Record-breaking Q4 – Pole position for the AI race already secured!?
Thanks to a strong fourth quarter, JDC (ISIN DE000A0B9N37, Open Market, JDC GY) has largely met its own annual guidance. Although preliminary reported revenue of €250 million (+13.2%) was slightly below the revised guidance (€260 million to €280 million), the company delivered a strong performance in terms of EBITDA (€20.2 million; guidance €20–22 million), which, adjusted for one-off effects, actually stood at €22.2 million. Operationally, all targets were met, including the integration of Morgen & Morgen data into the JDC platform (AuM > €8 billion), the scaling of its own AI platform and the further reduction in costs per contract (economies of scale). AI will also bring about massive changes in the insurance market, and we believe that JDC is very well positioned in this regard, not least due to the strategic assets it has acquired with foresight in recent years. Even though the poor consumer climate and the price war driven by PE-backed competitors are weighing on the company in the short term, JDC is attractively valued with an EV/Revenue 2026 of 1.07, given clear double-digit revenue growth rates and visible economies of scale.Our updated DCF and peer group analysis results in a fair value of €30.84; we therefore confirm 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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