Edison Investment Research - JDC Group AG (JDC) JDC Group - Starting to execute on large client wins

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Edison Investment Research

Pedro Fonseca

JDC Group - Starting to execute on large client wins

Bancassurance advisory and service platform JDC Group (JDC) reported strong Q1 results. After large client wins in the last few years, most notably Provinzial and Versicherungskammer Bayern (VKB), JDC is now slowly getting into the execution phase of these large contracts. Nevertheless, the number of transfers of insurance contracts to its platform and hence the contribution in terms of revenues from these clients will be limited this year. Based on 2023e consensus EV/sales and EV/EBITDA, the valuation does not seem demanding compared to platform peers.

30/05/2022 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

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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