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
  +6.00p +0.91% 668.00p 668.00p 670.00p 674.00p 655.00p 665.00p 69,327 15:41:54
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Support Services 113.2 22.4 13.1 51.0 958.28

Sanne Group Share Discussion Threads

Showing 26 to 49 of 50 messages
Chat Pages: 2  1
DateSubjectAuthorDiscuss
13/4/2018
09:52
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
13/4/2018
09:26
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).
alphabeta4
12/4/2018
12:10
Suggest Digital Look their forecasts are based on average of broker forecasts. RM
rampmeister
12/4/2018
12:04
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.
chasbas
12/4/2018
11:06
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.
alphabeta4
11/4/2018
11:50
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?
chasbas
30/3/2018
15:12
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
rampmeister
23/3/2018
00:06
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.
alphabeta4
22/3/2018
11:42
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
rampmeister
09/2/2018
10:07
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.
chasbas
30/1/2018
07:44
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 :)
alphabeta4
23/1/2018
08:28
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
rampmeister
18/1/2018
09:32
Aye. Time to top up before the t/u so I have
volsung
17/1/2018
13:23
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
rampmeister
08/11/2017
19:14
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!
chasbas
23/10/2017
14:33
Topped up at 774p. Berenberg TP 915p. Liberum TP 905p. IMO a quality stock to tuck away.
chasbas
04/10/2017
14:39
TMF Group announce prospective £1bn float on LSE
ryry0707
29/9/2017
07:43
From today's acquisition notice: ". The Acquisition is expected to be immediately earnings enhancing .."
grabster
07/9/2017
07:22
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.
grabster
01/8/2017
12:22
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.
alphabeta4
01/8/2017
07:36
Trading update SANNE REPORTS GOOD GROWTH StockMarketWire.com 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."
grabster
20/4/2017
15:40
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 http://www.investegate.co.uk/sanne-group-plc--snn-/rns/director-pdmr-shareholding/201704201626269093C/
woodcutter
29/3/2017
12:36
Thanks Alpha, there should be an investor presentation on their website later today. Frankly, I'm reassured that the share price has held up OK as the results I think only met rather than exceeded expectations. As you demonstrate, valuing SNN at roughly 600p is sensible but does assume significant ongoing growth. My angle is that it is a very high quality global growth stock with excellent strategy and management. It has momentum. Yeah yeah...anyway I'm a fairly happy holder. Let's see if those target prices are reconfirmed over the next few days.
chasbas
29/3/2017
11:24
Chasbas - Apologies if this is vague but it is from my old notes and whilst it's in a format I trust when calculating my target price it wasn't something I planned to share! I've been trying to calculate revised target prices after the two acquisitions in October and 30/11 and I then revised further after the January upgrade. What I did was assume the profits acquired then traded on the same forward PE and then scaled up the share price using the close from 2nd October (the day before the first acquisition). To do this was a bit crude but what I did is used bits in the RNS like op prf or EBITDA and then guessed a cautious tax rate of around a third. For the first one this was easier as there were no shares issued and I got a new target of £5.34 based on a new forward EPS of 17.68p. The second one I had a net impact on EPS such that £6 would then have equated to a forward of 25. My notes had them paying $127.3m for an op prf of $18.4m which I then took off a third for tax (prob too much) for a purchase PE of c10. I then took the 'materially ahead' statement in Jan to add 10% to this to give me a minimum of £6.60 before acknowledging we'd moved into a new financial year and before any synergies etc. So my Dec 2017 PE remained 25. Apologies if this somewhat vague but it would take me some time to give a perfect answer when I already trust what I have done (though of course I don't expect you to!) I hope it still adds some value though on the figures and process I used to arrive at it. FWIW as of mid February RBC had an £8.10 target and Berenberg £7.65. I suspect they've got this from using lower tax rates than me along with some forecast synergies/growth.
alphabeta4
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