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Wolters Kluwer NV WKL

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Morningstar’s Analysis

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Narrow-Moat Wolters Rides the Tailwinds in Q3

Michael Field, CFA Senior Equity Analyst

Analyst Note

| Michael Field, CFA |

Narrow-moat Wolters Kluwer’s trading update for the first nine months of the year reads well. Organic revenue growth hit 6%, driven by pent-up demand for non-recurring services, and operating profit rose by 14% on a constant currency basis. Investors will also be heartened to see management raise full year guidance for EPS growth, from high single-digit to low double-digit growth. Although we will likely tweak our near-term estimates on the back of these additional data points, we do not expect this to have a material effect on our EUR 61 fair value estimate. We believe the shares sit firmly in overvalued territory

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Company Profile

Business Description

Wolters Kluwer is a Europe-listed global information services company. It operates across four distinct business segments serving a wide array of clients: health (26% of 2020 sales), tax and accounting (31%), legal and regulatory (23%), and governance, risk, and compliance (20%). Within these divisions, Wolters aims to be the industry leader in a variety of niche, higher-value services.

Zuidpoolsingel 2, P.O. Box 1030
Alphen aan den Rijn, ZH, 2400, Netherlands
T +31 172641400
Sector Industrials
Industry Specialty Business Services
Most Recent Earnings
Fiscal Year End Dec 31, 2021
Stock Type
Employees 19,169