Share Name Share Symbol Market Type Share ISIN Share Description
Sage Group Plc LSE:SGE London Ordinary Share GB00B8C3BL03 ORD 1 4/77P
  Price Change % Change Share Price Shares Traded Last Trade
  -4.40 -0.62% 700.40 1,552,353 16:35:28
Bid Price Offer Price High Price Low Price Open Price
701.60 702.20 708.40 701.00 701.40
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Software & Computer Services 1,903.00 386.00 27.43 25.5 7,656
Last Trade Time Trade Type Trade Size Trade Price Currency
17:44:26 O 986 702.501 GBX

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Date Time Title Posts
20/7/202109:55CAN SAGE make it to 225p - a superb stock3,771
10/5/201321:05SAGE: CHARTS, NEWS ETC.16
14/4/200415:04100p -- Only debate now is when680
17/12/200311:28SAGE SELL!SELL!! TARGET PRICE 120P12

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Sage Daily Update: Sage Group Plc is listed in the Software & Computer Services sector of the London Stock Exchange with ticker SGE. The last closing price for Sage was 704.80p.
Sage Group Plc has a 4 week average price of 678p and a 12 week average price of 611.60p.
The 1 year high share price is 774.40p while the 1 year low share price is currently 543.20p.
There are currently 1,093,084,337 shares in issue and the average daily traded volume is 2,033,127 shares. The market capitalisation of Sage Group Plc is £7,655,962,696.35.
maddox: I listened to the Fundsmith AGM and whilst obviously disappointed by the share price performance their discussion of the pluses and minuses was inconclusive. They tend not to run away at the first signs of a problem; and to back managers that are doing the right thing. In fact, Terry Smith is very opportunistic and will often buy a 'quality' company when the share price is depressed due to a short-term difficulty. I think that due to the repeated AGM questions about SGE Terry decided to exit in the opportune circumstance of the buy-back programme. A rare example of Terry playing to the gallery. FWIW I think he should have bought more SGE and that he'll regret it. And as a Fundsmith investor I might be penning a question for the AGM. [I do very much admire Terry Smith - I have a signed fist addition of his book 'Accounting for Growth' ('the book they tried to ban') and Fundsmith is my only fund investment.]
spacecake: Write up in the Telegraph today + SGE came up in the Fundsmith AGM Q&A so it's no surprise to Fundsmith Equity holders who watched the virtual AGM. Surprised SGE has not attracted an activist investor by now.
nhb001: Interesting that there have been no buyback RNS's for a few days. I thought there was a problem with my data feed but one today states only ~6K shares bought. Obviously they are not buying while the share prices rises significantly. I note that they started buying at the low today.
spacecake: Following on from my earlier comment that the share price has gone nowhere in 5 years, looking at a longer timeline such as 20 years back the weird and wonderful days of the new millennium dot com boom and the share price has fared no better, unless I'm missing some share splits. Over the same period the ftse mid cap (MCX) has more than doubled and the FTSE 100 (UKX) would have returned you about the same as SGE - nothing (but with less volatility )
maddox: Boxall is talking out of her backside. Firstly, SGE are not losing customers to competitors. Secondly, the margin narrowed due to planned investment in product development, Sales and Marketing. Unfortunately, the Investors Chronicle has moved to a journalistic style where the facts are bent to fit the chosen eye-catching narrative. That is, it has ditched the high quality 'analysis-led' approach where the narrative emerges from what is revealed by the analysis of the business results. This leads to pat statements such as: "Sage also hinted that pandemic uncertainty had prevented its customers from making decisions about software investment. Revenue in the first six months of the 2021 financial year rose just 1 per cent. But blaming poor performance on the pandemic - something that these two companies are not the first to do - is lazy." ​ Um, no they didn't, it's the journalism that's lazy. "Meanwhile Sage has spent almost five years battling to shift its customers to its cloud-based services, which still account for just 65 per cent of the revenues." Note the emotive language, I doubt Sage ever contemplates 'battling' with its customers. The fact is that SGE from a standing start has now achieved 91% recurring revenue, 68% subscription adoption and 65% Sage business cloud adoption overall. In North America cloud adoption has reached 73% and 85% in Northern Europe. "It is true that the quality investment case remains intact, but there are signs of fragility in these numbers. Operating margins dipped to 20 per cent as the cost of expanding the business increased. Customer retention by value fell below 100 per cent. Sage is still struggling to get moving in a dynamic, fast-moving market. Its moat may no longer be enough to protect it from attackers." Yes, churn led to a 97% renewal rate by value, perhaps nor surprising due to the stress on their customers. However, this was balanced by 7% increase in revenue from new customer acquisitions - so 104% overall or more precisely a 4.4% growth in annual recurring revenue. Every week I read this sort of pap and wonder why I bother to pay for an Investors Chronicle subscription.
julcester: Yeah, the share price is disconnected from its fundamental's, definitely. It confuses me, how can Silicon Valley tech firms get valued at crazy multiples, but Sage doesn't. I think the majority of people still view Sage as a boring pack of CD Roms that your local book keeper uses.Compare it to Intuit, a market cap 15 times higher than Sage, PE ratio 2.5 higher than Sage, a dividend 1/5 of Sage!!!
spacecake: AMT, how is it nonsense, the share price is the same as it was 5 years ago. Patience is required.
maddox: Hi binky, We are a fifth of the way through the buy-back programme (19.7% to be precise - on both volume and value) with 492,915 shares purchased, lowest price paid 574p, highest paid 656p and weighted average price paid 599p. The share price has moved up c.13% and is moving higher more rapidly on less volume. Seems to me, we might see a far higher rise than your original 25% estimate - whatdayareckon? I'd appreciate your thoughts. Regards, Maddox
maddox: Whether buy-backs really make sense for shareholders depends on two critical points, specifically: aa> The shares repurchased must be trading at a price below their intrinsic value; AND, bb> There is no better internal use of the cash that would generate a higher return. A very timely analysis just appeared on Yahoo Finance by Simply Wall Street: htTPs:// They've produced a DCF valuation of SGE. Based on their combining of broker forecasts and their own future projections they calculate the current fair value share price of SGE to be 731p - so a 21.3% premium to today's close of 587.8p. This suggests that yes, the buy backs are being purchased at below intrinsic value. But there is still the second test: Is there better internal use of the cash? The rationale for this second question is that in handing back the cash to shareholders they will then need to find a new investment. In making a new investment an external investor will almost certainly be buying in at a premium whereas a firm's internally recycled cash is invested at par value. So it makes better sense to re-invest it rather than return it. SGE has already been making additional investments in its products, its cloud infrastructure and its marketing; also it doesn't appear to need any further bolt-on acquisitions to round-out its product set. Quite the reverse, it has been divesting its geographic implementation capability as it moves towards a local partner model. It has also sold-off its non-core activities such as payment acquiring (SagePay). SGE therefore does appear to have surplus cash that the best use of which is to buy back its own shares that are trading below current intrinsic value. There is of course a potential kicker here, if that current intrinsic value calc doesn't reflect the improving prospects from SGE's transformation. The current buy-back programme might also signal that SGE's transformation investment cycle is at an end and management are now looking towards future organic growth returning, which is not reflected in the current share price. So, what are your thoughts? Regards Maddox
contrarian joe: Sage Group PLC Share buyback programme 04/03/2021 7:11am UK Regulatory (RNS & others) Sage (LSE:SGE) Intraday Stock Chart Thursday 4 March 2021 Click Here for more Sage Charts. TIDMSGE RNS Number : 1585R Sage Group PLC 04 March 2021 Share buyback programme 4 March 20 21 The Sage Group plc ("Sage" or the "Group") today announces that it is commencing a share buyback programme of up to GBP300 million. The programme will run from 4 March 2021, and is expected to end no later than 4 September 2021. The share buyback programme is consistent with the Group's disciplined approach to capital allocation, and reflects the sale proceeds from recent disposals and strong ongoing cash generation. The Group continues to have considerable financial flexibility to drive the execution of its growth strategy, supported by its robust financial position. Further details of the share buyback programme are set out below. This announcement contains inside information. The person responsible for making this announcement on behalf of Sage is Vicki Bradin (Company Secretary). Enquiries The Sage Group plc +44 (0) 7900 046714 James Sandford, Investor Relations Amy Lawson, Media FTI Consulting +44 (0) 20 3727 1000 Charles Palmer Dwight Burden Further details of the share buyback programme Sage has entered into a non-discretionary arrangement with Morgan Stanley & Co. International plc in relation to the purchase by Morgan Stanley, as principal, of ordinary shares of Sage (the "Shares"), and intends to enter into a similar arrangement with J.P. Morgan Securities plc (together with Morgan Stanley, the "Brokers") for the latter half of the buyback period. The Brokers will make trading decisions in relation to Shares purchased under the buyback programme independently of, and uninfluenced by, Sage. The Brokers will make a simultaneous on-sale of such Shares to Sage, and all Shares repurchased will be held in treasury and used to meet obligations arising from share option programmes, or other allocations of shares, to employees or directors. Any purchases of Shares contemplated by this announcement will be carried out on the London Stock Exchange and/or other recognised investment exchange(s), and will be effected within certain pre-set parameters. These arrangements are in accordance with Sage's general authority to repurchase up to 109,355,465 Shares granted at its 2021 Annual General Meeting, Chapter 12 of the Listing Rules, and those provisions of Article 5(1) of Regulation (EU) No. 596/2014 (as incorporated into UK domestic law by the European Union (Withdrawal) Act 2018) and the Commission Delegated Regulation (EU) 2016/1052 (as incorporated into UK domestic law by the European Union (Withdrawal) Act 2018) dealing with buyback programmes. ENDS This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact or visit RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy. END POSGZGGFNDRGMZG (END) Dow Jones Newswires March 04, 2021 02:11 ET (07:11 GMT)
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