Q3 sales up 36%, annual target easily achievable - strong year-end business expected
JDC Group AG (ISIN DE000A0B9N37, Open Market, JDC GY) shows strong business development in a challenging macroeconomic environment - although Q3 (vacation quarter) tends to be seasonally weaker. Revenues increased by 36.1% to € 52.1 million, EBITDA (€ 2.3 million; +41%) and EBIT (€ 0.76 million; > 300%) increased disproportionately, the Q3 consolidated result turned positive (€ 0.28 million; Q3 23: € -0.36 million). The operating margin in Q3 is still depressed by one-off effects (auditor costs, Top Ten integration, severance payments). Scaling is therefore taking effect, while at the same time intense competition is weighing on margins (effect currently around 0.5% p.a.). As a fast-growing company with a highly scalable business model, JDC is favorably valued with an EV/Sales2025 of only 1.17 (peer group median: 3.6).Equally weighted, our DCF and Peer Group analysis results in a Fair Value per share of € 27.45. We reiterate our “Buy“ rating.
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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