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SNP Schneider-Neureither & Partner

Raising EUR29m (net) funds for growth

Update | Technology | 27 Jun 2016

SNP is raising €31m (gross) in a rights issue of new ordinary shares. The new money will fund both organic growth as well as the group's acquisition strategy. SNP has been experiencing strong demand for its products and services, particularly in the German and US markets, and earlier this year it significantly expanded its operations in Asia, via the acquisitions of Astrums and Hartung Consult. Headcount is expected to rise towards 700 by year end and there is no sign that the activity is slowing. Indeed, on 19 May the group received another major order for transformation software from a German industrial group. Hence, we continue to believe the shares are attractive on c 16x FY18e earnings.

Activa Resources

Deutsche Börse Eigenkapitalforum 2014 Research Guide

Sector Commentary: | *Multiple Sectors | 11 Nov 2014

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SNP Schneider-Neureither & Partner

Strong Q3 profits recovery

QuickView | Technology | 19 Nov 2018

Q3 results reveal that SNP is stabilising after the July profits warning.While underlying revenues showed a small contraction, profits recoveredstrongly. This indicates that costs saving measures are beginning to havean impact. Additionally, SNP has recently won several small S/4HANAmigration contracts which indicates the S/4HANA business is beginning togain momentum. We have increased our FY18 profits forecasts whilemaintaining revenues. While the shares look punchy on c 24x our FY19eearnings, the rating could fall quickly as new projects come through.

SNP Schneider-Neureither & Partner

Strong Q3 profits recovery

Update | Technology | 02 Nov 2018

Q3 results reveal that SNP is stabilising after the July profit warning. While underlying revenues showed a small contraction, profits recovered strongly. This indicates that cost saving measures are beginning to have an impact. Additionally, SNP has recently won several small S/4HANA migration contracts, which indicates that the S/4HANA business is beginning to gain momentum. We have increased our FY18 profits forecasts while maintaining revenues. While the shares look punchy on c 23x our FY19e earnings, the rating could fall quickly as new projects come through.

SNP Schneider-Neureither & Partner

Attractive business drivers are sustained

Update | Technology | 23 Aug 2018

While SAP S/4HANA transformation project deferrals impacted on H1 performance, SNP remains confident that there will be a recovery in H2 and beyond. SAP, the Walldorf-based software giant, has been successfully selling its S/4HANA business suite, but we understand these sales are predominantly for small customers and many large enterprises have been deferring data transformations to S/4HANA. However, SNP remains highly confident that the wave of S/4HANA transformations is building up and believes it is the best-placed participant to deliver on this wave of projects with its sophisticated software-based approach using the CrystalBridge platform. We have cut our forecasts towards the top of the reduced guidance range. While the shares look punchy on c 26x our FY19e earnings, the rating could fall quickly as new projects come through.

SNP Schneider-Neureither & Partner

Revenue guidance is cut by 9.8% at mid-points

Update | Technology | 31 Jul 2018

SNP’s preliminary H118 results indicate that the strongly anticipated tsunami of SAP S/4HANA transformations has continued to shift out as enterprises await greater clarity on the technological transition to the new cloud platform. After the Q1 results in May we reported that there had been several S/4HANA project delays, as such transformations are highly complex to implement. We understand this trend has continued. Nevertheless, SNP remains extremely confident that the tsunami is just a matter of time. In preparation, SNP has established new partnership with IBM Services incorporating a novel ‘Bluefield’ approach to target the potentially substantial S/4HANA market. We have removed our forecasts and will review them after the full Q2/H1 results on Thursday.

SNP Schneider-Neureither & Partner

New $4.5m contract win in North America

Update | Technology | 04 May 2018

While Q1 revenue grew by 46%, the underlying growth was affected by customers deferring projects, particularly around SAP S/4HANA. However, new orders were healthy, and the book-to-bill ratio jumped to 1.3x. This included part of a $4.5m new contract in the US and we expect FY18 to follow a similar path to FY17 with a stronger than normal H2. Meanwhile, SNP remains focused on bedding down acquisitions and the management team has been restructured to reflect the global nature of the business. Also, there has been some streamlining. The outlook remains favourable, particularly on the M&A-driven side of the business, with global M&A at record highs. Given the favourable industry drivers and the potential for margin recovery, the shares look attractive on c 22x our FY19e earnings.

SNP Schneider-Neureither & Partner

Focusing on organic growth

Update | Technology | 18 Apr 2018

SNP has undertaken a series of acquisitions over the last few years that have transformed the scale and the geographical footprint of the business. The goal is to position the group for the anticipated surge in data migrations globally, particularly around SAP S/4HANA, and SNP has already completed more than 30 S/4 projects. In FY18, management is focused on driving organic growth. We have maintained our headline forecasts, although adjusted net debt rises due to higher-than-expected FY17 net debt. Given the favourable industry drivers and the potential for margin recovery, the shares look attractive on c 21x our FY19e earnings.

SNP Schneider-Neureither & Partner

Focusing on organic growth in FY18

Update | Technology | 05 Feb 2018

SNP recorded c 14% organic growth in Q4 and a c 6% EBITDA margin. FY17 group revenue of around EUR 122m was EUR 2m ahead of our forecasts while EBITDA, at EUR 2m, was EUR 1m below our forecast. We have edged up our revenue forecasts while maintaining profit forecasts. After a hectic FY17, with multiple acquisitions, fund-raisings and significant corporate change, we understand that management intends to focus on organic growth in FY18. Given the attractive industry drivers and the potential for margin recovery, the shares look attractive on c 21x our FY19e earnings.

SNP Schneider-Neureither & Partner

Positioning the business for growth

Update | Technology | 03 Nov 2017

2017 has been a year of major change for SNP, including two major acquisitions, debt and equity capital raisings, corporate restructurings, new product offerings launched and new training centres established. This has involved significant cost in both financial terms and management time. There has been EUR 4m in one off costs, and management expects to report break-even at the EBIT level in FY17. Excluding one-off costs, the FY17 EBIT margin is expected be c 3.3%. Following the acquisitions, the group now has a presence in most major regions globally. Hence, SNP now looks better positioned to deliver on its goal to be the global leader in software-based transformation projects. Following the recent correction, we believe the shares look increasingly attractive on c 18x our FY19e EPS.

SNP Schneider-Neureither & Partner

Activity picking up after a slow start to the year

Update | Technology | 04 Aug 2017

SNP reported a 27% growth in H1 revenues, including 6% organic growth. While the growth was significantly lower than budgeted, management remains very buoyant, and activity has been picking up, with the book-to-bill ratio rising to 1.26 in Q2. The hyperactive acquisition strategy is based on the view that there is a potential tsunami of data migrations building up across the globe, particularly around SAP S/4HANA, with some 50,000 companies expected to upgrade to the new SAP ERP platform over the next few years. SNP’s goal is to be the global leader in software-based transformation projects and, following the recent correction, we believe the shares look increasingly attractive on c 16x our FY19e EPS.

SNP Schneider-Neureither & Partner

Global expansion continues

Update | Technology | 11 Jul 2017

Last week, SNP carried out a 10% capital increase, raising EUR 18.74m before costs. The funds will be used to help finance the proposed acquisitions of three South American SAP consultancy firms. The acquisitions will create SNP’s first significant presence in South America, and follow recent acquisitions in Asia, the UK and Poland. We will update our forecasts for the capital increase and acquisitions following the Q2 results, when we will have more information. Given SNP’s strong position in software-based transformation projects and assuming a sustained high level of activity, we believe the shares remain attractive on c 18x our (pre-deals) FY19e EPS.