JDC Group - Business model proves resilient to COVID-19

Bancassurance advisory and service platform JDC Group’s H120 results showed healthy growth in a market environment in which traditional banks and insurers are suffering. A fast-increasing number of insurance contracts are being transferred to JDC’s platform, as contracts renewals come in from the insurance pools that were added by the large client wins announced in the last two years. Together with new client wins this will continue to drive growth. The valuation of 13.3x consensus FY21e EV/EBITDA does not seem demanding compared to international peers given the strong prospects for continued growth.