GFT reported a solid Q1, with constant currency organic growth of 7.6%. This was slightly below the long-term trend, as the group saw some deferrals in Anglo Saxon regions due to poor results in the investment banking sector and uncertainty relating to the imminent UK vote on the EU. Nevertheless, management expects orders to pick up later this month and in Q3, regardless of the outcome of the BREXIT vote. We have edged our forecasts up with the inclusion of Habber Tec Brazil, which GFT acquired in early April. In our view, if management can continue to maintain the momentum, the stock looks attractive, trading on c 17x our FY17e EPS.
