Original-Research: GFT Technologies SE (von NuWays AG): BUY - T-Online

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Q3 preview: code for a comeback, chg.

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

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.

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 (2.5pp from acquisitions), the company highlights ongoing

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

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

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%.

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.

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

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

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

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

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

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

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