Analyst Jacob Armstrong of Stifel Nicolaus maintained a Buy rating on JTC PLC (JTC – Research Report), reducing the price target to p1,350.00.
Jacob Armstrong’s rating is based on JTC PLC’s consistent delivery against its medium-term guidance, which includes achieving over 10% organic growth and maintaining EBITDA margins between 33-38%. The company has demonstrated strong strategic execution with impressive revenue and EBITDA growth, supported by record levels of new business wins and low client and employee turnover rates. Despite macroeconomic challenges, JTC has maintained a stable EBITDA margin and strong cash conversion, indicating robust financial health.
Furthermore, JTC’s strategic acquisitions, including the significant purchase of Citi Trust, are expected to bolster its growth prospects. The company’s Institutional Client Services and Private Client Services divisions have shown strong performance, with notable revenue increases and strategic expansions in key markets like the US. With a global addressable market of approximately $15.3 billion, JTC is well-positioned for long-term growth, contributing to Armstrong’s confidence in issuing a Buy rating.