Original-Research: GFT Technologies SE - from NuWays AG 02.02.2026 / 09:00 CET/CEST Dissemination of a Research, transmitted by EQS News - a service of EQS Group. The issuer is solely responsible for the content of this research. The result of this research does not constitute investment advice or an invitation to conclude certain stock exchange transactions.
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 € 32, based on DCF. You can download the research here:
gft-technologies-se-2026-02-02-fullnoteinitiation-en-47eea For additional information visit our website:
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