EQS-News: Edison Investment Research Limited / Key word(s): Quarter Results/Capital Increase
02-May-2017 / 16:43 GMT/BST
London, UK, 02 May 2017
Edison issues update on SNP Schneider-Neureither & Partner (SHF)
Growth slowed in Q1, as the group focused its attention on delivering its strong backlog. Nevertheless, business remains healthy and management affirmed its guidance. Activity remained busy in Q1, including the issuing of EUR40m of loan notes, repayment of a corporate bond, a reshaping of the group structure and the creation of a third training academy in Berlin. Separately, SNP said it is close to acquiring a European SAP consulting and IT company. Given SNP's strong market position in software-based transformation projects and assuming a sustained high level of activity, we believe the shares remain attractive on c 21x our FY19 earnings.
The stock trades on c 33x our FY17 earnings, which falls to c 26x in FY18 and to c 21x in FY19. Our discounted cash-flow (DCF) model values the shares at EUR46, c 15% above the current share price. However, our model is based on conservative assumptions and takes no account of any acquisitions.
Click here to view the full report.
All reports published by Edison are available to download free of charge from its website
About Edison: Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world-renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisers and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.
Edison is authorised and regulated by the Financial Conduct Authority.
Edison is not an adviser or broker-dealer and does not provide investment advice. Edison's reports are not solicitations to buy or sell any securities.
Contact details: Learn more at www.edisongroup.com and connect with Edison on:
Dissemination of a UK FINANCIAL NEWS, transmitted by EQS Group.
The issuer is solely responsible for the content of this announcement.