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Share Name Share Symbol Market Type Share ISIN Share Description
Sanne Group LSE:SNN London Ordinary Share JE00BVRZ8S85 ORD GBP0.01
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  +3.00p +0.55% 547.00p 543.00p 544.00p 552.00p 535.00p 552.00p 132,645 16:35:18
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Support Services 113.2 22.4 13.1 41.8 798.06

Sanne Group Share Discussion Threads

Showing 26 to 49 of 50 messages
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Extract from 2 August Trading Statement. First part omitted. Results on Tues As previously announced, the Group continues to invest in infrastructure, strengthening our capabilities to address the global opportunities as the alternative fund management market expands. As with the second half results in 2017, this investment will result in lower reported margins in the first half of 2018, although the timing of this investment and the resultant benefits are expected to drive an improved result in the second half and for the full year. The Group has also experienced an effective tax rate in the period that was lower than expected. Given the good performance in the first half, together with the Group's pipeline of new business wins, the Board continues to expect that results for the full year will be in line with its expectations. The Group will announce its interim results for the six months ended 30 June 2018 on Tuesday 11 September 2018.
Why the fall back to 600p?
its the oxman
Thanks Alpha. For 2018, Digital Look's EPS forecast is 25.9p. So Morningstar's figure of 28.91p is higher (and nearer my expectation FWIW). As you know, Sanne made a significant acquisition of Luxembourg IS on 6th Feb, which management expects to be "immediately earnings enhancing". I hope the share price will creep up on positive newsflow later in the year. GLA (Who said "hope" isn't an investment strategy?)
Chasbas, I use Morningstar, I'm not aware of Digital Look so that could also be an option. Morningstar is also an average of brokers, at the moment has rev of £142m for ye 31/12/18, eps 28.91, £160m for ye 31/12/19, eps 33.65p. So at £6.10 the forward pe is 18.1. Out of interest I have an old Mornstar print from Sep 16 where the forward pe was 25.8. Whilst that was a forward of 1 yr 3 months vs 1 yr 8 months that looked quite an interesting anomaly. (Lots of growth shares have derated to their PEs from around then so I thought it would give me an idea of the true valuation discrepancy although for this trade my target remains £7).
Suggest Digital Look their forecasts are based on average of broker forecasts. RM
Thanks Alpha - good luck! Any ideas how to get any forecasts or research? Investec do not contribute their research to Research Tree so am a bit blind. Out of interest, one of my other favourite shares Tracsis (TRCS) has just moved from Investec to Finntec, where research coverage I think is excellent and on Research Tree.
Hi Chasbas. The Times yesterday had 'dealers unsettled by share placing' under their risers and fallers section. FWIW I think it's likely to be an overreaction - it would be handy to have more detail but I suspect these are shares given under a buy as you earn scheme (I used to have something similar when I worked for a bank) with a three year vesting period, I.e. around the time of the Sanne listing in May 15. The share price in Sanne has nearly tripled in that time and certain employees have used it to take some chunky profits. My thinking is I've looked back through the RNS list and unless I've missed something I can't see a RNS granting these awards to the employees (I may take a look at the finals in a minute to see if I can find anything in the share equity section). The closest I can find is some PDMR share awards in Apr-May 17. The PDMR list from that RNS shows thirteen eligible for awards so we know there are at least thirteen of them and we know from the placing list two were sellers. So basically none of the board and very few of the PDMRs were involved making it very much an employee exercise. IMHO it looks a classic overreaction to me, luckily I had some trading shares I sold at £7 so I've today bought them back at £6.10! Looks a pretty good risk:reward to £7 from where I'm standing.
Share price now 610p: down 12% over last year. Results on 22 March perfectly fine. Placing on 5th April of 2.5% of equity at 660p (by employees but not Directors) probably was a negative warning. Shares have been massively derated to approx 21x for current year but this is supposed to be a very high quality growth stock in an attractive industry. Looked at chart - seems to me unlikely to fall below 580p. 12 month high was 837p! I'm a strong holder unless I'm missing something?
Thanks Alphabeta4 I stand corrected. With well run companies like this one I tend to concentrate on revenue and trust that other numbers will be up to snuff. RM
Agreed - by my calcs the forecasts are pencilling in organic of around 11% and no acquisitions. If they keep to debt 1x EBITDA I have £35m of cash post div for the current year. Then just comes down to the multiple - if 14x like the last one is worth 6% on the 2019 numbers. Seeing as current organic is 14% if maintained looks like about a 9% beat on the forward in total on what is already a derated pe. By the way the tu said about profits not revenue in line hence why the results were well received IMHO.
Despite slight miss in projected/actual revenue no collapse in share price so far. Looking at the segmental revenue splits we can see that North America Alternatives and Asia & Mauritius Alternatives have increased revenue by 5 and 6 fold respectively year on year. From these two segments alone we now have revenue of 47m. As the company grows larger we can not expect to see stellar growth continuing unabated. However, if strong momentum continues in these two areas think we have reasons to be cheerful looking forward. Imo this is a good business model and shares are well worth holding on to. RM
TU on 6th Feb was fine: "...continued momentum in the second half means the Group still expects to report underlying earnings per share in line with the Board's expectations." I subscribe to Stockopedia and do not like its StockRank of only 17 with StockRank Style of "Sucker Stock". The calculation of the StockRank is purely quantitative and mainly backward looking. Whilst I do not agree with the StockRank it is what it is and should not be ignored completely. I am a strong holder of Sanne. The latest acquisition should be positive, as should the results on 22 March. Can anybody explain the share price weakness? share price is down 12% over last year.
On the tu - last year was 31/1 as an ahead and year before 28/1 so I'm gathering would have been 4/2 but was pulled forward due to the ahead bit. So will probably be later this week before anyone asks :)
Note that Last FY revenue was 64m. and by this year's interims they had already booked 56M. Consensus revenue amongst brokers is for 114m for approaching FY. Indications were at time of interims that they were confident that the 2nd half would be stronger than the first. All seems very healthy yet the share price has hardly moved since March 2017. Patience should be rewarded here imv. RM
Aye. Time to top up before the t/u so I have
Note they produced a low key T/U on 31/01/17 but judging by interims think we can look forward to positive update for full year. Nice quiet board here. RM
Sanne is one of my bigger holdings. I hope this does not sound stupid but does anyone think there is any risk in connection to the current Paradise Papers pallava? share price is down a bit. Sanne lists its top 10 risks facing the group in its H1 results which are expanded upon in its 2016 annual report. Here it is: "The following top ten risks facing the Group are unchanged from those set out in the Annual Report 2016: Acquisition Risk; Strategic Risk; Competitor Risk; Business Change Risk; Data Security Risk; Process Risk; Staff Resourcing Risk; Political/Regulatory Change Risk; Regulatory Licence (Compliance) Risk; and Intangible Asset Risk." RBC Capital Markets in a note dated 15.2.17 says Sanne "...acts in a fiduciary capacity, any breach of its legal obligations could lead to a claim or regulatory sanction" The Private Client division is strategically focused on "institutionally minded Ultra High Net Worth families and their family offices, with a continued focus on outsourcing of their fiduciary and admin needs." Any views are welcome!
Topped up at 774p. Berenberg TP 915p. Liberum TP 905p. IMO a quality stock to tuck away.
TMF Group announce prospective £1bn float on LSE
From today's acquisition notice: ". The Acquisition is expected to be immediately earnings enhancing .."
Interim results for the six months ended 30 June 2017 compared with 6m to June 30 2016 Revenue +104% Underlying operating profit (1) +109% Operating profit +59% Underlying profit before tax (1) +105% Profit before tax +54% Underlying operating profit margin (1) +0.9% Underlying diluted earnings per share (1) +60% Underlying operating cash conversion (1) -18.4% Interim dividend per share +31% Highlights - Group revenue for 2017 H1 increased by 104% to £56.3m (2016 H1: £27.6m) of which 15.3% was organic growth. - Continued strong performance within each of the Group's business segments. - New business with annualised fees of approximately £10m won in the first six months with a healthy pipeline continuing into the second half. - Integration of prior year acquisitions progressing well with continued focus into the second half. - Acquisition of IFS in Mauritius completed, broadening geographic footprint and significantly increasing scale and expertise. - Continued strengthening of senior management team to deliver strategic capacity. - Successful implementation of the new global operating structure. - Development and expansion of the Group's fund technology capability continues to be a key focus. - Larger office space secured in Hong Kong, Shanghai and Singapore to support growth in Asia-Pacific. - Due to a change in the Group's expected effective tax rate, the Board now expects to deliver underlying EPS for the full year marginally ahead of its previous expectations.
Some calculations I've been doing for my own research this morning: New business wins were £6.7m H1 2016, £7.1M H2 2016 so the £10m is quite an increase. Whilst they're guiding trading in line these look like a beat to me, I've got the starting revenue including last years acquisitions less the revenue they already had from them at £97m, if add 1/4 of £6.7m (as if on average the wins were 3 months through last year means had 9 months benefit last year) and 3/4 of the £7.1m, 3/4 of the £10m just announced and say 1/4 if they do £10m again H2 then that's £16m to add for £114m. This also ignores the currency benefit this year on the dollar sales in H1 17 vs H1 16. Morningstar has projected revenue of £110m so looks 4%+ ahead, they also had £126m for next year. If they're running at £10m of wins every 6 months that £126m also looks out, if £114m this year probably looking at around £134m if it continues. If the previous high was £7.40 in Mid April and eps growth is running at c18% pa to keep the forward PE unchanged I've got a new target of £7.40 x (3.5/12 x 18%) + ((£7.40 x (134/126))- £7.40) = £8.26.
Trading update SANNE REPORTS GOOD GROWTH SANNE said its core business lines saw good growth in the first half of the year driven by strong momentum from new business opportunities delivered in the latter part of 2016. In the first six months of the year, the group continued this momentum, securing new business from both new and existing clients totaling approximately £10 million on a projected annualised fee basis. Following the completion of the acquisition of IFS (Mauritius) at the start of the year, the business is integrating well into the Group and performing in line with expectations. Likewise our US acquisition, completed in November 2016, continues to perform well, operating in a market with very favourable outsourcing and growth trends. The pipeline of new business wins and performance of acquisitions gives the Board confidence that it will deliver results for the year in line with its expectations. CEO Dean Godwin said: "We are pleased with the performance of the group in the first half and the continued new business wins gives us confidence in future growth."
Someone dumped a shed load of shares today, the only institutions with that kind of holding on the register are: Standard life Liontrust Blackrock Wellington management There may have been some insti share intra share trading but it's hurt the share price that's for sure. woody Seems like it was PDMR's
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