JDC Group AG

22.12.2015 - Equity Research Einzelstudie // kaufen

Research Report (Initial Coverage) – JDC Group AG - english - buy

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Unternehmen: JDC Group AG
ISIN: DE000A0B9N37
Branche: Konsum
Rating: kaufen
Kurs bei Erstellung in €: 5,25
Kursziel in €: 6,80
Mögl. Interessenskonflikt gem. §34b Abs.1 WpHG und FinAnv: 5a;5b;11

After completion of the restructuring measures and the associated sale of lossmaking subsidiaries, JDC Group AG (formerly Aragon AG) will focus on the areas of Advisory and Advisortech. Within the Advisor segment, the former classical financial product consultation business will be bundled under the two brands Jung, DMS & Cie. AG (broker pool; B2B) and FINUM. (direct advisory services for wealthy clients; B2C). In the new Advisortech segment, JDC Group AG is developing advanced advisory and management technologies, thereby combining classic financial consultancy with the rapidly growing Fintech area.

As a provider of financial services, the company will therefore be operating in a market environment currently characterised by high potentials. The rising assets of German citizens despite low interest rates is crucial here, as this will be accompanied by growing demand for advisory services. Increasing government regulation combined with a simultaneous reduction in commission rates by the product companies is also an important aspect of the current market environment. Larger companies such as JDC Group AG are likely to benefit from this in their role as "consolidators", as only they can adequately cover these increased requirements. Moreover, economies of scale can also be exploited when negotiating with the product companies. Progressive digitalisation in the financial services area is also covered in the Advisortech area.

The operating performance of JDC Group AG was still significantly affected by the restructuring measures in 2014, with a corresponding reduction in sales and earnings. This has, however, already bottomed out. An upward trend was already evident during the first nine months of 2015. Adjusted sales climbed by 6.5% to €55.59 million. EBIT improved to €0.10 million (PY: €-2.19 million) and was therefore back in positive territory and over breakeven in operative terms for the first time since the 2011 financial year.


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