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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.€93.6m
Last close€17.10
High / Low (52 weeks)€36.8 / €15.4
Stock market listingDE
Forecast net debt (€m)42.8
Forecast gearing ratio (%)92
TeamTechnology
SectorTechnology

Price performance

%1m3m12m
Actual(22.3)(23.8)(47)
Relative *(20)(18.8)(41.4)

* % 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 6.4 109.7 15.6 73.2
2017A 122.3 3.3 0.2 (7.4) N/A N/A
2018E 137.9 0.7 (4.1) (57.3) N/A 2687.1
2019E 153.4 11.5 5.9 70.4 24.3 8.7

Last updated on 25/09/2018

Investment summary

H1 revenue grew by 35% to €65.0m, including 2% organic growth, and the group swung to loss. The numbers were below expectations, due mainly to the deferral of SAP S/4HANA projects which relate to the complexity of SAP S/4HANA and clients choosing to wait for a greater “maturity level” of S/4HANA before a full transition. We have cut our revenue forecasts by 9% in FY18 and 7% in FY19. SNP plans a capital increase in November and plans to appoint at least one MD to support the CEO. Dr Andreas Schneider-Neureither, CEO, has recently boosted his stake to 22.02%. While the shares look punchy on c 26x our FY19e earnings, the rating could fall quickly as new projects come through.

Last updated on 28/09/2018

Industry outlook

SNP helps businesses tailor and improve their ERP landscapes and its 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 28/09/2018

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
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