Optionsschein Classic Long 30 2027/03: Basiswert GFT TECHNOLOGIES

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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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2373160 29.07.2026 CET/CEST

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