JDC Group - Operational leverage becoming visible

JDC Group's (JDC's) final FY24 results were in line with the preliminary numbers published on 10 March. FY24 growth was driven by the platform Advisortech division, but Advisory activities were also strong. Management provided FY25 guidance for revenue of €245-265m and EBITDA of €18.5-20.5m, along with mid-term guidance of €450-500m in turnover and EBITDA of €40-50m by 2030, which we see as both realistic and conservative. With an FY25e EV/EBITDA multiple of 13.7x, JDC's valuation still appears undemanding, particularly compared to platform peers. Our discounted cash flow (DCF) values JDC at €34.56/share (from €34.04/share previously).

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