JDC Group - Seeking higher levels of growth

Bancassurance advisory and service platform JDC Group is quickly adding large new clients to its insurtech platform. The platform, which was originally developed for its independent financial advisory (IFA) activities, has attracted several clients ranging from Lufthansa and Volkswagen to large German insurers like Provinzial and most recently VKB. According to management, the pipeline of new contracts looks promising. As well as the platform business, JDC operates a smaller advisory activity (FINUM). Based on consensus EV/sales and EV/EBITDA in 2021/22e, the valuation does not seem demanding compared to other platform peers.