GFT (GFT)

Business description

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

Stock data

Market cap.€529.2m
Last close€20.10
High / Low (52 weeks)€27.9 / €16.4
Stock market listingDE
Forecast net debt (€m)22.7
Forecast gearing ratio (%)16
TeamTechnology
SectorTechnology

Price performance

%1m3m12m
Actual3.517.2(19.6)
Relative *2.17.8(35.1)

* % Relative to local index

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Company news

BRIEF-GFT Technologies buys Habber Tec Brazil business

Tue, 12 Apr 2016 07:54:10 GMT

GFT and Fidor forge innovation partnership

Tue, 13 Sep 2016 08:26:15 GMT

GFT Joins Google Cloud Platform's Partner Programme to Drive Real-world ...

Fri, 23 Sep 2016 04:02:20 GMT

GFT Expands Its Retail Banking Offering in the UK and North America

Thu, 19 Jan 2017 09:09:44 GMT

Financial Service Sector Boosts GFT Group Nine-Month Results

Thu, 12 Nov 2015 17:15:00 GMT

Y/E Dec Revenue (€m) EBITDA (€m) PBT (€m) EPS (fd) (c) P/E (x) P/CF (x)
2014A 279.2 32.8 30.9 96.5 20.8 22.6
2015A 373.5 44.6 38.7 119.5 16.8 9.8
2016E 420.0 46.5 38.9 115.2 17.4 11.4
2017E 460.0 52.9 45.2 127.1 15.8 10.0

Last updated on 08/12/2016

Investment summary

Q3 numbers were in line with expectations and management has maintained both its FY16 and long-term guidance. Q3 organic revenue grew 12% (FX impact was negligible). Revenue from Adesis Netlife, acquired in June 2015, and Habber Tec, acquired in April 2016, took total Q3 revenue to €106.3m. We maintained our forecasts, albeit for easing the tax charge from FY17, which increases EPS by 1% in FY17 and FY18. The backdrop remains broadly unchanged, with demand for IT projects (predominantly digitisation) in the European commercial banking sector outweighing weakness in the Anglo Saxon investment banking markets. A recovery in the latter is largely dependent on improvements in the financial performance of investment banks. However, we note the investment banking sector needs to invest in IT to remain competitive. Given that the outlook is sustained, we believe the shares are attractive on c 13x our FY18 earnings.

Last updated on 21/12/2016

Industry outlook

GFT provides consulting and 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, Poland, Brazil and Costa Rica.

Last updated on 21/12/2016

Key management

Ulrich Dietz, Chairman & CEO
Jochen Ruetz , CFO
Andrea Wlcek, Director Corporate Marketing

Company address

Filderhauptstraße 142,
Stuttgart
70599
Germany
+49 711 62042-0
View website