JDC Group — Higher estimates after 60% FMK acquisition

After the announcement that it has acquired 60% of lead-generating specialist FMK Group (FMK), JDC reported Q2 results last week. Management reiterated the new FY25 and FY26 guidance that was provided with the announcement of the FMK transaction. With the acquisition, the former FY30 target for EBITDA of €40–50m is already in sight and is now expected to be reached by FY27 at the latest. On our estimates, the lower end of this range could be reached in FY26. JDC is trading on an FY25e EV/adjusted EBITDA multiple of 15.3x (was 13.7x at Q1), which still appears undemanding, particularly compared to platform peers. Our discounted cash flow (DCF) values JDC at €36.89/share, increased from €34.56/share previously largely due to the FMK transaction.