Original-Research: JDC Group AG (von GBC AG): BUY

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: 11.50 EUR
Letzte Ratingänderung: -
Analyst: Cosmin Filker; Marcel Goldmann

The largest collaboration in the company's history to be agreed shortly with Lufthansa subsidiary Albatros Versicher-ungsdienste GmbH, further collaborations for outsourcing business are possible, forecasts and target price are adjusted upwards

On 31/08/2017, JDC Group AG announced that a letter of intent (LOI) has been signed with the insurance broker specialising in staff services, Albatros Versicherungsdienste GmbH, belonging to the Lufthansa Group. As part of this new collaboration, the insur-ance contracts for approximately 150,000 Albatros customers are set to be transferred in full to JDC Group AG's platform and future Albatros business will be processed using JDC's infrastructure. Through outsourcing its customer contracts, Albatros primarily benefits from the use of the established JDC IT and, by doing so, is able to promptly make significant savings. Concentrating on sales, by taking advantage of JDC technologies, including the use of the 'allesmeins' app for retail customers, is expected to result in an increase in business volume for Albatros. In addition, the new collaboration partner can benefit from JDC Group AG's purchasing power and therefore make use of very attractive conditions for product suppliers.

The annual commission revenues transferred to JDC Group AG from Albatros amount to as much as EUR 20 million, which is expected to lead to a huge jump in sales from the upcoming financial year onwards. This is JDC Group AG's largest business collaboration to date. We conservatively assume that the newly added revenues will have no year-round impact and therefore expect additional income of EUR 14 million for the upcoming financial year 2018. In the subsequent financial year 2019, the additional revenues should amount to around EUR 18 million, and we are therefore adjusting our previous forecasts (see research study dated 29/08/17) upwards.

We are forecasting an additional EBIT contribution for 2018 of around EUR 1.0 million, and for 2019 of around EUR 1.5 million. Accordingly, we are also raising our previous earnings outlook.

The outstanding final collaboration agreement with Lufthansa's subsidiary is, in our opinion, a good basis for further growth in the outsourcing sector. We assume a sufficiently high probability of closure, which is why, based on our higher forecasts, we have already revalued JDC Group AG. On the basis of the new upwards adjusted price target of EUR 11.50 (previously: EUR 10.25), we continue to assign it the BUY rating.

Die vollständige Analyse können Sie hier downloaden:
http://www.more-ir.de/d/15679.pdf

Kontakt für Rückfragen
Jörg Grunwald
Vorstand
GBC AG
Halderstraße 27
86150 Augsburg
0821 / 241133 0
research@gbc-ag.de

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