Märkte & Kurse

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Original-Research: GFT Technologies SE - from NuWays AG

29.07.2026 / 09:16 CET/CEST
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Classification of NuWays AG to GFT Technologies SE

     Company Name:                GFT Technologies SE
     ISIN:                        DE0005800601

     Reason for the research:     Update
     Recommendation:              BUY
     Target price:                EUR 32
     Target price on sight of:    12 months
     Last rating change:
     Analyst:                     Simon Keller

Q2 set to confirm earnings acceleration

GFT reports H1 results on 6 August, and we expect a second consecutive
quarter of adj. EBIT growing well ahead of sales. The recent IBM and
Accenture news do not read across to GFT, in our view, while two takeovers
of listed peers highlight the structural attractiveness of the sector at
current prices.

Q2 sales look set to improve 4.5% yoy to EUR 229.5m and adj. EBIT is seen
growing 8.6% yoy to EUR 16.3m, at a margin of 7.1% (+0.3pp yoy; eNuW). That
would mark a second consecutive quarter of earnings growing well ahead of
sales, with the pace picking up from Q1 (adj. EBIT +6.8% yoy). The mix
should look much like Q1, with double-digit growth in the Americas on the
back of strong business in Brazil, a still soft Germany, and a UK business
having just passed the trough.

On our estimates, H1 would account for c. 49% of FY sales and c. 46% of the
adj. EBIT guidance. This leaves an implied guidance hurdle of just 3.3% yoy
adj. EBIT growth in H2 (to c. EUR 38.5m), alongside 5.4% yoy sales growth (to
c. EUR 471m), implying an 8.2% margin. While this requires the usual seasonal
margin step-up from 7.1% in H1, the implied H2 margin would remain slightly
below the 8.3% achieved last year. Hence, the FY guidance looks well within
reach, without requiring a material acceleration in sales growth or further
yoy margin expansion.

Meanwhile, neither of the sector's recent shocks has notable implications on
GFT, in our view. IBM's miss sat in hardware, with Infrastructure down 7%
yoy, while its Consulting line came in flat. At the same time, while
Accenture is normally a fair cross-read, the group bookings decline of 3%
yoy (fx-adj.) was attributable to two large managed services deals slipping
into FY27. Importantly, consulting bookings were up for a fourth consecutive
quarter. GFT sells into the same change budgets, and its core clients, banks
and insurers across Europe and Latin America, are highly profitable and
well-capitalised, with a modernisation backlog that is structural: ageing
core platforms and now AI adoption forcing an overhaul of the systems
underneath.

Meanwhile, recent sector M&A suggests GFT's share price understates the
value of the business. Since June, two German-listed IT services peers have
received all-cash takeover offers from strategic buyers at premiums of 94%
and 105% to their respective three-month VWAPs. This implies valuations of
c. 14x and c. 35x EV/EBIT (trailing 12-months). Persistent Systems is
acquiring Nagarro, a digital engineering group of similar size to GFT at c.
EUR 1bn sales. VINCI Energies is acquiring All for One, a German SAP services
house, the same segment GFT has been building since the Megawork
acquisition. Both had de-rated on soft German demand first, with All for One
posting a 3% sales decline in its latest half-year. In contrast, GFT trades
at c. 13x EV/EBIT (trailing 12-months), with earnings growth already
reaccelerating.

Confirm BUY, PT unchanged at EUR 32, based on DCF. GFT is turning its strength
in bank modernisation into margin, with adj. EBIT growing ahead of sales in
Q1 and, on our estimates, again in Q2.


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analysierten Unternehmen befindet sich in der vollständigen Analyse.
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2373160 29.07.2026 CET/CEST

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