Bancassurance advisory and service platform JDC Group (JDC) reported strong Q1 results. After large client wins in the last few years, most notably Provinzial and Versicherungskammer Bayern (VKB), JDC is now slowly getting into the execution phase of these large contracts. Nevertheless, the number of transfers of insurance contracts to its platform and hence the contribution in terms of revenues from these clients will be limited this year. Based on 2023e consensus EV/sales and EV/EBITDA, the valuation does not seem demanding compared to platform peers....