Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on SNP SCHNEIDER-NEUREITHER & P. We currently have 11 research reports from 1 professional analysts.
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SNP SCHNEIDER-NEUREITHER & P
SNP SCHNEIDER-NEUREITHER & P
Harlex acquisition boosts SNP's presence in UK
04 Oct 16
SNP has acquired an initial 90% shareholding in Harlex Management, which owns 100% of Harlex Consulting, based in London, UK. Harlex specialises in SAP data migration (essentially transformation) projects. The acquisition gives SNP a physical presence in the UK, and hence a stronger position to target and deliver new business in the UK. Activity remains very brisk at SNP and in September it won a record $10m+ contract to combine the IT landscapes of two US chemical companies (we assume Dow Chemical and DuPont) that are merging. Given SNP’s strong market position in software-based transformation projects, we believe the shares are attractive on c 19x our cash-adjusted FY18e EPS.
Record win highlights the effective new strategy
27 Sep 16
SNP has won a record $10m+ contract to combine the IT landscapes of two US chemical companies (we assume Dow Chemical and DuPont) which are merging. The contract comes on the back of the landmark Hewlett-Packard carve-out contract that SNP delivered in record time in H215. The latest win is a further indication that the group’s growth strategy is paying off and underpins our forecasts. SNP has been experiencing strong demand for its products and services, particularly in the German and US markets. Earlier this year it significantly expanded its operations in Asia, and in July it raised €29m (net) via a rights issue. Headcount is expected to rise towards 700 by year end and there is no sign that the activity is slowing. Hence, we believe the shares are attractive on c 17x our cash-adjusted FY18e EPS.
Raising €29m (net) funds for growth
27 Jun 16
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.
Q1 organic growth was 30%
04 May 16
Business activity remained robust at SNP in Q1, as revenue jumped 52% to €18.5m, including 30% organic growth and an initial €2.6m contribution from the acquired Astrums and Hartung businesses, which were consolidated from the beginning of January. Q1 bookings were very healthy at €26.2m, representing 1.42x Q1 revenues, while the backlog lifted by 52% to €28.7m. Given the buoyant backdrop, we continue to believe the shares look attractive trading on c 18x our maintained FY17 earnings.
Activity in FY16 remains buoyant
07 Apr 16
Activity remains brisk at SNP, with utilisation rates very high, as the company continues to benefit from favourable structural growth drivers, the partnership with SAP, along with its elevated profile in wake of the landmark Hewlett-Packard deal of 2015. SNP has been winning new business with household names in the US including Kellogg’s. The outlook is supported by the group’s broadening global infrastructure following recent acquisitions, along with two training schemes in the US and Germany which represent an important part of the next growth phase. Given the buoyant backdrop, we continue to believe the shares look attractive trading on c 18x our edged-up FY17 earnings.
Underlying FY16 guidance edges up
03 Feb 16
Provisional FY15 revenues and profit are in line while the new FY16 guidance suggests a small upgrade. FY15 was a year of strong growth for SNP, helped by a prestigious contract to carve out the ERP systems of the demerging Hewlett-Packard. The group has benefitted from a greater number of projects while margins rose on the back of increased project complexity. Our new FY16 forecasts include the two recent acquisitions, along with a 1.6% underlying revenue increase to put our FY16 revenue at the mid-point of the new guidance. Employee numbers have doubled over the year to c 600 and as there is no sign that the activity is slowing. Hence, we continue to believe the shares are attractive on c 16x FY17e earnings.
Making Mobiles Better
17 Jan 17
Mobile phones are increasingly the key connection for the modern world. This means that the performance of mobile phones, and their networks, is going to become more critical for all the apps and businesses that rely on them. New technologies such as VR, AR, and AV will need better, more reliable connections to really move into the mainstream. In this thematic piece we attempt to identify some of the most important issues facing mobile phone networks and their users, and start to identify solutions and enablers that will solve these problems and create value by doing so.
Panmure Morning Note 18-01-2017
18 Jan 17
Blancco technology, a leading provider of data erasure solutions and mobile device diagnostics, has announced that its underlying profits are ahead of expectations. Organic sales growth remains strong, the group continues to win larger ticket orders and the mobile diagnostics is performing ahead of plan. Consequently, we are raising our FY17 PBT forecast from £8.0m to £8.3m.
N+1 Singer - NCC Group - Interims confirm underlying business sound
19 Jan 17
NCC’s interim results were largely flagged in the detailed trading update released in December. Group revenue increased 35% to £125.8 (organic growth +18%) and adj. EBITDA grew 15% to £21.3m. The group’s issues relating to contract losses/deferrals in the period were previously announced and are already included in our forecasts. The group has maintained its interim dividend at 1.5p, which we believe is an indication of the strong underlying business. Separately, NCC has announced that Paul Mitchell intends to step down as chairman in May ’17. We continue to believe that NCC remains a highly attractive asset in an area seeing strong structural growth and see the current share price weakness as an opportunity. We retain our Buy recommendation and 233p target price.
N+1 Singer - dotDigital Group - Trading update
17 Jan 17
dotDigital issued a trading update for the six months ended 31 December 2016, indicating revenue growth up 17% y-o-y to £15.0m with EBITDA in line with market expectations and on track for the full year. Cash has grown to £18.9m. Revenue was slightly light of expectations owing to a slower start in the US but Q2 already showed improvement with a strong pipeline building. Our EBITDA and EPS forecasts are unchanged but revenues trimmed by 4% for both years. There is much activity in broadening avenues of growth in terms of new connectors, partnerships and geographical footprint and we remain positive of its prospects. Interim results will be released on Feb 21.
Small Cap Breakfast
17 Jan 17
Global Energy Development (GED.L) — To be renamed Nautilus Marine Services. Schedule 1 from developer and seller of hydrocarbons and related products. Reverse takeover. Raising $10.5m via a convertible. Expected 9 Feb. Eco (Atlantic) Oil & Gas—TSX-V listed oil and gas exploration has announced its intention to float on AIM. Assets in Guyana and Namibia. Proposed £2m-£3m fundraise. Diversified Gas & Oil—According to LSE website first day of trading on AIM now expected for 30 January.
The Slide Rule
12 Jan 17
What is The Slide Rule? The Slide Rule has been designed to dramatically simplify the identification of the best companies in the UK small/mid-cap sector by making a quantitative assessment of the relative potential of each company. At its core, The Slide Rule aims to identify those companies that create genuine shareholder value through strong returns on capital and solid growth, but also present a value opportunity with the potential tailwind of earnings momentum. Companies are assessed within a Quality, Value, Growth and Momentum (QVGM) framework.