GFT (GFT)

Business description

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

Stock data

Market cap.€479.7m
Last close€18.22
High / Low (52 weeks)€32.3 / €16.4
Stock market listingDE
Forecast net debt (€m)22.7
Forecast gearing ratio (%)16
TeamTechnology
SectorTechnology

Price performance

%1m3m12m
Actual(7.1)0.2(14.4)
Relative *(5.8)(7.5)(22.3)

* % Relative to local index

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Company news

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

Fri, 23 Sep 2016 04:02:20 GMT

Financial Service Sector Boosts GFT Group Nine-Month Results

Thu, 12 Nov 2015 17:15:00 GMT

GFT and Fidor forge innovation partnership

Tue, 13 Sep 2016 08:26:15 GMT

German Technology Provider GFT Launches New RegTech Solution

Wed, 18 May 2016 09:00:00 GMT

GFT reports double-digit revenue and earnings growth

Thu, 03 Mar 2016 14:40:57 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 18.9 20.5
2015A 373.5 44.6 38.7 119.5 15.2 8.9
2016E 420.0 46.5 38.9 115.2 15.8 10.3
2017E 460.0 52.9 45.2 125.4 14.5 9.1

Last updated on 24/08/2016

Investment summary

Q2 revenue grew by 19.2% organically at constant currencies, or 17.1% after the sterling currency headwind, as strong demand for digitisation projects in the continental European commercial banking sector outweighed project deferrals in the Anglo Saxon investment banking markets. Revenue from the Adesis Netlife and Habber Tec acquisitions took Q2 group revenue to €110.6m. Q2 adjusted EBITDA rose by 11% to €11.4m, reflecting a 106bp decline in the margin. Net debt rose from €36.4m to €70.3m over H1, though we note that the group generates its strongest cash flows in H2. We edged up our revenue forecasts, while easing near-term profits, in line with management's new guidance. Our FY16 revenue forecast includes 5.4% H2 organic growth after the anticipated currency headwind. In our view, if management can continue to maintain the momentum, the stock looks attractive, trading on c 14x our FY17e earnings.

Last updated on 01/09/2016

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 01/09/2016

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