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  • 25 Oct 19
SNP Schneider-Neureither & Partner - Termination of coverage

Edison Investment Research is terminating coverage on Jupiter US Smaller Companies and SNP Schneider Neureither & Partner . Please note you should no longer rely on any previous research or estimates for this company. All forecasts should now be considered redundant. Previously published reports can still be accessed via our website.

Companies: SNP Schneider-Neureither & Partner SE

Edison
  • 07 Feb 19
SNP Schneider-Neureither & Partner - Significant operational improvements in H2

The primary focus in FY18 was on integrating the recent acquisitions and positioning the business for growth in anticipation of the emerging digitisation wave. FY18 revenues of c €131m were below our forecast of €137.9m. Nevertheless, H2 adjusted EBITDA saw a c €5.4m improvement over H1 reflecting significant operational improvements. We have trimmed our FY19–20 revenue forecasts by 4–5% and adjusted EBITDA by 5–7%. Meanwhile, a key appointment has been made to drive sales in North America and S

Companies: SNP Schneider-Neureither & Partner SE

Edison
  • 07 Jan 19
SNP Schneider-Neureither & Partner - Capital base is boosted

In December, SNP completed its capital increase, raising gross proceeds of €18.7m (c €17.6m net). The funds will provide the group with significant financial flexibility and support its international growth strategy, including acquisitions. We have updated our model for the capital increase, which results in EPS coming back by 17.1% in both FY19 and FY20, solely reflecting the dilution impact from the new shares. Following the Q3 results, which showed a strong recovery in profits, we noted that

Companies: SNP Schneider-Neureither & Partner SE

Edison
  • 02 Nov 18
SNP Schneider-Neureither & Partner - Strong Q3 profits recovery

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

Companies: SNP Schneider-Neureither & Partner SE

Edison
  • 23 Aug 18
SNP Schneider-Neureither & Partner - Attractive business drivers are sustained

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 believe

Companies: SNP Schneider-Neureither & Partner SE

Edison
  • 31 Jul 18
SNP Schneider-Neureither & Partner - Revenue guidance is cut by 9.8% at mid-points

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

Companies: SNP Schneider-Neureither & Partner SE

Edison
  • 04 May 18
SNP Schneider-Neureither & Partner - New $4.5m contract win in North America

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. Als

Companies: SNP Schneider-Neureither & Partner SE

Edison
  • 18 Apr 18
SNP Schneider-Neureither & Partner - Focusing on organic growth

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 d

Companies: SNP Schneider-Neureither & Partner SE

Edison
  • 05 Feb 18
SNP Schneider-Neureither & Partner - Focusing on organic growth in FY18

SNP recorded c 14% organic growth in Q4 and a c 6% EBITDA margin. FY17 group revenue of around €122m was €2m ahead of our forecasts while EBITDA, at €2m, was €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 recov

Companies: SNP Schneider-Neureither & Partner SE

Edison
  • 03 Nov 17
SNP Schneider-Neureither & Partner - Positioning the business for growth

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 €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 gr

Companies: SNP Schneider-Neureither & Partner SE

Edison
  • 04 Aug 17
Activity picking up after a slow start to the year

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 th

Companies: SNP Schneider-Neureither & Partner SE

Edison
  • 11 Jul 17
Global expansion continues

Last week, SNP carried out a 10% capital increase, raising €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 soft

Companies: SNP Schneider-Neureither & Partner SE

Edison
  • 12 May 17
Polish SAP consulting bolt-on

SNP is acquiring BCC, one of the largest SAP partners in Central and Eastern Europe, for an undisclosed price. The deal broadens the group’s customer base, widens its expertise in the areas of SAP service and cloud provisioning and brings onboard c 250 SAP and IT consultants who can be cross-trained in transformation projects. On our estimates, the deal is value creating and earnings enhancing, with our FY18e and FY19e EPS rising by c 19%. However, we have cut our FY17 EBIT forecast, which impli

Companies: SNP Schneider-Neureither & Partner SE

Edison
  • 03 Apr 17
Scaling up for global growth

SNP Schneider-Neureither & Partner's (SNP) results indicated that the business environment remains healthy. The group has a strong balance sheet with net cash, boosted by the €30m capital increase last year, and has raised additional €40m in loan notes to build a war chest to make additional acquisitions. We have edged up revenue forecasts, but eased profits, to reflect the increased costs as it positions for the next phase of its growth. Given SNP’s strong market position in software-based tran

Companies: SNP Schneider-Neureither & Partner SE

Edison
  • 01 Feb 17
Well positioned for further strong growth

FY16 was a hectic year for SNP Schneider-Neureither & Partner (SNP), with three acquisitions successfully integrated, a €30m capital increase and a mammoth contract win announced in Q3 to combine the IT landscapes of two US chemical companies (we assume Dow Chemical and DuPont) that are merging. Preliminary figures show FY16 revenues growing by c 42% to c €80m (we forecast €77m) and adjusted operating profit rose by c 66% to c €7m, for a c 8.8% operating margin. We are reviewing our forecasts an

Companies: SNP Schneider-Neureither & Partner SE

Edison

SNP Schneider-Neureither & Partner SE

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Research Tree provides access to ongoing research coverage, media content and regulatory news on SNP Schneider-Neureither & Partner SE. We currently have 0 research reports from 2 professional analysts.

Latest News/RNS

(more news)
Date Source Announcement
03Nov17 10:13 EQS Edison Investment Research Limited: Edison issues update on SNP Schneider-Neureither & Partner (SHF)
11Jul17 13:35 EQS Edison Investment Research Limited: Edison issues update on SNP Schneider-Neureither & Partner (SHF)
02May17 16:43 EQS Edison issues update on SNP Schneider-Neureither & Partner (SHF)
03Apr17 15:55 EQS Edison Investment Research Limited: Edison issues outlook on SNP Schneider-Neureither & Partner (SHF)
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