Discount Optionsschein Long 18 - 20,5 2026/12: Basiswert GFT TECHNOLOGIES

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Original-Research: GFT Technologies SE - from NuWays AG

02.02.2026 / 09:00 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: Initiation

Recommendation: BUY

Target price: EUR 32

Target price on sight of: 12 months

Last rating change:

Analyst: Simon Keller

Upcycle building behind the curtain, INITIATE with BUY

GFT is emerging from an IT services downturn, with client demand finally

re-accelerating. Reported figures still lag due to temporary

company-specific and fx headwinds, masking the operational inflection. This

disconnect creates an opportunity, with the share price still anchored near

cycle lows. INITIATE with BUY.

Quality is the bedrock. GFT is a banking specialist in one of the hardest IT

verticals, where security, regulation and legacy stacks make execution risk

the real cost. Long-standing tier-1 client relationships support repeat

business, while consistently high workforce utilisation signals disciplined

delivery and cost control. A broad hyperscaler and ISV partner ecosystem

keeps GFT close to product roadmaps and client decisions. GFT is also

embedding AI into delivery, supporting faster delivery and higher client

ROI. This is reflected in a 14.3% average ROCE (2022-27e, eNuW).

Growth is the upside. AI increases project volume, as it shifts the

bottleneck to data flows, APIs and core platforms. That is exactly where GFT

sits, with platform modernisation and cloud migration at the centre of its

mix. There are real-world examples where AI-driven efficiency has expanded,

not reduced, project scope. At several clients, GFT is now working with

larger teams as additional projects clear the ROI hurdle.

Two tangible levers add uplift: scaling smartshore delivery towards 40% by

2029 (from c. 20% today) mostly via the India hub, and a mix shift into high

value-added services (c. 25% today, with up to 50% targeted by 2029),

supported by bolt-on M&A.

2025 is still masked by clean-up: Q4 should look similar to Q3 with only

marginal reported growth, despite improving fx-adjusted trends. Excluding UK

and Software Solutions, the core group is already running c.11% fx-adj.

growth with c. 9% adj. EBIT margin in 2025e (eNuW). The UK reset and

Software Solutions resizing should ease the drag into 2026.

Valuation still prices in the noise. GFT trades at a 10% FCFY by 2027e

(eNuW), supported by its capital light setup. As the clean-up in UK

completes and market momentum feeds through reported figures, we see scope

for a re-rating alongside recovering margins. Starting from a low-base in

2025e, the forecasted EPS CAGR into 2028e is at 26%.

BUY, PT EUR 32, based on DCF.

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Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss

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Offenlegung möglicher Interessenkonflikte nach § 85 WpHG beim oben

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2269308 02.02.2026 CET/CEST

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