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Original-Research: GFT Technologies SE - from NuWays AG
13.11.2026 / 09:01 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 review: upgraded guidance still leaves room; chg.
GFT's Q3 results combine accelerating sales and backlog growth with further
margin expansion. This strengthens earnings momentum and visibility. With
this, the higher FY26 guidance still looks cautious, implying a sharp Q4
earnings slowdown and leaving room for further upside, in our view.
Backlog growth accelerated further. The September order backlog rose 22% yoy
to EUR 397m, following 18% yoy growth at June-end and 11% at March-end,
supporting revenue visibility. Deutsche Bank's selection of GFT for its
German Private Bank core banking modernisation once again underlines the
group's position in complex banking transformation projects.
Q3 sales increased 11.5% yoy to EUR 238.3m (eNuW: EUR 230m). Growth accelerated
from 6.1% in Q2, with Brazil, Spain and Colombia being the main drivers.
Europe returned to 5% growth following a 3% decline in Q2. The UK resumed
yoy growth as anticipated, adding another contributor alongside the
established growth markets. Germany's trajectory improved, despite
investment caution continuing to weigh on demand.
Q3 adj. EBIT grew 31.7% yoy to EUR 20.3m (eNuW: EUR 18.0m), implying a margin
improvement of 1.3pp yoy to 8.5% (eNuW: 7.8%). Purchased services grew only
c. 1% yoy, reducing their share of sales by 1.2pp to 11.7%. Better personnel
efficiency on an adjusted basis and lower depreciation provided additional
margin support.
Higher guidance still looks cautious against Q3 momentum. GFT raised its
FY26 sales target to EUR 945m (old: EUR 930m) and adj. EBIT to EUR 72m (old: EUR
71m). The new targets imply Q4 sales of c. EUR 244m (+5% yoy vs. +11.5% yoy in
Q3) and adj. EBIT of c. EUR 19.1m (-13% yoy vs. +31.7% yoy in Q3). The implied
margin of 7.8% would also mark a sequential decline from Q3's 8.5%. Our Q4
forecast stands at c. EUR 245m sales and EUR 21.1m adj. EBIT (-4% yoy; 8.6%
margin), placing earnings EUR 2m above the implied guidance (eNuW). This still
allows for a marked earnings slowdown from Q3, leaving room for further
outperformance given the stronger UK contribution and improved cost ratios,
in our view. GFT also retained its c. 9.5% adj. EBIT margin ambition for
2029, replacing the absolute sales target with a qualitative growth
objective.
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 Q3 growth was c. 8% in constant
currencies, excluding third-party product sales. EPAM provides another
positive read-through: Q3 Financial Services sales increased 13.7% yoy on a
reported basis, well above group growth of 2.3%. Capgemini also sees
Financial Services among its growth drivers. AI adoption also reinforces
modernisation needs: Capgemini's latest survey finds that c. 80% of banking
and insurance executives prioritise reducing technical debt. This supports
the structural demand outlook for GFT's banking, cloud and data expertise
(eNuW).
Action: FY estimates increased following better than expected Q3 results.
BUY, PT EUR 32, based on DCF.
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