SNP Schneider-Neureither & Partner

DE: SHF

€158.8m market cap

€23.95 last close

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. Its proprietary software suite automatically analyses, applies and tracks changes in IT systems.

Investment summary

Q1 results indicated that SNP is turning the corner after the FY17/FY18 dip, with a return to growth in North America and the jump in bookings in the DACH region. The momentum has continued into Q2 with a major order in low double-digit-millions of euros from a prominent Swiss energy and high-tech company for software and services. The customer announced the sale of one of its business units last year and consequently the implementation of this transaction requires a division of the underlying commercial SAP systems. We are reviewing our forecasts.

Y/E Dec
Revenue (€m)
EBITDA (€m)
PBT (€m)
EPS (c)
P/E (x)
P/CF (x)
2017A 122.3 6.9 3.8 61.9 38.9 N/A
2018A 131.0 2.0 (2.5) (36.4) N/A 96.1
2019E 147.5 10.4 5.5 53.6 44.9 16.4
2020E 160.0 15.1 10.3 104.5 23.0 11.1
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 24/07/2019
Sector
TMT
Share price graph
Balance sheet
Forecast net debt (€m) 23.3
Forecast gearing ratio (%) 36
Price performance
%
1m
3m
12m
Actual (19.2) (6.1) 27.8
Relative* (20.0) (6.7) 30.1
52-week high/low €32.0/€15.1
*% relative to local index
Key management
Dr Andreas Schneider-Neureither CEO
Mr Joerg Vierfuss CFO
Dr Michael Drill Chairman of the Supervisory Board

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