JDC Group - Lower FY22 guidance and estimates
JDC Group (JDC) reported Q322 numbers and lowered its guidance for FY22 revenues of €155–165m (previously €165–175m) and EBITDA of €7.5–9.5m (previously more than €11m). The new guidance implies 1.1% revenue growth and EBITDA of €2.0m at the midpoint in Q422 (Q421: €3.0m). Given the 12.4% revenue growth in January to September 2022, this guidance may prove conservative. As such, we have adjusted our estimates towards the upper end of the guided range. In our new estimates, JDC trades on EV/EBITDA of 16.6x in FY23e, which we see as undemanding for what is essentially a platform business. Our discounted cash flow calculation generates a valuation of €36.40 per share.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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