Original-Research: GFT Technologies SE (von NuWays AG): BUY
17.06.2026 - 09:00:16 | dpa.de
Original-Research: GFT Technologies SE - from NuWays AG
17.06.2026 / 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
Banking IT remains a specialist game
We hosted GFT at our London conference, which reinforced the key pillars of
the equity story:
* Quality remains 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. Quality leadership in digital banking is
externally validated (e.g. IDC and QKS), and the client roster speaks
for itself, with Deutsche Bank, HSBC, JPM and Santander among them.
While the business does not generate recurring revenue by design,
relationships are very sticky due to trust and system knowledge: once
GFT has done a complex project it is deeply embedded in the client's IT
estate, which makes it hard to displace. Consistently high utilisation
points to disciplined capacity management and supports the margin
resilience of the model.
* The market is large and still growing, although a broad-based pick-up is
not yet visible in group-reported numbers, partly masked by the
struggling UK business. With approx. 75% of banks still running on
legacy systems, there remains a sizeable market opportunity in banking
IT modernisation, expected to result in a market CAGR of c. 18% into
2030 (source: Mordor Intelligence). This is not a one-to-one
read-through to GFT sales, yet the need for integration, data flows,
APIs and core platform work fits GFT's capabilities well. AI should act
as a demand multiplier, shifting the bottleneck to precisely those
areas.
* AI looks net accretive on balance. While prices per project decline
thanks to efficiencies, volume growth is seen to more than offset this
effect, as more projects clear the ROI hurdle and clients broaden the
scope. GFT's proprietary Wynxx platform, mainly a project enabler, is
more than a wrapper around individual LLMs. Its model-agnostic setup
routes tasks across ChatGPT, Claude, Gemini, proprietary and open-source
models based on cost, speed, capability, security and use case. The
value-add lies in GFT's orchestration know-how and preconfigured agents,
making AI deployable in complex enterprise IT environments. At Bradesco
Seguros, the client reinvested efficiency gains into additional scope,
following intense Wynxx testing, lifting revenue above pre-Wynxx levels
for GFT. Similarly, a Brazilian automotive group's documentation
programme, uneconomical pre-AI at c. 1.5 years and $ 1.1m, was reframed
into a 16-week, $ 100k delivery, turning it into incremental revenue.
* Margins are set to expand, and Q1 already showed the first signs, with
the adj. EBIT margin up 0.2pp yoy to 7%. Two levers are seen to support
the remaining quarters. The first is the UK turnaround: we expect the
unit to return to profitability in Q2 and to resume growth in Q3,
following capacity rightsizing, new leadership and an improving
pipeline. Second, strategic mid-term initiatives: smartshore should
scale to 40% by 2029 from c. 20%, while high-value-added services should
increase from c. 25% today to up to 50%, supported by bolt-on M&A such
as Megawork (closed in Sep 25).
* Guidance remains for c. 5% fx-adj. growth and a slight EBT margin
improvement to 6% (+0.8pp yoy), which appears achievable without any
meaningful market recovery.
BUY, PT EUR 32, based on DCF.
You can download the research here:
https://eqs-cockpit.com/c/fncls.ssp?u=a7211c466aa9a0117e012c7695f48c22
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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