Update: Existing solutions business accelerates in Q4
GFT Group had an excellent FY14, with organic revenue growth of 16% and operating margin expansion of 220bp. The group’s traditional solutions business picked up pace in Q4, with organic revenue growth of 25%, up from 24% in Q3. GFT is not seeing any slowdown in its core markets, although we note that investment banks can cut their IT budgets at short notice. Hence, we are conservatively upgrading our forecasts in line with management guidance. The valuation continues to look attractive at c 15x our FY16e earnings if management can sustain the growth momentum.GFT Technologies is a provider of Information Technology (IT) services for the finance sector. Co. is engaged in the development, implementation and maintenance of IT solutions for the finance sector. Its services include advising financial institutes on the development and realization of company-wide IT strategies, the implementation and maintenance of bank-specific standard software, and the development of applications tailored to specific clients and sectors, and it focuses on the maintenance and further development of business-critical core processes. With the aid of its Global Delivery Model, this division supplies its range of solutions to the core markets of Europe and the Americas.
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