Edison Investment Research - SNP Schneider-Neureither Partner - Focusing on organic growth in FY18

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Edison Investment Research

SNP Schneider-Neureither & Partner - Focusing on organic growth in FY18

SNP recorded c 14% organic growth in Q4 and a c 6% EBITDA margin. FY17 group revenue of around â‚¬122m was â‚¬2m ahead of our forecasts while EBITDA, at â‚¬2m, was â‚¬1m below our forecast. We have edged up our revenue forecasts while maintaining profit forecasts. After a hectic FY17, with multiple acquisitions, fund-raisings and significant corporate change, we understand that management intends to focus on organic growth in FY18. Given the attractive industry drivers and the potential for margin recovery, the shares look attractive on c 21x our FY19e earnings.

05/02/2018 3 EN

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Edison Investment Research

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SNP Schneider-Neureither & Partner - Focusing on organic growth in FY18

Manx Financial Group - Termination of coverage

musicMagpie - Termination of coverage

Topps Tiles - Accelerating growth through Q125

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