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.€277.7m
Last close€10.55
High / Low (52 weeks)€11.4 / €5.6
Stock market listingDE
Forecast net debt (€m)26.3
Forecast gearing ratio (%)25

Price performance

Relative *5.912.184.1

* % 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 48.2 N/A
2013A 264.3 20.9 18.5 55.3 19.1 N/A
2014E 352.0 31.0 25.3 67.3 15.7 N/A
2015E 403.9 37.2 32.0 85.0 12.4 N/A

Last updated on 25/09/2014

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 strong 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. In late June, GFT Group acquired Rule Financial, a UK-based provider of consultancy and IT services to investment banks, for c €60m. In our view, the Rule acquisition provides additional avenues for the group to leverage growth internationally and increase margins. We are maintaining our forecasts, which are based on conservative assumptions and we believe the c 13x FY15e P/E and 2.3% yield look attractive.

Last updated on 30/09/2014

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. 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 30/09/2014

Key management

Ulrich Dietz, Chairman & CEO
Jochen Ruetz , CFO

Company address

Filderhauptstraße 142,
+49 711 62042-0
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