SNP Schneider-Neureither & Partner - Attractive business drivers are sustained
While SAP S/4HANA transformation project deferrals impacted on H1 performance, SNP remains confident that there will be a recovery in H2 and beyond. SAP, the Walldorf-based software giant, has been successfully selling its S/4HANA business suite, but we understand these sales are predominantly for small customers and many large enterprises have been deferring data transformations to S/4HANA. However, SNP remains highly confident that the wave of S/4HANA transformations is building up and believes it is the best-placed participant to deliver on this wave of projects with its sophisticated software-based approach using the CrystalBridge platform. We have cut our forecasts towards the top of the reduced guidance range. While the shares look punchy on c 26x our FY19e earnings, the rating could fall quickly as new projects come through.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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