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.€501.3m
Last close€19.04
High / Low (52 weeks)€19.6 / €8.6
Stock market listingDE
Forecast net debt (€m)24.2
Forecast gearing ratio (%)22
TeamTechnology
SectorTechnology

Price performance

%1m3m12m
Actual(0.4)11.091.3
Relative *0.714.463.2

* % Relative to local index

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Company news

BRIEF-GFT Technologies says Q1 EBITDA up 61 percent

Wed, 13 May 2015 06:00:00 GMT

BRIEF-Deutsche Boerse says GFT replaces Kontron in TECDAX on March 23

Wed, 04 Mar 2015 21:15:08 GMT

BRIEF-GFT Technologies FY 2014 revenue up 38 pct to EUR 365.32 mln

Thu, 05 Mar 2015 06:55:02 GMT

GFT Group Continues Dynamic Growth in First Quarter of 2015 - Significant ...

Wed, 13 May 2015 11:34:23 GMT

GFT acquires Rule Financial

Thu, 26 Jun 2014 10:52:30 GMT

Y/E Dec Revenue (€m) EBITDA (€m) PBT (€m) EPS (c) P/E (x) P/CF (x)
2013A 264.3 20.9 18.5 55.3 34.4 52.5
2014A 365.3 37.4 32.8 97.7 19.5 21.4
2015E 425.0 44.9 36.7 99.0 19.2 11.2
2016E 450.1 50.7 41.4 111.5 17.1 9.9

Last updated on 23/06/2015

Latest research

Investment summary

Strong growth momentum continued into Q1, with the core GFT solutions business growing 23% organically, compared with 24% y-o-y in FY14. GFT has been seeing ongoing strong demand from its core customer base driven by rising compliance requirements and digitisation in banking. Headcount rose by 145 to 3,395 over Q1, hence just 105 need to be added to meet the year-end target of 3,500. While management has maintained its FY15 guidance, we see an increasing likelihood of upgrades as the year progresses. Hence, we have nudged up our FY16 and FY17 revenues while our EPS forecasts rise in each year from FY15-17. In our view, the valuation continues to look attractive at c 16x our FY16e earnings if management can sustain the growth momentum.

Last updated on 29/06/2015

Industry outlook

GFT generates the bulk of GFT Group's profits through providing consulting and IT services 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 and Brazil. Management is continuing to investigate potential options for emagine, the group’s contract recruitment business.

Last updated on 29/06/2015

Key management

Ulrich Dietz, Chairman & CEO
Jochen Ruetz , CFO

Company address

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