1-Star Price
PREMIUM
5-Star Price
PREMIUM
Economic Moat
PREMIUM
Capital Allocation
PREMIUM
Our $48 per share valuation of wide-moat Wiley should not change much after it posted better-than-expected fourth-quarter earnings that were nonetheless consistent with our view that it has positioned itself for the future of the research and education sectors. Long term, we still see mid-single-digit percentage top-line growth against roughly 20% adjusted EBITDA margins.
John Wiley & Sons is one of the foremost global providers of academic journals, books, pre- and post-hire assessments and training, test preparation materials, and online education program management solutions. Wiley derived more than 80% of its total fiscal 2021 revenue from digital products and tech-enabled services, with just over half of the total top line coming from its research publishing and platforms segment, 33% from its academic and professional learning effort, and 15% from its education services unit. Around half of revenue recorded in fiscal 2021 was derived from customers in the United States. The company has a dual-class shareownership structure, with Wiley family members controlling about 60% of the voting power of the firm’s equity.
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