Discount 35 2027/09: Basiswert GFT TECHNOLOGIES

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Original-Research: GFT Technologies SE - from NuWays AG

04.11.2026 / 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: Update

Recommendation: BUY

Target price: EUR 32

Target price on sight of: 12 months

Last rating change:

Analyst: Simon Keller

Q3 preview: code for a comeback, chg.

GFT's Q3 should put earnings upside back in focus. Faster growth and

improving UK profitability suggest that the 2026 guidance is too

conservative. Our forecast still allows for a slowdown in Q4 earnings

growth, leaving room for outperformance.

Peer results highlight continued IT spending by financial institutions.

Accenture's Financial Services revenue grew 6% yoy in local currency in

fiscal Q4. Cognizant's corresponding segment grew c. 8% yoy in constant

currencies in Q3, excluding the contribution from third-party product sales.

On 30 October, Capgemini raised its FY26 revenue outlook, implying 4-4.5%

organic growth, and highlighted Financial Services as a growth driver. While

Accenture's group FY27 guidance remains measured, implying 0.5-4% organic

growth (+2-2.5pp from acquisitions), the company highlights ongoing

investment in core systems and data infrastructure needed for AI adoption.

These spending priorities should support demand for GFT's banking, cloud and

data expertise (eNuW).

GFT's Q3 sales growth should accelerate. Revenues look set to grow 7.6% yoy

to EUR 230m, following 6.1% yoy growth in Q2. Latin America should remain the

main growth driver and we expect the UK to grow both yoy and qoq against a

weak comp following its restructuring.

Q3 adj. EBIT should grow faster than sales. Adj. EBIT is expected to grow

16.9% yoy to EUR 18m, implying a margin improvement of 0.6pp yoy to 7.8%.

Improving UK profitability, greater personnel efficiency and lower office

lease depreciation should drive the increase (eNuW).

FY26 guidance looks too conservative. Based on our Q3 estimates, the EUR 71m

adj. EBIT target implies a c. 7% yoy decline in Q4, compared with c. 17%

growth expected for Q3. Continued improvements in UK profitability and

personnel efficiency underpin our higher FY26 forecast of EUR 73m (eNuW).

Sustained delivery would mark a change in the earnings-revision trend.

Following repeated guidance cuts in 2023-25, an outlook with room for

outperformance represents a meaningful improvement. While our forecast still

assumes only c. 3% yoy adj. EBIT growth in Q4, ongoing momentum into

year-end could help GFT exceed both guidance and our estimates. Sustained

delivery would also help rebuild confidence in the earnings trajectory

beyond FY26 (eNuW).

The investment case extends beyond the UK recovery. GFT's banking expertise

and deep knowledge of clients' complex IT systems create switching costs and

support follow-on business as banks modernise their core platforms to enable

AI. Expanding smartshore delivery and shifting towards higher-value services

offer structural margin upside. Its capital-light business model also

supports cash generation.

Action: adj. EBIT increased by c. 3% for 2026e, supported by FX and positive

peer cross reads.

BUY, with a PT of EUR 32, based on DCF.

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Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss

bestimmter Börsengeschäfte.

Offenlegung möglicher Interessenkonflikte nach § 85 WpHG beim oben

analysierten Unternehmen befindet sich in der vollständigen Analyse.

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2427946 04.11.2026 CET/CEST

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