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JDC Group

Back on track after a weaker Q417

Update | Financials | 06 Sep 2018

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. JDC’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.

JDC Group

Muted Q417 does not spoil FY18 outlook

Update | Financials | 23 Mar 2018

JDC Group has been successful in implementing its fintech strategy so far and continues to acquire new insurance portfolios, as illustrated by the recent deals with Albatros and Artus Gruppe. This is confirmed by JDC’s preliminary FY17 numbers, with revenues and adjusted EBITDA improving by 7.6% and 62.5% y-o-y, respectively. However, even adjusted for one-off items, FY17 EBITDA was below management target (EUR 3.9m vs EUR 5-6m), while revenues (EUR 84.5m) missed guidance (EUR 85-95m) by a small margin. Despite a weaker Q417, management remains confident in strong growth in 2018 driven by new business acquired in 2017. JDC’s shares are trading at a 2018 P/E ratio of 55.3x, c 192% ahead of the peer group.

JDC Group

Capturing additional margin

Update | Financials | 06 Sep 2017

JDC continues to execute its new strategy of digital platform development while acting as a consolidator of client contract portfolios. Two large portfolio acquisitions made last year, assisted by organic growth, allowed the company to increase revenues (up 10.1% y-o-y to €40.3m in H117), improve profitability (gross margin at 33.5% in H117 vs 29.3% in H116) and enhance cash generation (operating cash flow up 40.4% y-o-y to €3.3m). Management remains confident that it will deliver c 15% y-o-y revenue growth and double EBITDA in FY17. Although JDC's stock is currently trading at a premium of c 175% to its peer group on FY17e P/E, it is also characterised by superior earnings growth potential (c 90% y-o-y in FY18), according to market consensus.

JDC Group

Digitalised personal service

Initiation | Financials | 05 Jul 2017

JDC has completed a refocusing of its core financial services advice and sales offering over the past two years so as to position the group for growth. The group has wholeheartedly adopted a digital strategy to meet the demands of end-customers for a better, more efficient and more convenient service, to support its broker pool members to do the same, and has created a platform from which to profitably consolidate existing contract portfolios in an IFA market that is expected to shrink.