Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on WOLTERS KLUWER. We currently have 4 research reports from 1 professional analysts.
|22Dec16 08:30||GNW||Wolters Kluwer NV: Share Buyback Transaction Details December 15 - 21, 2016|
|15Dec16 09:00||GNW||Wolters Kluwer NV: Share Buyback Transaction Details December 8 - 14, 2016|
|08Dec16 09:30||GNW||Wolters Kluwer NV: Share Buyback Transaction Details December 1 - 7, 2016|
|05Dec16 07:00||GNW||Wolters Kluwer Share Buyback Execution Update|
|01Dec16 09:00||GNW||Wolters Kluwer NV: Share Buyback Transaction Details November 24 - 30, 2016|
|24Nov16 09:00||GNW||Wolters Kluwer NV: Share Buyback Transaction Details November 17 - 23, 2016|
|17Nov16 09:00||GNW||Wolters Kluwer NV: Share Buyback Transaction Details November 10 - 16, 2016|
Frequency of research reports
Research reports on
A disappointing Q3 performance
02 Nov 16
Wolters Kluwer reported 9 month 16 revenues up 2% at CER (in line with H1) and +2% organically, implying a slowdown over Q3 as H1 was up +3%. The reported revenues improved by +1%. Top-line growth was again supported by Digital & services (86% total group) which grew by 4% organically (H1 was +5%) while recurring revenues (78% of total) kept the same +4% organic trend as in the first-half. The adjusted operating margin improved by only 20bps as of end-September (was +60bp as of end-June) as the group increased its investments in new products as well as in marketing expenses. The full-year 2016 guidance was reiterated for mid-single digit EPS growth at CER with an adjusted operating margin at 21.5%-22% as restructuring costs are anticipated at more normal levels (€15-25m compared with €46m in FY15).
Satisfactory H1 16 results but still in investment mode
09 Aug 16
Wolters Kluwer reported H1 16 revenues of €2,042m, up 2% at CER and +3% organically, once again supported by digital & services (86% total group) which grew 5% organically as well as by recurring revenues (78% of total) up 4% organically. Lower restructuring expenses (€8m compared with €22m in H1 15) helped the adjusted operating margin to improve to c.20% (+60bps) and diluted adjusted EPS rose by 6% at CER to €0.88. The group is proposing a €0.19 cash interim dividend per share to be paid in September. The FY16e guidance at CER was reiterated for diluted adjusted EPS rising by mid single-digit CER with an operating margin at 21.5-22% as restructuring costs should start returning to more normal levels (€15-25m compared with €46m in FY15). Management once again highlighted that further disposals could be dilutive to margins and earnings in the near term. It nonetheless raised its guidance for adjusted free cash flow from €600-625m to €650-675m, namely reflecting the strong H1 performance (with €20m improvement in working capital requirements and lower cash tax payments).
Accelerating organic growth validating the group’s strategy
05 Nov 15
Reporting its first 9 months trading statement, Wolters Kluwer showed total revenues up 3% at CER and +3% organically (reported: +17%, mainly reflecting forex, i.e. the euro’s depreciation versus the US dollar while the positive perimeter impact was small), a reassuring acceleration after the group resumed organic revenue growth over H1 15 (+2%). As a reminder, the organic growth acceleration is key for the group as a 2% level is required for an operating margin improvement... Reflecting on the Q3 top-line improvement, the 9-month ordinary EBITA margin therefore increased at CER despite continuing investments in new products/services. The full-year outlook was reiterated (i.e. an operating margin between 21% and 21.5%, after €35m of restructuring was confirmed, of which c.70% in the Legal & Regulatory division). But management, which had already highlighted at end-July that H2 was going to face a more difficult basis of comparison (with growth investments being H2-weighted) confirmed a more challenging Q4 ahead with namely tougher comparables for some non-recurring revenues.
Confirmed return to organic growth and rising operating margin
29 Jul 15
Reporting its H1 15, Wolters Kluwer positively confirmed its return to a 2% organic revenue growth (revenue up +3% at CER and +17% on a reported basis reflecting the US$ strength). Adjusted OP reached €391m, reflecting a 120bp improvement in the margin to 19.4% and EPS rose by 5% at CER. The full-year outlook was reiterated (i.e. operating margin between 21% and 21.5%, after €35m of restructuring, mainly in the Legal & Regulatory division), although management highlighted that H2 was going to face a more difficult basis of comparison and growth investments would be H2-weighted. The €140m share buy-back was completed on 1 July and the group announced it is intending to pay interim dividends, starting with €0.18 in October 2015.
N+1 Singer - Small-cap quantitative research - Momentum screen refresh + 10 focus stocks
12 Jan 17
We have refreshed our momentum style screen for the first time since inception on 26 July 2016. As before, the screen selects the 25 stocks exhibiting the most extreme momentum characteristics, according to our measurement method. From these we have selected 10 to focus on. Since inception the screen has underperformed both the main small-cap and micro-cap indices against a background of generally rising momentum. We have noted a subset of the basket, where decelerating momentum at the time of measurement appears correlated with significant share price falls since selection. We shall monitor this factor with the new screen, albeit there are only two such stocks showing this pattern, namely Lamprell (not rated) and Gear4music (not rated).
N+1 Singer - Morning Song 12-01-2017
12 Jan 17
As anticipated, the second half has again been stronger than H1 and results will be broadly in line with expectations. In line with this, the order book has continued to grow and is at record levels. This confirms that significant progress has been made in the Group’s shift towards its Technology Products division which, as targeted, contributed c.60% of group revenue in FY16. The small acquisition of Cable Power also gives a complementary boost to the product range. It is also worth noting the significant reduction in net debt, £1.0m ahead of our forecast. We remain supportive of the Group’s strategy and continue to see a bright future as this transition towards a design led technology solutions business continues. We look forward to more detail in March at the final results.
Share & share alike
11 Jan 17
Last week’s note ‘2016 AIM IPOs- Another discerning year’ *prompted further perusal of the AIM December 2016 Factsheet. With acknowledgement to BuzzFeed – we have set a simple quiz~. Which are the largest companies on AIM, which trade most and how much? It is a timely reminder that at the year end, focus remained on the FTSE 100 and larger companies, yet the prospects for smaller companies continue to be broadly positive. As the company trading statement season gets underway, the initial signs are encouraging. The tone of these updates will set the trend near term.
Small Cap Breakfast
11 Jan 17
Physiomics* (PYC.L) | Joules Group (JOUL.L) | Premier Asset Management Group (PAM.L) | Evgen Pharma (EVG.L) | Sigma Capital (SGM.L) | Caledonia Mining (CMCL.L) | Omega Diagnostics Group (ODX.L) | Vela Technologies (VELA.L) | Morses Club (MCL.L) | Hummingbird Resources (HUM.L)
Joy of Techs
21 Nov 16
ICT evolution is driven by technological development as advances are made which both meet and shape customer requirements. Our 2011 note No such thing as a telco described the modern reality in that former ‘telcos’ now deliver varying elements of a range of managed services. We built on this theme last year, exploring in further detail their evolutionary paths, operating fundamentals, and cashflow yield similarities. In the consumer environment, demand for bundles of technology is complemented by demand for content. Across the pond, the mooted combination of AT&T and Time Warner typifies the bundled need of ‘pipe’ and content, since unbundled alternatives such as FaceTime and WhatsApp can be easier and clearer to chat over, and Amazon and Netflix are easier to watch anywhere. In the UK, BT’s defensive actions cover delivery, content and capabilities, acquiring EE yet also buying football rights. While TV was long ago added to triple play to become quad play, voice is now merely an app, and fixed and mobile seen as just dumb pipes: it's the content that will influence consumer choices. Growth of TV and film as well as music and gaming over IP leads to UK small cap opportunities. In context of the drive to maximise value from pipes and access by offering content and data, we look at some amongst the potential tech small cap beneficiaries: Amino*, Keyword Studios, ZOO Digital*, 7digital*, KCOM* and CityFibre*.
What a year it was!
16 Jan 17
2016 got off to a rocky start. Not long into January, after just a few trading days, global equity markets lost more than US$4tn of value due to investor sentiment towards China’s economic slowdown and depreciating currency. This was immediately followed by a slump in the oil price. By the third week of January, Brent Crude hit its year low at $27.10 a barrel causing an immediate sell off in the energy sector. Once the Q1 dust had settled, attention turned to the UK’s vote on whether to remain a member of the EU. The Brexit vote result proved to be a genuine shock for markets, with many investors having believed that the UK would stay within the European Union. Attention soon turned to the equally ill-tempered US Presidential elections and all the political and economic unknowns that Trump’s victory has spawned. As a result, AIM, has seen a roller-coaster of a year in 2016.