Sage Group: Q3 FY18 trading update roughly in line with FY18 guidance
Sage Group: (BUY, Fair Value 810p (+30%))Q3 FY18 trading update roughly in line with FY18 guidance
This morning, Sage issued a trading update for the quarter ending 30th June 2018, announcing Q3 FY18 sales up 6.8% lfl or in line with the trend implied by the company's guidance for FY18 (c. +7% lfl), yet reaching exactly +7% looks very challenging in our view. Net debt has increased in Q3, while we expect significant reduction in Q4. We expect the share price not to react significantly to this announcement.
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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