Edison Investment Research - JDC Group AG (JDC) JDC Group - Back on track after a weaker Q417

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Edison Investment Research

Milosz Papst

JDC Group - Back on track after a weaker Q417

JDC continued to improve its financial results in H118 (commission income was up 10% y-o-y), building on its strong market presence and ongoing digitalisation programme. The results put JDC on track to reach break-even at the net income level in FY18 (in line with current Bloomberg consensus). Further investments in new technologies (eg B-LAB) along with potential M&A activity should help strengthen its position as one of the market leaders. JDCâ€™s shares currently trade on a FY18 consensus P/E of c 56x, a premium of >100% to the peer group, although this premium diminishes over subsequent years.

06/09/2018 4 EN

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

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Edison Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

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Analysts

Milosz Papst

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JDC Group - Back on track after a weaker Q417

Acquisition of FMK Group accelerates scaling and creates mutual synergies

Übernahme der FMK-Gruppe beschleunigt Skalierung und schafft wechselseitige Synergien

JDC posts another record quarter

Manx Financial Group - Termination of coverage

musicMagpie - Termination of coverage

Topps Tiles - Accelerating growth through Q125

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