SAGE GROUP: H1 FY20 webcast feedback: equipped for choppy waters | NEUTRAL | 630p vs. 570p (-5%)
SAGE GROUP - NEUTRAL | 630p vs. 570p (-5%)H1 FY20 webcast feedback: equipped for choppy waters
Revenues should resist as 88% of them are recurring by nature
Operating costs are managed on a balanced way
The roadmap on Sage Business Cloud is rolled out on time
We reiterate our Neutral but raise our Fair Value to 630p
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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