Research-Studie


Original-Research: JDC Group AG - von GBC AG

Einstufung von GBC AG zu JDC Group AG

Unternehmen: JDC Group AG
ISIN: DE000A0B9N37

Anlass der Studie: Research Note
Empfehlung: BUY
Kursziel: € 12.10
Kursziel auf Sicht von: 31/12/2019
Letzte Ratingänderung:
Analyst: Cosmin Filker; Marcel Goldmann

The course of growth continues; full-year forecasts confirmed; capital
increase expands funding base

In the first six months of 2018, JDC Group AG saw revenue increase by 9.6%
to EUR44.47 million (previous year: EUR40.58 million), continuing the
positive trend of prior reporting periods. Most recently, JDC Group AG
completed a series of acquisitions, which enabled the company to increase
market shares in a consolidation-driven industry. Against this backdrop,
the general increase in revenue levels should be highlighted.

Higher revenues, combined with the above-average gross profit figure,
caused EBITDA to increase to EUR2.01 million (previous year: EUR1.71
million). Here, the company could have generated an even higher earnings
figure, if not for personnel and IT expenses relating to the start-up of
the wholesale customer business, which will only begin to yield significant
revenue contributions in the second half of the year. Overall, JDC Group AG
reported a slight net loss for the period of EUR-0.21 million, which was
nevertheless significantly higher than in the prior-year period (previous
year: EUR-0.58 million).

With the half-year report, JDC Group AG confirmed the forecasts for the
current 2018 financial year. It still expects EUR100 million in revenues
and at least EUR6 million in EBITDA. Based on the revenue and earnings
figures for the first half of 2018, it is clear that the company's guidance
is realistic - especially considering that the second half of the year is
stronger at JDC Group AG, as is typical in the industry. Moreover, the
major projects acquired in 2017 are not expected to have any significant
business volume until the second half of 2018. Accordingly, we continue to
stand by our previous revenue and earnings estimates for the current and
future financial years.

Our estimates are based on the corporate strategy, which focuses on
inorganic growth and emphasis on the promotion of the wholesale customer
business. The financial basis for this was laid with the current capital
increase (gross proceeds from the issue: EUR10.38 million). We plan to
attract several wholesale customers for the IT platform by the end of this
financial year. Potential wholesale customers include banks and major
companies. The contractual partners benefit here from the use of the
established IT of JDC Group AG and can therefore achieve timely savings. In
addition, wholesale customers can benefit from the purchasing power of JDC
and thus access very attractive conditions with respect to the product
providers. The wholesale customer business is accompanied by low investment
requirements for JDC Group AG, as there is no portfolio acquisition in the
case of a transfer.

Under this strategy, the volume of revenue should skyrocket in future
financial years and the company's profitability should increase
significantly, as such revenue typically requires no brokers. Combined with
a disproportionately low increase in overhead costs, the rising gross
profit should lead to an EBITDA margin in excess of 10.0% (FY 2020e). At
the same time, this assumption serves as a basis for the continuity phase
of our DCF valuation model.

The resulting fair value per share at the end of the 2019 financial year
corresponds to the stock price target of EUR12.10 (previously: EUR12.40).
The slight reduction in the stock price target was attributable to the
recent capital increase, which had a dilutive effect on the target price.
We confirm our BUY-Rating.

Die vollständige Analyse können Sie hier downloaden:
http://www.more-ir.de/d/16919.pdf

Kontakt für Rückfragen
Jörg Grunwald
Vorstand
GBC AG
Halderstraße 27
86150 Augsburg
0821 / 241133 0
research@gbc-ag.de
++++++++++++++++
Offenlegung möglicher Interessenskonflikte nach § 85 WpHG und Art. 20 MAR Beim oben analysierten Unternehmen ist folgender möglicher Interessenkonflikt gegeben:(5a,7,11); Einen Katalog möglicher Interessenkonflikte finden Sie unter:
http://www.gbc-ag.de/de/Offenlegung.htm
+++++++++++++++
Date and time of completion: 06/09/2018 (09:45 am)
Date and time of first distribution: 06/09/2018 (12:00 am)

-------------------übermittelt durch die EQS Group AG.-------------------


Für den Inhalt der Mitteilung bzw. Research ist alleine der Herausgeber bzw.
Ersteller der Studie verantwortlich. Diese Meldung ist keine Anlageberatung
oder Aufforderung zum Abschluss bestimmter Börsengeschäfte.

ESG-Whitepaper im Fokus

The Corporate ESG Guide: A 360 view on the current landscape and trends

Die ESG-Kriterien (Environmental, Social and Governance) werden auch für Emittenten immer wichtiger, wenn sie für Investoren attraktiv bleiben wollen. In dem Whitepaper “The Corporate ESG Guide: A 360 view on the current landscape and trends” beantworten die Experten von Investor Update grundlegende Fragen von Emittenten. Außerdem kommen Vermögensverwalter, Unternehmensberater Manager und ESG-Ratingagenturen zu wichtigen ESG-Themen zu Wort.

GBC-Fokusbox

"GBC Best of m:access 2020": Neue vielversprechende Auswahl

Unsere letztjährige „GBC Best of m:access“-Auswahl hat sich mit einer Performance von über 50 % überdurchschnittlich stark entwickelt und alle relevanten Indizes hinter sich gelassen. Im Rahmen der vorliegenden aktualisierten Studie präsentieren wir Ihnen eine in Teilen neu zusammengesetzte Selektion, die weiterhin 15 Unternehmen umfasst. Die aktuellen Einschätzungen zu den Einzeltiteln und auch weitere Informationen zur Entwicklung des m:access sind in der vollständigen Studie „GBC Best of m:access 2020“ enthalten.

Aktuelle Research-Studie

EQS Group AG

Original-Research: EQS Group AG (von GSC Research GmbH): Verkaufen

27. November 2020