European Event-Driven Analyst

Jesus Rodriguez Aguilar

Event-Driven

Snp Schneider-Neureither & Partner Ag / Event-Driven

<ul>
<li>Carlyle has secured 76.3% of SNP's voting rights and intends to delist the company, leaving minority shareholders with an illiquid stock if they do not tender their shares.</li>
<li>The €61.00 offer price represents a 5.2% premium to the DCF-based fair value of €57.96, and shares currently trade at €66.20, likely due to speculative expectations of a higher bid.</li>
<li>Investors should tender shares before the March 7, 2025 deadline, as post-delisting liquidity risks outweigh the uncertain potential for an improved offer. Short if there is enough available to borrow.</li>
</ul>


Carlyle has secured 76.3% of SNP's voting rights and intends to delist the company, leaving minority shareholders with an illiquid stock if they do not tender their shares.
The €61.00 offer price represents a 5.2% premium to the DCF-based fair value of €57.96, and shares currently trade at €66.20, likely due to speculative expectations of a higher bid.
Investors should tender shares before the March 7, 2025 deadline, as post-delisting liquidity risks outweigh the uncertain potential for an improved offer. Short if there is enough available to borrow.


Carlyle/SNP Schneider-Neureither & Partner Ag: Trading Above Offer Price

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>Reportedly buyout firms are "vying for" <a href="https://www.smartkarma.com/entities/trend-micro-inc" target="_blank" data-smartkarma-citation="entities:13172:1" rel="noopener">Trend Micro Inc (4704 JP)</a>. The stock went limit up today. Again. The stock is now getting to the expensive side.</li>
<li>
<a href="https://www.smartkarma.com/entities/furukawa-co-ltd" target="_blank" data-smartkarma-citation="entities:19521:1" rel="noopener">Furukawa (5715 JP)</a> has changed their capital allocation policy for the third time. The company is a cyclical, and will likely always suffer the indignity of a cyclical multiple.</li>
<li>While it often pays to follows where the family invests when assessing holdco structures, <a href="https://www.smartkarma.com/entities/melco-international-development-ltd" target="_blank" data-smartkarma-citation="entities:809:1" rel="noopener">Melco International (200 HK)</a>'s NAV discount is simply too narrow for a simple holding company structure.</li>
</ul>


Reportedly buyout firms are "vying for" Trend Micro Inc (4704 JP). The stock went limit up today. Again. The stock is now getting to the expensive side.

Furukawa (5715 JP) has changed their capital allocation policy for the third time. The company is a cyclical, and will likely always suffer the indignity of a cyclical multiple.
While it often pays to follows where the family invests when assessing holdco structures, Melco International (200 HK)'s NAV discount is simply too narrow for a simple holding company structure.


Last Week in Event SPACE: Trend Micro, Furukawa, Melco, Ingenia/Lifestyle

Leading International Investment Research, Edison Investment Research

Edison Investment Research

Leading International Investment Research

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, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

Equity Bottom-Up

Snp Schneider-Neureither & Partner Ag / Equity Bottom-Up

Edison Investment Research is terminating coverage on Jupiter US Smaller Companies and SNP Schneider Neureither & Partner . Please note you should no longer rely on any previous research or estimates for this company. All
forecasts should now be considered redundant.

Previously published reports can still be accessed via our website.

Edison Investment Research is terminating coverage on Jupiter US Smaller Companies and SNP Schneider Neureither & Partner . Please note you should no longer rely on any previous research or estimates for this company. All
forecasts should now be considered redundant.

Previously published reports can still be accessed via our website.

SNP Schneider-Neureither & Partner - Termination of coverage

Q3 results reveal that SNP is stabilising after the July profits warning.
While underlying revenues showed a small contraction, profits recovered
strongly. This indicates that costs saving measures are beginning to have
an impact. Additionally, SNP has recently won several small S/4HANA
migration contracts which indicates the S/4HANA business is beginning to
gain momentum. We have increased our FY18 profits forecasts while
maintaining revenues. While the shares look punchy on c 24x our FY19e
earnings, the rating could fall quickly as new projects come through.

Q3 results reveal that SNP is stabilising after the July profits warning.
While underlying revenues showed a small contraction, profits recovered
strongly. This indicates that costs saving measures are beginning to have
an impact. Additionally, SNP has recently won several small S/4HANA
migration contracts which indicates the S/4HANA business is beginning to
gain momentum. We have increased our FY18 profits forecasts while
maintaining revenues. While the shares look punchy on c 24x our FY19e
earnings, the rating could fall quickly as new projects come through.

SNP Schneider-Neureither & Partner - Strong Q3 profits recovery

SNP’s preliminary H118 results indicate that the strongly anticipated tsunami of SAP S/4HANA transformations has continued to shift out as enterprises await greater clarity on the technological transition to the new cloud platform. After the Q1 results in May we reported that there had been several S/4HANA project delays, as such transformations are highly complex to implement. We understand this trend has continued. Nevertheless, SNP remains extremely confident that the tsunami is just a matter of time. In preparation, SNP has established new partnership with IBM Services incorporating a novel ‘Bluefield’ approach to target the potentially substantial S/4HANA market. We have removed our forecasts and will review them after the full Q2/H1 results on Thursday.

SNP’s preliminary H118 results indicate that the strongly anticipated tsunami of SAP S/4HANA transformations has continued to shift out as enterprises await greater clarity on the technological transition to the new cloud platform. After the Q1 results in May we reported that there had been several S/4HANA project delays, as such transformations are highly complex to implement. We understand this trend has continued. Nevertheless, SNP remains extremely confident that the tsunami is just a matter of time. In preparation, SNP has established new partnership with IBM Services incorporating a novel ‘Bluefield’ approach to target the potentially substantial S/4HANA market. We have removed our forecasts and will review them after the full Q2/H1 results on Thursday.

SNP Schneider-Neureither & Partner - Revenue guidance is cut by 9.8% at mid-points

Germany

SNP Schneider-Neureither & Partner AG provides software and software related services for the business landscape transformation. The Company's software is used by businesses to implement changes to their IT landscape, business processes and structures. SNP also offer consulting services.

Snp Schneider-Neureither & Partner Ag (SHF GY)

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Snp Schneider-Neureither & Partner Ag (SHF GY)

Carlyle/SNP Schneider-Neureither & Partner Ag: Trading Above Offer Price

Carlyle aims to delist SNP, offering a premium price but leaving minority shareholders with illiquid stock if they don't tender shares by March 7,...

Jesus Rodriguez Aguilar

Last Week in Event SPACE: Trend Micro, Furukawa, Melco, Ingenia/Lifestyle

It’s Sunday! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed during the...

David Blennerhassett

SNP Schneider-Neureither & Partner - Termination of coverage

Edison Investment Research is terminating coverage on Jupiter US Smaller Companies and SNP Schneider Neureither & Partner . Please note you...

Edison Investment Research

SNP Schneider-Neureither & Partner - Strong Q3 profits recovery

Q3 results reveal that SNP is stabilising after the July profits warning. While underlying revenues showed a small contraction, profits...

Edison Investment Research

SNP Schneider-Neureither & Partner - Revenue guidance is cut by 9.8% at mid-points

SNP’s preliminary H118 results indicate that the strongly anticipated tsunami of SAP S/4HANA transformations has continued to shift out as...

Edison Investment Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Carlyle/SNP Schneider-Neureither & Partner Ag: Trading Above Offer Price

​Carlyle aims to delist SNP, offering a premium price but leaving minority shareholders with illiquid stock if they don't tender shares by March 7,...

Jesus Rodriguez Aguilar

Last Week in Event SPACE: Trend Micro, Furukawa, Melco, Ingenia/Lifestyle

It’s Sunday! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed during the...

David Blennerhassett

SNP Schneider-Neureither & Partner - Termination of coverage

Edison Investment Research is terminating coverage on Jupiter US Smaller Companies and SNP Schneider Neureither & Partner . Please note you...

Edison Investment Research

SNP Schneider-Neureither & Partner - Strong Q3 profits recovery

Q3 results reveal that SNP is stabilising after the July profits warning. While underlying revenues showed a small contraction, profits...

Edison Investment Research

SNP Schneider-Neureither & Partner - Revenue guidance is cut by 9.8% at mid-points

SNP’s preliminary H118 results indicate that the strongly anticipated tsunami of SAP S/4HANA transformations has continued to shift out as...

Edison Investment Research

Carlyle aims to delist SNP, offering a premium price but leaving minority shareholders with illiquid stock if they don't tender shares by March 7,...