2023, the company would like to take this opportunity and buy back its own shares for up to € 5 million.
Our fundamental analysis results in a value of € 18,40. The peer group analysis based on 2023 and 2024 results in an average value of € 27,01. Equally weighted, this results in a Fair Value per share of € 22.71.
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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