Edison Investment Research - JDC Group AG (JDC) JDC Group - Gaining a firm foothold in commercial insurers

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Edison Investment Research

Pedro Fonseca

JDC Group - Gaining a firm foothold in commercial insurers

JDC Group’s (JDC’s) H124 results were strong, with organic revenue growth close to 20% and an EBITDA margin of 6.5% (H123: 6%). Management reiterated its FY24 guidance of €205–220m of revenue and €14.5–16m for EBITDA. Given JDC’s H124 performance, we have increased our estimates to the high end of the range. With an FY25e EV/EBITDA multiple of 11.9x (based on our estimates), we believe our valuation is undemanding, certainly compared to platform peers. Our discounted cash flow (DCF) values JDC at €38.20 per share (€34.04/share previously).

19/08/2024 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

Provider

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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JDC Group - Gaining a firm foothold in commercial insurers

JDC Group - On track to reach high-end FY24 sales guidance

EQS-News: JDC Group mit Rekordumsatz: JDC wächst im dritten Quartal um 36,1 Prozent auf über 52 Mio. EUR

EQS-News: JDC Group with record revenues: JDC grows by 36.1 percent to more than EUR 52 million in the third quarter

Melrose Industries - H224 progress in line with guidance

JDC Group - On track to reach high-end FY24 sales guidance

Smiths News - Growth potential and a double-digit yield

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