Edison Investment Research - JDC Group AG (JDC) JDC Group - Adding more client groups

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Edison Investment Research

Pedro Fonseca

JDC Group - Adding more client groups

Bancassurance, advisory and service platform JDC Group announced a joint venture with Bain Capital and its main shareholder Great-West Lifeco (GWL) to acquire insurance brokers/agencies in Germany and Austria. This will add a fresh source of revenue growth and extra revenue potential on top of the expected boost to platform revenues from 2023 due to previous large client wins. In this note, we introduce our estimates for 2022–24. Based on 2023e consensus EV/sales and EV/EBITDA multiples and our DCF valuation of €37.90 per share, JDC’s valuation does not seem demanding.

14/07/2022 1 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

Pedro Fonseca

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