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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 there were signs that the group’s important S/4HANA transformation business had been picking up as SNP had won several small S/4HANA migrations. While the shares look punchy on c 27x our FY19e earnings, the rating could fall quickly as new projects come through.

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