Update: GFT solutions business grew at 23% in Q1
The strong growth momentum continued into Q1, with the core GFT solutions business growing 23% organically, compared with 24% y-o-y in FY14. GFT is seeing ongoing strong demand from its core customer base driven by rising compliance requirements and digitisation in banking. While management has maintained its guidance, we see an increasing likelihood of upgrades as the year progresses. Hence, we have nudged up our FY16 and FY17 revenues while our EPS forecasts rise in each year from FY15-17. In our view, the valuation continues to look attractive at c 17x 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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