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

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Original-Research: GFT Technologies SE - from NuWays AG

04.11.2026 / 09:00 CET/CEST
Dissemination of a Research, transmitted by EQS News - a service of EQS
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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.

You can download the research here:
https://nwr.eqs-cockpit.com/fncls2.ssx?fn=redirect&u=4c7e1a5b1dcb833a977c1fa36d377fbc
For additional information visit our website:
https://www.nuways-ag.com/research

Contact for questions:
NuWays AG - Equity Research
Web: www.nuways-ag.com
Email: research@nuways-ag.com
LinkedIn: https://www.linkedin.com/company/nuwaysag
Adresse: Mittelweg 16-17, 20148 Hamburg, Germany
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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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Quelle: dpa-AFX