Sage Group (The) PLC

SGE: XLON (GBR)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	GBX 964.00	Gcskdf	Cdfjgppc

Sage’s Fiscal 2021 Meets Our Expectations. FVE Maintained.

Nov 23, 2021

We maintain our GBX 600 per share fair value estimate for narrow-moat Sage Group following the release of full-year fiscal 2021 results. Sage’s full-year underlying revenue and EBIT of GBP 1,846 million and GBP 358 million broadly aligned with our expectations. At the current market price of GBX 801 per share, shares continue to look overvalued, trading at a 33% premium to our fair value estimate.

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