GFT Technologies SE (von NuWays AG): BUY 17.06.2026, 09:00 Uhr von dpa-AFX Jetzt kommentieren: 0

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.



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bestimmter Börsengeschäfte.
Offenlegung möglicher Interessenkonflikte nach § 85 WpHG beim oben
analysierten Unternehmen befindet sich in der vollständigen Analyse.
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2347616 17.06.2026 CET/CEST