Wolters Kluwer reported 9-month trends in line with expectations, with top-line organic growth experiencing a moderate slowdown vs. H1 22 due to challenging comparables. Adjusted OP growth continues to outpace revenue growth on a reported basis, supporting the assumption of improved margins yoy (from 25.3% to 26-26.5%). The FY22e guidance was reiterated, with adjusted FCF now expected to be “near the top of the guided range”.
02 Nov 2022
9-month 2022: slower, but still strong momentum
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9-month 2022: slower, but still strong momentum
Wolters Kluwer reported 9-month trends in line with expectations, with top-line organic growth experiencing a moderate slowdown vs. H1 22 due to challenging comparables. Adjusted OP growth continues to outpace revenue growth on a reported basis, supporting the assumption of improved margins yoy (from 25.3% to 26-26.5%). The FY22e guidance was reiterated, with adjusted FCF now expected to be “near the top of the guided range”.