Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on WOLTERS KLUWER. We currently have 5 research reports from 1 professional analysts.
|23Mar17 09:00||GNW||Wolters Kluwer NV: Share Buyback Transaction Details March 16 - 22, 2017|
|16Mar17 09:00||GNW||Wolters Kluwer NV: Share Buyback Transaction Details March 9 - 15, 2017|
|14Mar17 15:21||GNW||Wolters Kluwer Successfully Prices €500 Million 10-Year Eurobond|
|09Mar17 07:00||GNW||Wolters Kluwer Share Buyback Execution Update|
|08Mar17 07:00||GNW||Wolters Kluwer Published its 2016 Annual Report and 2016 Sustainability Report|
|07Mar17 15:00||GNW||Wolters Kluwer Reaches Agreement on Acquisition of Tagetik|
|23Feb17 13:30||GNW||Wolters Kluwer Update on Shares Held in Treasury|
Frequency of research reports
Research reports on
Solid organic growth and significant improvement in profitability
22 Feb 17
Wolters Kluwer reported FY16 revenues of €4,297m, up 2% and in line with our forecast of €4,300m (+3% organically, i.e. positively accelerating from the +2% in the first 9 months, and similar to FY15) as well as a 22.1% adjusted operating margin, up 70bp from 21.4% a year earlier and slightly above expectations (as a reminder the group’s guidance was for between 21.5% and 22%; AV’s was 21.6%). This was after restructuring expenses of €29m. The adjusted net profit was €618m, above our €604m expectations, i.e. diluted adjusted EPS of €2.10, up 7% and versus our €2.04. The group generated a solid €708m FCF in FY16, up 9% at CER and ended the year with a strong financial position (net debt/EBITDA ratio of 1.7x). The proposed FY16 total dividend is up 5% to €0.79/share.
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 - Morning Song 22-03-2017
22 Mar 17
Carador Income Fund (CIFU LN) Premium rating restored, high levels of refinancing activity | Cello Group (CLL LN) Outlook getting brighter – watch Pulsar | Eckoh (ECK LN) Largest ever US secure payments win | eg solutions (EGS LN) Full year results in line | Futura Medical (FUM LN) Licensing deal for CSD500 in Portugal | Verona Pharma (VRP LN) Global agreement with QuintilesIMS to support development of RPL554 | Xaar (XAR LN) 2016 results slightly ahead, reduced visibility in 2017
Small Cap Breakfast
28 Mar 17
Path Investments—Publication of prospectus from the Energy Investment Company. Raising £1.4m. Admission due on or around 30 March | Franchise Brands—Schedule 1 detailing £28m reverse takeover of Metro Rod. Admission expected 11 April | Alpha FX Group— Schedule 1 from the foreign exchange provider focused on managing exchange rate risk for UK corporates that trade internationally. Fundraise TBC. Admission expected 7 April. | K3 | Capital Group—Schedule 1 from the Group of business and company sales specialists across business transfer, business brokerage and corporate finance. Admission date and fundraise details TBC. | Integumen— Schedule 1 from the personal health company developing and commercialising technology and products for the human integumentary system. Raising £2.16m at 5p. Expected market cap £8.16m. Admission expected 5 April. Tufton | Oceanic Assets– Offer extended to 9 May to enable investors to complete further due diligence.
Small Cap Breakfast
23 Mar 17
K3 Capital Group—Schedule 1 from the Group of business and company sales specialists across business transfer, business brokerage and corporate finance. Admission date and fundraise details TBC. Integumen— Schedule 1 from the personal health company developing and commercialising technology and products for the human integumentary system. Raising £2.16m at 5p. Expected market cap £8.16m. Admission expected 5 April. Sentinel—Investment company expecting NEX admission/introduction on 24 March. £636k raised pre-IPO. BioPharma Credit—Expected Gross Initial Acquisition Proceeds now c.$338m. Gross Cash Proceeds capped at $423m with placing and open offer. Results expected 23 March with admission now due 30 march.
Small Cap Breakfast
21 Mar 17
First Sentinel—Investment company expecting NEX admission/introduction on 24 March. £636k raised pre-IPO. BioPharma Credit—Expected Gross Initial Acquisition Proceeds now c.$338m. Gross Cash Proceeds capped at $423m with placing and open offer. Results expected 23 March with admission now due 30 march. Tufton Oceanic Assets- The Company intends to invest in a diversified portfolio of second hand commercial sea-going vessels where the Investment Manager believes that an attractive opportunity exists in shipping. $150m raise. Admission 3 April.