SAGE GROUP: Q1 FY20 call feedback: good start and realistic guidance, but rich valuation | NEUTRAL | 690p (-7%)
SAGE GROUP - NEUTRAL | 690p (-7%)Q1 FY20 call feedback: good start and realistic guidance, but rich valuation
Q1 FY20 was in line with management expectations
Migration to cloud connected software remains the main catalyst
Disposals and return to shareholders will happen in due course
We reiterate our Neutral rating
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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