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.€437m
Last close€16.60
High / Low (52 weeks)€16.6 / €6.8
Stock market listingDE
Forecast net debt (€m)24.4
Forecast gearing ratio (%)22
TeamTechnology
SectorTechnology

Price performance

%1m3m12m
Actual27.645.9136.7
Relative *18.927.699.0

* % Relative to local index

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Y/E Dec Revenue (€m) EBITDA (€m) PBT (€m) EPS (fd) (c) P/E (x) P/CF (x)
2012A 230.7 10.8 9.6 21.9 75.8 N/A
2013A 264.3 20.9 18.5 55.3 30.0 N/A
2014E 359.7 35.7 31.4 83.4 19.9 N/A
2015E 411.9 41.2 36.2 96.4 17.2 N/A

Last updated on 18/12/2014

Latest research

Investment summary

GFT Group posted another strong set of results in early November, with Q3 organic revenue growth of 16%. GFT, the group’s solutions business, continued to grow apace, with Q3 organic revenue growth of 24% (albeit decelerating from 26% in Q2 and 40% in Q1). emagine saw another small revenue decline but remained in profit. We raised our revenue forecasts over FY14 to FY16 by €7.7m, €8.0m and €8.5m to €359.7m, €411.9m and €426.5m respectively. We eased our interest cost assumptions and hence adjusted EPS increased to 83.4c, 96.4c and 103.7c from 67.3c, 85.0c and 96.1c. Management said the pipeline remains strong and we believe the valuation continues to look appealing at c 12x our FY15 earnings.

Last updated on 22/12/2014

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. An investment bank has been hired to begin a process of disposing the emagine recruitment business, which sources skilled IT specialists and engineering staff.

Last updated on 22/12/2014

Key management

Ulrich Dietz, Chairman & CEO
Jochen Ruetz , CFO

Company address

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