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EQS-News: Edison Investment Research Limited / Key word(s): Research Update Edison Investment Research Limited: Edison issues update on SNP Schneider-Neureither & Partner (SHF) 11-Jul-2017 / 13:34 GMT/BST London, UK, 11 July 2017 *Edison issues update on SNP Schneider-Neureither & Partner (SHF)* Last week, SNP carried out a 10% capital increase, raising EUR18.74m before costs. The funds will be used to help finance the proposed acquisitions of three South American SAP consultancy firms. The acquisitions will create SNP's first significant presence in South America, and follow recent acquisitions in Asia, the UK and Poland. We will update our forecasts for the capital increase and acquisitions following the Q2 results, when we will have more information. Given SNP's strong position in software-based transformation projects and assuming a sustained high level of activity, we believe the shares remain attractive on c 18x our (pre-deals) FY19e EPS. The stock trades on c 41x our FY17e EPS, which falls to c 21x in FY18e and to c 18x in FY19e. In our last note, our discounted cash flow valuation came out at EUR47.75/share. However, our model is based on conservative assumptions and took no account of any additional acquisitions. Click here [1] to view the full report. All reports published by Edison are available to download free of charge from its website www.edisoninvestmentresearch.com [2] *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 [3]. 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. *For more information please contact Edison:* Richard Jeans, +44 (0)20 3077 5700 Katherine Thompson, +44 (0)20 3077 5730 tech@edisongroup.com Learn more at www.edisongroup.com [4] and connect with Edison on: LinkedIn https://www.linkedin.com/company/edison-investment-research [5] Twitter www.twitter.com/Edison_Inv_Res [6] YouTube www.youtube.com/edisonitv [7] Dissemination of a UK FINANCIAL NEWS, transmitted by EQS Group. The issuer is solely responsible for the content of this announcement. End of Announcement - EQS News Service 591677 11-Jul-2017 1: http://public-cockpit.eqs.com/cgi-bin/fncls.ssp?fn=redirect&url=d4010866de8efc070f6da85ced23d589&application_id=591677&site_id=vwd&application_name=news 2: http://public-cockpit.eqs.com/cgi-bin/fncls.ssp?fn=redirect&url=e7266211cbf0b72f2b3d94ab8bdaae97&application_id=591677&site_id=vwd&application_name=news 3: http://public-cockpit.eqs.com/cgi-bin/fncls.ssp?fn=redirect&url=105fe9be9b5e36892886e5a39d51d4b7&application_id=591677&site_id=vwd&application_name=news 4: http://public-cockpit.eqs.com/cgi-bin/fncls.ssp?fn=redirect&url=88c95533002fab2316572f9ef6cf3cc6&application_id=591677&site_id=vwd&application_name=news 5: http://public-cockpit.eqs.com/cgi-bin/fncls.ssp?fn=redirect&url=edc5483da45ef361071849742dbf1595&application_id=591677&site_id=vwd&application_name=news 6: http://public-cockpit.eqs.com/cgi-bin/fncls.ssp?fn=redirect&url=ec2d264fe4f303e2143a2e85c6eaa823&application_id=591677&site_id=vwd&application_name=news 7: http://public-cockpit.eqs.com/cgi-bin/fncls.ssp?fn=redirect&url=6b959e4d7ee3c402b931a274d2bbe945&application_id=591677&site_id=vwd&application_name=news
(END) Dow Jones Newswires
July 11, 2017 08:34 ET (12:34 GMT)
