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

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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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Offenlegung möglicher Interessenskonflikte nach §34b Abs. 1 WpHG und FinAnV Beim oben analysierten Unternehmen ist folgender möglicher Interessenkonflikt gegeben: (5a,11); Einen Katalog möglicher Interessenkonflikte finden Sie unter:

http://www.gbc-ag.de/de/Offenlegung.htm

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Für den Inhalt der Mitteilung bzw. Research ist alleine der Herausgeber bzw.

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