Sage Group: Q3 FY18 conference call feedback: finally accelerating growth! (BUY, Fair Value 820p vs. 810p (+27%))
Sage Group: (BUY, Fair Value 820p vs. 810p (+27%))Q3 FY18 conference call feedback: finally accelerating growth!
We reiterate our Buy rating and raise our DCF-derived fair value to 820p from 810p - on updates to our fx assumptions - following the conference call held yesterday. Actions taken in April to stimulate revenue growth have started to bear fruit in the June quarter (Q3 FY18) and make us confident in Sage’s ability to achieved FY18 guidance revised four months ago (c. 7% lfl revenue growth, underlying operating margin of c. 27.5%), thanks to subscriptions and Sage Enterprise Management SSRS
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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