Update: IT services pure-play focused on banks
GFT Group has disposed of emagine, its staffing business. The disposal transforms GFT into an IT services pure-play focused on the banking sector. GFT has also made a small acquisition in Spain, which boosts its presence in Spain and Mexico, strengthens its offerings in the digital banking space and adds new service offerings in digital communication and marketing. The impact of the deals is a modest upgrade for our EPS forecasts. We continue to believe there is a good likelihood of earnings upgrades, in light of the current conservative guidance, and this helps to underpin the current valuation of c 20x our FY16 EPS.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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