“JDC Group grew 2024 revenue and EBITDA by 29%, capturing high operating leverage as the premier insurtech platform in Germany. Despite doubling EBITDA since 2021, the stock trades at just 10x EBITDA with plans to double earnings again by 2030.”
Each excerpt above is the manager's commentary on this ticker specifically. The full letter has the rest of their portfolio thinking, risk discussion, and broader institutional context.