Sage Group (The) PLC

SGE: XLON (GBR)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	GBX 622.00	Qkhbhd	Jzvghlhv

Sage Earnings: Solid Progress in Cloud Transformation; Shares Fairly Valued

Rob Hales

May 17, 2023

Narrow-moat Sage Group reported solid first-half results with revenue and profitability slightly ahead of company-compiled consensus and our estimates. Shares reacted positively, up around 4% intraday while peers were generally flat to negative. Overall, first-half results are tracking broadly in line with our long-term view. Consequently, we don’t expect to make a material change to our GBX 810 fair value estimate. At current levels, the shares look fairly valued.

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