Raising EUR29m (net) funds for growth
SNP is raising €31m (gross) in a rights issue of new ordinary shares. The new money will fund both organic growth as well as the group’s acquisition strategy. SNP has been experiencing strong demand for its products and services, particularly in the German and US markets, and earlier this year it significantly expanded its operations in Asia, via the acquisitions of Astrums and Hartung Consult. Headcount is expected to rise towards 700 by year end and there is no sign that the activity is slowing. Indeed, on 19 May the group received another major order for transformation software from a German industrial group. Hence, we continue to believe the shares are attractive on c 16x FY18e earnings.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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