Wolters Kluwer published solid FY20 results, with revenues up 2% organically (in line) at €4,603m, and higher than expected adjusted OP (€1,124m, i.e. a 24.4% margin vs. 23.6% a year earlier). Proposed FY dividend is above street estimates and ours at €1.36 (AV at €1.26). The completed €350m share buy-back programme is complemented by a new one of up to €350m.
Conservative but still sound FY21e guidance with the adjusted operating margin seen at 24.5-25%, above our earlier expectations.
24 Feb 2021
FY20 report: not pretentious enough?
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FY20 report: not pretentious enough?
Wolters Kluwer published solid FY20 results, with revenues up 2% organically (in line) at €4,603m, and higher than expected adjusted OP (€1,124m, i.e. a 24.4% margin vs. 23.6% a year earlier). Proposed FY dividend is above street estimates and ours at €1.36 (AV at €1.26). The completed €350m share buy-back programme is complemented by a new one of up to €350m.
Conservative but still sound FY21e guidance with the adjusted operating margin seen at 24.5-25%, above our earlier expectations.