GFT Group (GFT)

Business description

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

Stock data

Market cap.€568.6m
Last close€21.60
High / Low (52 weeks)€32.3 / €16.2
Stock market listingDE
Forecast net debt (€m)12.6
Forecast gearing ratio (%)9

Price performance

Relative *(8.6)(24)37.5

* % Relative to local index

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Company news

BRIEF-GFT Technologies buys Habber Tec Brazil business

Mon, 04 Apr 2016 17:03:45 GMT

Financial Service Sector Boosts GFT Group Nine-Month Results

Thu, 12 Nov 2015 17:15:00 GMT

MOVES-Paul Harrington joins GFT Group as principal consultant

Tue, 15 Dec 2015 10:37:19 GMT

GFT Technologies (ETR:GFT) Upgraded at Warburg Research to "Buy" Rating with ...

Mon, 22 Feb 2016 17:26:15 GMT

RBS Recognised with Banking Technology Awards Win for Regulatory Change ...

Wed, 18 Nov 2015 15:33:45 GMT

Y/E Dec Revenue (€m) EBITDA (€m) PBT (€m) EPS (fd) (c) P/E (x) P/CF (x)
2014A 279.2 35.2 30.8 96.2 22.5 24.3
2015A 373.5 45.5 38.7 119.5 18.1 10.5
2016E 410.0 48.6 40.7 120.6 17.9 11.7
2017E 451.0 53.3 45.4 125.8 17.2 10.7

Last updated on 22/03/2016

Investment summary

FY15 organic revenue growth was 20%, including 2% of currency headwinds. This was achieved in spite of the turmoil in the European investment banking sector, as participants needed to invest in compliance projects and outsourcing trends remain favourable. Total revenues grew 34% to €374m, after including acquisitions and 5% in favourable currency moves. Nevertheless, organic growth has been decelerating from recent exceptionally high levels, with growth (before currency adjustments) at 15% in Q4. We have revised our forecasts to bring them in line with management’s new long-term guidance, with 10% pa growth from existing businesses and flat EBITDA margins. Consequently, our revenue forecasts rise by 1% in FY16 and 6% in FY17, while EBITDA comes back by 13% in FY16 and 11% in FY17. In our view, if management can continue to maintain the momentum, the stock looks attractive, trading on c 18x our FY17e EPS.

Last updated on 31/03/2016

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 and Brazil.

Last updated on 31/03/2016

Key management

Ulrich Dietz, Chairman & CEO
Jochen Ruetz , CFO

Company address

Filderhauptstraße 142,
+49 711 62042-0
View website