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.
More SNP Schneider-Neureither & Partner content >Investment summary
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 SNP is close to announcing the hire of a new COO. SNP has a number of recent successful pilots, which it is optimistic will convert into larger projects. While the shares look punchy on c 32x our FY19e EPS, the rating could fall quickly as new projects come through.
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 | 56.4 | N/A |
| 2018A | 131.0 | 2.0 | (2.5) | (36.4) | N/A | 139.4 |
| 2019E | 147.5 | 10.4 | 5.5 | 53.6 | 65.1 | 23.9 |
| 2020E | 160.0 | 15.1 | 10.3 | 104.5 | 33.4 | 16.1 |
Content on SNP Schneider-Neureither & Partner
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TMT
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Share price graph
Balance sheet |
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| Forecast net debt (€m) | 23.3 |
| Forecast gearing ratio (%) | 36 |
Price performance
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Key management |
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| Dr Andreas Schneider-Neureither | CEO |
| Mr Joerg Vierfuss | CFO |
| Dr Michael Drill | Chairman of the Supervisory Board |