Wolters Kluwer N.V. Cert.

Wolters Kluwer operates through four divisions: Health is a global provider of information for medical and health professionals; Financial & Compliance Services is a U.S. provider risk management, compliance, finance, and audit professionals the services they need to optimize risk and business performance, and ensure compliance with local, regional, and global regulation; Tax & Accounting is a provider of tax, accounting, and audit information, and services; and Legal & Regulatory provides customers with expert content, software, and services in the areas of law, business, and regulatory compliance in Europe, North America and Asia Pacific.
  • TickerWKL
  • ISINNL0000395903
  • ExchangeEuronext Amsterdam
  • SectorMedia
  • CountryNetherlands

Analysts

Michael Field

Morningstar | Slow and Steady Wins the Race for Wolters Kluwer in 1Q

Narrow-moat Wolters Kluwer offered up a solid first-quarter trading update, with organic revenue growth of 4% and operating margin improvement year over year. Net debt/EBITDA also declined marginally and now stands at 1.7 times. These numbers are in line with our general expectations for the full year, and as such we do not expect to make any changes to our forecasts. We reiterate our EUR 47 fair value estimate and believe the current share price is a bit rich. Thanks to the presence of an extremely stable and predictable business model, there was little in the way of surprises in these resul...

Michael Field

Slow and Steady Wins the Race for Wolters Kluwer in 1Q

Narrow-moat Wolters Kluwer offered up a solid first-quarter trading update, with organic revenue growth of 4% and operating margin improvement year over year. Net debt/EBITDA also declined marginally and now stands at 1.7 times. These numbers are in line with our general expectations for the full year, and as such we do not expect to make any changes to our forecasts. We reiterate our EUR 47 fair value estimate and believe the current share price is a bit rich. Thanks to the presence of an extre...

ING
Hendrik Wiersma ...
  • Jeroen van den Broek
  • Job Veenendaal
  • Marina Le Blanc
  • Nadège Tillier
  • Suvi Platerink Kosonen

Coffee, Croissants & Credit/Wolters Kluwer sells ProVation Medical for €150m

Wolters Kluwer (WKLNA) has announced that it has signed an agreement to sell ProVation Medical for c.€150m to Clearlake Capital. Proceeds will be used for additional share repurchases to compensate for the anticipated earnings dilution following the divestment. Spread neutral for Wolters Kluwer. ProVation Medical is part of the Health division and reported revenues of €65m in 2016 and employs c.200 people. Wolters Kluwer's financial policy includes management's view that a reported net debt/EBITDA of 2.5x is appropriate for the company. It stood at 1.9x at the end of 3Q17.

Michael Field

Morningstar | Slow and Steady Wins the Race for Wolters Kluwer in 1Q

Narrow-moat Wolters Kluwer offered up a solid first-quarter trading update, with organic revenue growth of 4% and operating margin improvement year over year. Net debt/EBITDA also declined marginally and now stands at 1.7 times. These numbers are in line with our general expectations for the full year, and as such we do not expect to make any changes to our forecasts. We reiterate our EUR 47 fair value estimate and believe the current share price is a bit rich. Thanks to the presence of an extremely stable and predictable business model, there was little in the way of surprises in these resul...

Michael Field

Slow and Steady Wins the Race for Wolters Kluwer in 1Q

Narrow-moat Wolters Kluwer offered up a solid first-quarter trading update, with organic revenue growth of 4% and operating margin improvement year over year. Net debt/EBITDA also declined marginally and now stands at 1.7 times. These numbers are in line with our general expectations for the full year, and as such we do not expect to make any changes to our forecasts. We reiterate our EUR 47 fair value estimate and believe the current share price is a bit rich. Thanks to the presence of an extre...

Alan Vandenberghe ...
  • Alexander Makar
  • Guy Sips
  • Jan Opdecam
  • Lenny Van Steenhuyse
  • Ruben Devos
  • Sandra Cauwenberghs
  • Wim Hoste

Morning Note: AD NA, BEKB BB, GREEN BB, HOMI BB, IBAB BB, KIN BB, NYR BB, ONTEX BB, OXUR BB, WES NA, WKL NA

Ahold Delhaize: Broadly in line, guidance reiterated Bekaert: 1Q sales +4%, FY guidance broadly similar Greenyard: Strengthens position in Bardsley JV Home Invest Belgium: 1Q19 Results IBA: Continued strength in OA Kinepolis: 1Q19 once again proved ‘Content is King’ Nyrstar: Lock-up agreement effective Ontex: Soft 1Q, revised FY19 guidance and strategic update Oxurion: 1Q19 update – on the outlook for THR-317 phII Wessanen: Regulatory adjustments and comments Wolters Kluwer: 4% organic growth in 1Q19, better trend in Legal

Michael Field

Morningstar | Wolters Kluwer Company Report

Wolters Kluwer has undergone a wholesale reorganisation of its business over the past decade or so, taking it from being the leading print publisher of professional information materials to being one of the largest players in the potentially much larger digital information services space. This change has come at a cost, however, with the company spending over EUR 2 billion on net acquisitions over the period in order to position itself better in the digital information services market. Wolters’ legacy print business, which is declining at a high-single-digit rate each year, has proved to be a ...

Michael Field

Wolters Kluwer Company Report

Narrow-moat publisher Wolters Kluwer delivered a set of full-year results in line with our and the Street’s estimates, with organic revenue growth hitting decade highs of 4%. We do not expect to make any material changes to our forecasts, nor to our EUR 44.50 fair value estimate on the back of these results. We believe, however, that recent investor enthusiasm for the company, which has lifted the share price by almost a third in the last year, has now pushed the share price into overvalued terr...

WOLTERS KLUWER NV reduced its risk exposure resulting in an upgrade to Slightly Positive

WOLTERS KLUWER NV (NL), a company active in the Publishing industry, reduced its market risk and raised its general evaluation. The independent financial analyst theScreener awarded an improved star rating to the company, which now shows 1 out of 4 possible stars; its market behaviour has improved and can be considered as defensive. theScreener believes that this new assessment merits an overall rating upgrade to Slightly Positive. As of the analysis date November 6, 2018, the closing price was EUR 50.02 and its potential was estimated at EUR 56.33.

Ng Adrian

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ING
Hendrik Wiersma ...
  • Jeroen van den Broek
  • Job Veenendaal
  • Nadège Tillier
  • Suvi Platerink Kosonen

Coffee, Croissants & Credit/Ahold Delhaize, Commerzbank, UniCredit, Vodafone, Wolters Kluwer and Telefónica

Ahold Delhaize (ADNA) reported results for the first quarter that were in line with estimates. We view today's results as neutral for spreads. Net sales in 1Q19 increased 6.3% YoY to €15,878m with growth at constant exchange rates of 1.5%, negatively impacted by the timing of Easter. This compares to +2.5% in 1Q18. Underlying operating income was €695m (company-compiled consensus: €691m), which corresponds to a margin of 4.4%, flat against the margin restated for IFRS 16 in 1Q18. (For full stories, download report)

ING
Hendrik Wiersma ...
  • Job Veenendaal
  • Nadège Tillier
  • Suvi Platerink Kosonen

Benelux Credit Digest/Issuer Profiles

Once again, it is with great pleasure that we present the eleventh edition of our Benelux Credit Digest, our annual overview of the key fundamentals and credit metric developments of the most important corporate and financial credits in Belgium, the Netherlands and Luxembourg.

ING
Hendrik Wiersma ...
  • Jeroen van den Broek
  • Job Veenendaal
  • Marcel Klok
  • Nadège Tillier
  • Philippe Ledent

BNLX + /European and BeNeLux credit value mapping

Strategy and Supply . Retracement of 2018 sell-off almost complete . Supply surprisingly robust on the back of US issuers . BeNeLux supply dominated by ABIBB $ trade . We like the 2022-25 part of the curve, selective BBB exposure advised . TLTRO announcement increases the long odds of CSPP2

ING
Hendrik Wiersma

Wolters Kluwer/Steady as she goes; WKLNA2.5 5/24 favoured/STABLE

Wolters Kluwer reported a solid 2018 earnings slate this morning. The company's net debt was €1.99bn at year-end, vs €1.96bn at 1H18 and €2.07bn at the end of 2017. This results in net debt/EBITDA at 1.7x. Management continues to believe a net debt/EBITDA target of 2.5x is appropriate in the longer run. We believe the new up-to-€250m share buyback programme for 2019 can be executed within the company's financial policy and still leave room for bolt-on acquisitions. We favour the WKLNA2.5 5/24, offering a pick-up versus the company's similarly rated peer RELX in the same maturity bucket.

ING
Hendrik Wiersma ...
  • Jeroen van den Broek
  • Job Veenendaal
  • Nadège Tillier
  • Suvi Platerink Kosonen

Coffee, Croissants & Credit/a.s.r., Telecom Italia, Wolters Kluwer, Iberdrola

a.s.r. (ASRNED) reported higher operating earnings, while the IFRS net income was pressured by poor investment income. The insurer improved its solvency II ratio and has ample room in its RT1 and T2 buckets. The full year combined ratio of the non-life business was a solid 96.5% in 2018, although up from 95.1% in 2017 due to the storm in January (+1pp). Life earnings were supported by the acquisition of Generali Nederland. a.s.r. has improved its solvency position. The insurer's solvency II ratio stood at 197% (standard formula) at end-2018, up from 194% in 1H18, leaving €843m room in its RT1 ...

MarketLine Department

Informa plc - Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments

Summary Marketline's Informa plc Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments report includes business description, detailed reports on mergers and acquisitions (M&A), divestments, capital raisings, venture capital investments, ownership and partnership transactions undertaken by Informa plc since January2007. Marketline's Company Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments reports offer a comprehensive breakdown of the organic and inorganic growth activity undertaken by an organization to sustain its competitive advantage. Key Highlights ...

MarketLine Department

RELX Group plc - Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments

Summary Marketline's RELX Group plc Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments report includes business description, detailed reports on mergers and acquisitions (M&A), divestments, capital raisings, venture capital investments, ownership and partnership transactions undertaken by RELX Group plc since January2007. Marketline's Company Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments reports offer a comprehensive breakdown of the organic and inorganic growth activity undertaken by an organization to sustain its competitive advantage. Key Highl...

MarketLine Department

Moody's Corporation - Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments

Summary Marketline's Moody's Corporation Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments report includes business description, detailed reports on mergers and acquisitions (M&A), divestments, capital raisings, venture capital investments, ownership and partnership transactions undertaken by Moody's Corporation since January2007. Marketline's Company Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments reports offer a comprehensive breakdown of the organic and inorganic growth activity undertaken by an organization to sustain its competitive advantage. ...

Expert Corporate Governance Service (ECGS)

Wolters Kluwer April 18th, 2019

In general, Wolters Kluwer is in compliance with the Dutch regulations relating to the organisation and procedures of the Annual General Meeting. Under ITEM 5a, it is proposed to newly appoint Mr. Bernard Bodson as Member of the supervisory board. Although he is considered independent, ECGS has concerns over his aggregate time commitments. Mr. Bodson is currently already serving as Chief Digital Officer of Novartis AG (listed) and non-executive director of Electrocomponents plc (listed). Taking into account his proposed appointment at Wolters Kluwer (listed), the number of mandates held would...

Wolters Kluwer – Proxinvest Corporate Governance Rating ® : B

Proxinvest Corporate Governance Rating ® helps investors integrate governance into their investment decision and identify governance risks and opportunities within their portfolio. Proxinvest Corporate Governance Rating ® Service rates European issuers through the analysis of four main themes : Ownership & Shareholder rights, Board & Committees, Audit & Process, Remuneration. Each theme is rated taking into account several comprehensive sub-categories. Our unique two-step process to achieve each rating includes a first step quantitative valuation and a second step qualitative filter...

Expert Corporate Governance Service (ECGS)

Proxy Report - 19/04/2018

Under agenda item 5 it is proposed to increase the remuneration of the Supervisory  Board of the Company. We consider the proposed fees to be in line with Dutch market practice. The last increase of the Supervisory Board's remuneration took place in 2015. We have no concerns over this proposal and recommend approval.

Expert Corporate Governance Service (ECGS)

Etude de l'AG du 20/04/2017

​ Under agenda item 8, it is proposed to authorize the Executive Board to acquire shares in the company. We have concerns over share repurchases in connection with the EPS measure used for the LTI. Share repurchases increase EPS and could potentially lead to gaming. Therefore we recommend to OPPOSE.

Dave Nicoski ...
  • Ross LaDuke

Vermilion Int'l Compass: Global Equity Strategy

Opportunity in EM countries Our cautious outlook and expectation for continued downward pressure on global equities remains intact. Broad global indexes (MSCI ACWI, ACWI ex-U.S., EAFE, and EM) are all trading within patterns of lower highs and lower lows, leading us to believe the most likely scenario is that this near-term bounce is likely nothing more than a countertrend rally before longer-term downtrends reassert themselves. • Opportunity in EM. Both a top-down and bottoms-up analysis point to opportunity in EM countries despite the intact downtrend for the MSCI EM index. Additionally, t...

Valérie GASTALDY

Short term view - WOLTERS KLUWER : Falling prices.

The trend is uncertain. Prices are falling and they may accelerate to the downside. A new bearish trend is attempting to emerge.

Valérie GASTALDY

Analyse court terme - WOLTERS KLUWER : Les cours baissent.

La tendance est incertaine. Les cours baissent, et il y a une possibilité d'accélération baissière. Une nouvelle tendance baissière tente de démarrer.

Valérie GASTALDY

Analyse court terme - WOLTERS KLUWER : La tendance est incertaine.

La tendance est incertaine. Les cours baissent, mais la tendance manque de puissance pour le moment. Le prochain support est à 48,58 €.

Valérie GASTALDY

Short term view - WOLTERS KLUWER : The trend is uncertain.

The trend is uncertain. Prices are falling, but the trend is lacking power for the time being. The next support is at €48.58.

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