Activity picking up after a slow start to the year
SNP reported a 27% growth in H1 revenues, including 6% organic growth. While the growth was significantly lower than budgeted, management remains very buoyant, and activity has been picking up, with the book-to-bill ratio rising to 1.26 in Q2. The hyperactive acquisition strategy is based on the view that there is a potential tsunami of data migrations building up across the globe, particularly around SAP S/4HANA, with some 50,000 companies expected to upgrade to the new SAP ERP platform over the next few years. SNP’s goal is to be the global leader in software-based transformation projects and, following the recent correction, we believe the shares look increasingly attractive on c 16x our FY19e EPS.SNP Schneider Neureither & Partner SE Formerly known as SNP Schneider-Neureither & Partner AG. SNP Schneider Neureither & Partner SE is a Germany-based company specialized in the Information Technology (IT) Services. The Company has two operational segments: Professional Services, which offers consultancy and training services and Software that provides sale of software and maintenance contracts. It offers software and software-related services for the transformation of IT systems, as well as the optimization of service and support processes. The transformation platform is based on the experience of the more than 1,500 projects. The Company's core products include SNP Business Landscape Management (BLM SNP), which structures the consultation process with standardized modules; SNP Dragoman that automates and simplifies the entire translation process; SNP Transformation Backbone that supports SAP System Transformation, as well as Business Landscape Transformation (BLT). The Company provides services to globally operating corporations in the fields of industry, finance and service.
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