Financials Sage Group plc

Equities

SGE

GB00B8C3BL03

Software

Market Closed - London Stock Exchange Other stock markets 11:35:10 2023-11-30 am EST			5-day change	1st Jan Change
1,130.50 ^GBX	+0.04%		-.--%	+51.62%

Nov. 29	SAGE : Despite the increase to our TP, the spectacular ytd performance leaves no upside.
Nov. 27	Peel, Numis up Rightmove; Goldman cuts Entain	AN

Valuation

Fiscal Period : September	2018	2019	2020	2021	2022	2023	2024	2025
Capitalization ¹	6 360	7 530	7 877	7 401	7 077	11 550	-	-
Enterprise Value (EV) ¹	7 028	7 923	8 028	7 648	7 810	10 673	12 178	11 809
P/E ratio	21,7x	28,5x	25,6x	27,2x	27,7x	48,4x	35,1x	30,0x
Yield	2,81%	2,45%	2,39%	2,49%	2,64%	1,95%	1,81%	1,95%
Capitalization / Revenue	3,45x	3,89x	4,14x	4,01x	3,63x	4,63x	4,84x	4,43x
EV / Revenue	3,81x	4,09x	4,22x	4,14x	4,01x	4,89x	5,11x	4,53x
EV / EBITDA	13,1x	16,4x	16,1x	17,3x	16,7x	19,3x	20,1x	18,4x
EV / FCF	19,7x	18,4x	21,9x	22,7x	26,5x	26,4x	26,1x	22,7x
FCF Yield	5,07%	5,43%	4,56%	4,41%	3,78%	3,79%	3,82%	4,41%
Price to Book	4,95x	4,99x	4,76x	6,65x	5,09x	7,17x	9,26x	6,93x
Nbr of stocks (in thousands)	1 084 635	1 089 054	1 092 754	1 043 006	1 015 010	1 021 653	-	-
Reference price ²	5,86	6,91	7,21	7,10	6,97	11,3	11,3	11,3
Announcement Date	11/21/18	11/20/19	11/20/20	11/17/21	11/16/22	11/22/23	-	-

¹GBP in Million²GBP

Estimates

Income Statement Evolution (Annual data)

Fiscal Period : September	2018	2019	2020	2021	2022	2023	2024	2025
Net sales ¹	1 846	1 936	1 903	1 846	1 947	2 184	2 384	2 608
EBITDA ¹	538	483	498	443	468	553	607	642
EBIT ¹	504	448	411	358	377	456	522	580
Operating Margin	27,3%	23,1%	21,6%	19,4%	19,4%	20,9%	21,9%	22,3%
Earnings before Tax (EBT) ¹	398	361	373	347	337	282	424	503
Net income ¹	295	266	310	285	260	211	326	382
Net margin	16,0%	13,7%	16,3%	15,4%	13,4%	9,66%	13,7%	14,7%
EPS ²	0,27	0,24	0,28	0,26	0,25	0,20	0,32	0,38
Free Cash Flow ¹	356	430	366	337	295	404	466	521
FCF margin	19,3%	22,2%	19,2%	18,3%	15,2%	18,5%	19,5%	20,0%
FCF Conversion (EBITDA)	66,2%	89,0%	73,5%	76,1%	63,0%	73,1%	76,8%	81,1%
FCF Conversion (Net income)	121%	162%	118%	118%	113%	191%	143%	136%
Dividend per Share ²	0,17	0,17	0,17	0,18	0,18	0,19	0,20	0,22
Announcement Date	21/11/18	20/11/19	20/11/20	17/11/21	16/11/22	22/11/23	-	-

¹GBP in Million²GBP

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period : September	2019 S1	2019 S2	2020 S1	2020 S2	2021 S1	2021 S2	2022 S1	2022 S2	2023 S1	2023 S2	2023 Q3	2024 S1	2024 S2
Net sales ¹	957	979	975	928	937	909	934	1 013	1 087	1 097	533	1 164	1 224
EBITDA	248	-	256	242	-	-	-	242	-	-	-	-	-
EBIT	218	230	218	193	191	167	183	194	227	229	-	249	263
Operating Margin	22,8%	23,5%	22,4%	20,8%	20,4%	18,4%	19,6%	19,2%	20,9%	20,9%	-	21,4%	21,5%
Earnings before Tax (EBT)	198	163	275	98,0	190	157	189	148	139	142	-	204	218
Net income	154	112	224	86,0	146	139	152	108	100	111	-	153	163
Net margin	16,1%	11,4%	23,0%	9,27%	15,6%	15,3%	16,3%	10,7%	9,20%	10,1%	-	13,1%	13,3%
EPS	0,14	-	0,20	-	0,13	0,13	0,15	0,10	0,10	0,11	-	0,15	0,16
Dividend per Share	0,06	-	0,06	-	-	-	0,06	-	0,07	-	-	-	-
Announcement Date	05/17/19	11/20/19	05/13/20	11/20/20	05/14/21	11/17/21	05/13/22	11/16/22	05/17/23	11/22/23	-	-	-

¹GBP in Million

Estimates

Balance Sheet Analysis

Fiscal Period : September	2018	2019	2020	2021	2022	2023	2024	2025
Net Debt ¹	668	393	151	247	733	561	628	260
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	1,24x	0,81x	0,30x	0,56x	1,57x	1,01x	1,04x	0,40x
Free Cash Flow ¹	356	430	366	337	295	404	466	521
ROE (net income / shareholders' equity)	23,6%	18,8%	19,6%	20,6%	21,0%	23,5%	24,4%	27,4%
Shareholders' equity ¹	1 248	1 416	1 578	1 381	1 240	899	1 338	1 396
ROA (Net income/ Total Assets)	9,05%	9,27%	8,77%	8,09%	7,28%	8,40%	7,91%	9,37%
Assets ¹	3 260	2 870	3 534	3 522	3 571	2 512	4 123	4 081
Book Value Per Share ²	1,18	1,38	1,51	1,07	1,37	1,38	1,22	1,63
Cash Flow per Share ²	0,36	0,43	0,37	0,34	0,28	0,37	0,46	0,63
Capex ¹	45,0	42,0	40,0	39,0	12,0	5,00	35,7	34,9
Capex / Sales	2,44%	2,17%	2,10%	2,11%	0,62%	0,23%	1,50%	1,34%
Announcement Date	11/21/18	11/20/19	11/20/20	11/17/21	11/16/22	11/22/23	-	-

¹GBP in Million²GBP

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Sage Group plc

Trading Rating :

Investor Rating :

ESG Refinitiv :

B-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

11.31GBP

Average target price

11.08GBP

Spread / Average Target

-1.97%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Enterprise Software

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