Q1 organic growth was 9%

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 €40m 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.