JULIAN YATES | INVESTEC
Today's announcement adds very little to the investment case, positive or negative, for Sage. It describes trading for each region being in line with expectations, and net debt, at £187m, is also unsurprising. Although we see the potential upside as significant in the long term, we continue to view operational investment as limiting to full-year 2011 earnings momentum.
JAMES CRAWSHAW | S&P EQUITY RESEARCH
We forecast five per cent sales growth in 2011 after a flat 2010. We look forward to Sage's analyst day, where we seek evidence that recent management changes have not been disruptive.
ROGER PHILLIPS | EVOLUTION SECURITIES
Dull relative to other company statements, but relatively upbeat for Sage. Given that the stock is on a sector discount, this should lead to returns that outperform.