SNP Schneider-Neureither & Partner (SHF)

Business description

SNP Schneider-Neureither & Partner is a software and consulting business focused on supporting customers in implementing change, and rapidly and economically tailoring IT landscapes to new situations.

Stock data

Market cap.€187.8m
Last close€34.30
High / Low (52 weeks)€43.4 / €28.5
Stock market listingDE
Forecast net debt (€m)34.2
Forecast gearing ratio (%)59
TeamTechnology
SectorTechnology

Price performance

%1m3m12m
Actual1.22.8(16.4)
Relative *(4.3)10.9(19.9)

* % Relative to local index

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Company news

Y/E Dec Revenue (€m) EBITDA (€m) PBT (€m) EPS (c) P/E (x) P/CF (x)
2016A 80.7 8.5 5.7 94.4 36.3 146.8
2017A 122.3 3.3 (1.8) (46.4) N/A N/A
2018E 151.2 10.9 6.4 76.9 44.6 18.6
2019E 165.3 17.8 13.1 162.7 21.1 11.1

Last updated on 18/04/2018

Investment summary

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.

Last updated on 18/04/2018

Industry outlook

SNP helps businesses tailor and improve their ERP landscapes and it's goal is to become the global standard for data transformations. Its proprietary software includes the only off-the-shelf transformation product in SNP Transformation Backbone with SAP Landscape Transformation Software (T-B), which automates the process of combining, upgrading or carving out data from ERP systems. SNP continues to benefit from favourable structural growth drivers, a partnership with SAP and an elevated profile in the wake of the landmark Hewlett-Packard deal of 2015.

Last updated on 06/04/2018

Key management

Dr Andreas Schneider-Neureither, CEO
Mr Joerg Vierfuss, CFO
Dr Michael Drill, Chairman of the Supervisory Board
Henry Göttler, Chief Operating Officer

Company address

Dossenheimer Landstraße 100
Heidelberg
69121
Germany
+49 6221 6425 - 0
View website