GFT Group (GFT)

Business description

GFT Group is a global technology services and recruitment business primarily focused on banks and insurance companies.

Share price chart

Share chart

Stock data

Market cap.€265.9m
Last close€10.100
High / Low (52 weeks)€10.5 / €4.8
Stock market listingDE
Forecast net debt (€m)26.3
Forecast gearing ratio (%)25

Price performance

Relative *5.82.579.3

* % Relative to local index

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Y/E Dec Revenue (€m) EBITDA (€m) PBT (€m) EPS (c) P/E (x) P/CF (x)
2012A 230.7 10.8 9.6 21.9 46.1 N/A
2013A 264.3 20.9 18.5 55.3 18.3 N/A
2014E 352.0 31.0 25.3 67.3 15.0 N/A
2015E 403.9 37.2 32.0 85.0 11.9 N/A

Last updated on 31/07/2014

Latest research

Cautiously optimistic

Update | Technology | 11/08/2014

Daily comment

Institutional Comment | Technology | 09/07/2014

Rule Financial is a neat fit

Update | Technology | 04/07/2014

GFT solutions unit jumps 40% organically in Q1

Update | Technology | 14/05/2014

Daily comment

Institutional Comment | Technology | 17/04/2014

Outlook remains healthy

Update | Technology | 15/04/2014

GFT Solutions organic growth 30% in Q3

Update | Technology | 18/11/2013

Strong growth from GFT Solutions

Update | Technology | 14/08/2013

IT consulting and outsourcing for global banks

Outlook | Technology | 03/07/2013

Pre-tax profits up 10%

QuickView | Technology | 20/03/2013

Investment summary

GFT Group posted a strong set of H1 results, with organic revenue growth of 18% and margins strengthened in both divisions. GFT, the group’s solutions business, continued to grow apace, with H1 organic revenue growth of 32% (40% in Q1 and 26% in Q2), while emagine saw a small revenue decline but returned to profit. We are maintaining our forecasts, which are based on conservative assumptions, and we note the group benefits from a number of strong growth drivers as management scales up the business internationally. Hence, following the correction in the share price, the valuation looks appealing at c 10x our FY15 earnings.

Last updated on 11/08/2014

Industry outlook

GFT generates the bulk of GFT Group's profits through providing IT services, primarily to commercial and investment banks. It benefits from high levels of IT spending and complex business requirements in the financial services industry. It also benefits from favourable outsourcing trends in banking and has integrated near/farshore hubs in Spain and Brazil. The group's staffing business, emagine, sources skilled IT specialists and engineering staff for technology projects in the financial and corporate sectors.

Last updated on 05/08/2014

Key management

Ulrich Dietz, Chairman & CEO
Jochen Ruetz , CFO

Company address

Filderhauptstra├če 142,
+49 711 62042-0
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