GFT Technologies-Solid Q1, entry point still attractive-05/20/2026

研报英文原文证据摘录

GFT Technologies-Solid Q1, entry point still attractive-05/20/2026

ountries across 105 client deployments and a total Free float (%) 64

influenced contract value exceeding EUR 104m in Q1. The recently acquired

Megawork secured a major SAP implementation contract with a Tier 1 Brazilian

bank worth over EUR 18m, demonstrating early integration success. The UK and

Total Return IndexSoftware Solutions — the two key pain points from 2025 — both showed

meaningful improvement, with the UK returning to a mid-single-digit adjusted EBIT

margin. Full-year 2026 guidance was reaffirmed, targeting revenues of 110

approximately EUR 930m and an adjusted EBIT margin of approximately 7.6%. 105

Estimates unchanged; valuation continues to look attractive 95 90

We leave our estimates broadly unchanged following Q1, expecting approximately 85

4% organic growth per annum, with robust demand outside the UK offsetting 80

continued softness from British clients. The 12-month price target is maintained 75

at EUR 28, implying approximately 30% upside, and the Buy recommendation is 70

reiterated. At a 2026e forward P/E of approximately 11x, the stock trades well 60

below its long-term average of 16x and at a roughly 34% discount to the TecDAX. May-25 Jul-25 Oct-25 Dec-25 Feb-26 May-26

The company's long-term revenue and margin targets represent significant upside GFT Technologies CDAX

not yet reflected in the current share price. Source: FactSet

EURm 2024 2025 2026e 2027e 2028e Pareto Securities AS has been paid by the issuer to

Revenues 871 888 931 967 1,005 produce this research report. This material is

EBITDA 94 70 80 87 92 considered by Pareto Securities to qualify as an

acceptable minor non-monetary benefit according to

EBIT 71 49 60 67 73 the EU MIFID 2 directive.