SAGE GROUP: H1 FY19 meeting feedback: the only way is to the cloud | NEUTRAL | 710p vs. 610p (-5%)
SAGE GROUP - NEUTRAL | 710p vs. 610p (-5%)H1 FY19 meeting feedback: the only way is to the cloud
The cloud strategy is advancing well
Organic operating margin will be burdened by R&D in H2
Cash conversion will be lower in H2 FY19
We raise our Fair Value to 710p vs. 610p; Neutral reiterated
Sage Group is a technology provider that assists to manage businesses of all sizes. Co. provides a suite of cloud business management solutions and services including accounting, financials, enterprise management, people, payroll, payments and banking, as well as marketplace apps that can be provisioned to match the exact needs of any business. Co. has three reportable segments in which it operates, being Northern Europe (the U.K. and Ireland), Central and Southern Europe (Germany, Switzerland, Poland, France and Portugal) and NorthAmerica (the U.S., Canada and North America Intacct).
Since 1996, Bryan, Garnier & Co has been growing with an absolute conviction that the investment banking landscape would experience a major revolution: most of the large local generalist banking groups will disappear to the benefit of a handful of global powerhouses, and an emerging group of independent, highly specialised boutique investment banks.
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