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
Alan Vandenberghe ...
  • Bart Cuypers
  • Ruben Devos
  • Sandra Cauwenberghs
  • Thomas Couvreur
  • Wim Hoste

Morning Note: AD NA, AKA FP, ARCAD NA, BPOST BB, CRBN NA, GVNV NA, UCB BB, WKL NA

Ahold Delhaize: Stunning 2Q numbers AKKA: Trough in auto likely behind us / TP cut to € 30 Arcadis: ALENgering issue resolved bpost: 2Q: ridiculously strong PaLo performance Corbion: Preview 2Q: expected to show resilience GrandVision: Weak 2Q20 as expected UCB: Cimzia EU label extension for axSpA dose reduction Wolters Kluwer: 1H20: strong cost control resulting in CSS beat

Dave Nicoski ...
  • Ross LaDuke

Vermilion Int'l Compass: Global Equity Strategy

Growth Over Value We continue to see coronavirus concerns as helping correct the excess bullish sentiment in the short-term. Additionally, considering the dearth of breakdowns, we continue to believe this is a bull market until proven otherwise and a “buy the dip” strategy remains warranted. • Major Indexes Holding Up Well. As mentioned above, breakdowns in major indexes are hard to come by. EM (MSCI EM), China (MSCI China), Europe (STOXX 600), MSCI ACWI, ACWI ex-US, and EAFE have all pulled back to their 50-day MAs, while Japan (TOPIX) appears to be finding support at its 100-day MA. With s...

Dave Nicoski ...
  • Ross LaDuke

Int'l Insights: Bullish Stocks

EAFE > EM; Add exposure to Japan Continue to favor EAFE over EM. As long as the U.S. dollar remains elevated, we believe developed international (EAFE) will remain in a leadership position relative to EM (MSCI EM). Below we highlight attractive and actionable themes within developed int'l: • Japan, Switzerland, Australia, Canada. Major Japanese indexes have been underperforming for nearly two years but are making bullish price and RS inflections and exhibit early signs of bottoming. Switzerland, Australia, and Canada are all trading at multi-year highs and are among the most attractive coun...

Dave Nicoski ...
  • Ross LaDuke

Vermilion Int'l Compass: Global Equity Strategy

Buoyed by outperformance in the US, the MSCI ACWI is the only broad global index that has yet to make a lower low relative to the lows set in June. This deterioration for ACWI ex-US, EAFE, and EM, continued bearish-leaning indicators, and continued downside volatility in bond yields leads us to remain cautious and concerned that global equities remain vulnerable and could be poised for additional weakness moving forward. • Additional bearish-leaning developments. In addition to the concerns we have highlighted over the past several weeks, new negative developments continue to plague the glob...

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.

Alan Vandenberghe ...
  • Bart Cuypers
  • Ruben Devos
  • Sandra Cauwenberghs
  • Thomas Couvreur
  • Wim Hoste

Morning Note: AD NA, AKA FP, ARCAD NA, BPOST BB, CRBN NA, GVNV NA, UCB BB, WKL NA

Ahold Delhaize: Stunning 2Q numbers AKKA: Trough in auto likely behind us / TP cut to € 30 Arcadis: ALENgering issue resolved bpost: 2Q: ridiculously strong PaLo performance Corbion: Preview 2Q: expected to show resilience GrandVision: Weak 2Q20 as expected UCB: Cimzia EU label extension for axSpA dose reduction Wolters Kluwer: 1H20: strong cost control resulting in CSS beat

Alan Vandenberghe ...
  • Lenny Van Steenhuyse
  • Ruben Devos
  • Sandra Cauwenberghs
  • Wim Hoste

Morning Note: BOTHE BB, KDS NA, ONTEX BB, SOLB BB, WKL NA

Bone Therapeutics: 1Q20 - cash replenished and preparing for trial start Kiadis: NK-REALM: Ready, set, GO Ontex: 1Q20 in line, FX will hit 2Q20 Solvay: Resilient 1Q performance with EBITDA -0.4% Wolters Kluwer: FY20 outlook suspended, solid 1Q20 results

Alan Vandenberghe ...
  • Guy Sips
  • Joachim Vansanten
  • Lenny Van Steenhuyse
  • Michiel Declercq
  • Ruben Devos
  • Sandra Cauwenberghs
  • Wido Jongman

Morning Note: AED BB, BAR BB, BCART BB, COMB BB, OBEL BB, SIP BB, SLIGR NA, TWEKA NA, WKL NA

Aedifica: Liquidity and solvency improved Barco: Happy to have a safe roof! Biocartis: Explosive 1Q20 + COVID-19 test development Bois Sauvage: € 7.80 dividend approved Orange Belgium: OK Q1 / dividend lowered yet little risk for outlook Sipef: 1Q trading update Sligro: Slow path to recovery TKH Group: Covid-19: Q1 sales -2%, Industrial in the hot seat Wolters Kluwer: Interim update - Organic revs. growth of 4% in 1Q20

ING
Albert Ploegh, CEFA ...
  • David Vagman, CFA
  • Hans D’Haese
  • Marc Hesselink, CFA
  • Marc Zwartsenburg, CEFA
  • Maxime Stranart
  • Quirijn Mulder
  • Reginald Watson, CFA
  • Stijn Demeester
  • Tijs Hollestelle

Benelux thematic equity research/Covid-19 scenario analysis

The ING Benelux equity research team has performed a Covid-19 scenario analysis in order to provide a reference point for investors and to test if stocks: (a) have been relatively oversold in comparison to their earnings risk; (b) still provide downside risk; and/or have balance issues in a Covid-19 scenario; and (c) could bounce sharply if a vaccine is found; or (d) benefit relatively from the crisis. Our analysis results in lists of stocks that we consider: (1) low earnings risk, with attractive risk-reward; (2) high earnings risk but already heavily sold off; (3) to have downside risk and/o...

Bart Cuypers ...
  • Guy Sips
  • Joachim Vansanten
  • Lenny Van Steenhuyse
  • Marcel Achterberg
  • Ruben Devos
  • Sandra Cauwenberghs
  • Wido Jongman
  • Wim Hoste

Morning Note: ACKB BB, ASM NA, CFEB BB, ECONB BB, MITRA BB, REC BB, SOLV BB, TERB BB, TEXF BB, VGP BB, WKL NA

Ackermans: FY19: Banking up, ME&C down ASM International: Estimates up 11% for FY20/21 CFE: Soft 2H19 with flat FY20 EBITDA outlook for DEME Econocom: Sale of EBC to Chequers Capital Mithra: Estelle MA submission accepted by EMA Recticel: FY19 in line with CSS, no Interiors divestment yet Solvac: Reports FY19 results, net profits up 4.4% Ter Beke: Raw material price and one-offs affect profitability Texaf: FY19 results, EBITDA +11% VGP: FY19 Results - The VGP machine at full force Wolters Kluwer: 7% EPS growth estimate in 2020, TP goes to € 68

ING
Alyssa Gammoudy ...
  • Hendrik Wiersma
  • Jeroen van den Broek
  • Nadège Tillier
  • Suvi Platerink Kosonen
  • Timothy Rahill

Coffee, Croissants & Credit/ECB, UniCredit, Kering, Wolters Kluwer & Veolia

Strategy: German central bank may halt PSPP purchases – German corporates could underperform

ING
Alyssa Gammoudy ...
  • Hendrik Wiersma
  • Jeroen van den Broek
  • Nadège Tillier
  • Suvi Platerink Kosonen
  • Timothy Rahill

Coffee, Croissants & Credit/ECB, Swedbank, Pernod Ricard, Unilever, AT&T, Wolters Kluwer

Strategy: Fallen angels benefit, more could follow

ING
Alyssa Gammoudy ...
  • Hendrik Wiersma
  • Nadège Tillier

Benelux Credit Digest/Corporate issuer profiles

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

ING
Alyssa Gammoudy ...
  • Hendrik Wiersma
  • Jeroen van den Broek
  • Nadège Tillier
  • Suvi Platerink Kosonen
  • Timothy Rahill

Coffee, Croissants & Credit/iTraxx Europe ESG, Diageo, NIBC, Wolters Kluwer, A2A, Suez

iTraxx MSCI ESG Screening may lead to underperformance of exclusions

ING
Alyssa Gammoudy ...
  • Hendrik Wiersma
  • Marcel Klok
  • Nadège Tillier
  • Philippe Ledent
  • Timothy Rahill

BNLX+ Corporates/European and BeNeLux credit value mapping

Strategy and Supply: • Mildly bullish for 2020, with preference for less cyclical sectors • Expect corporate credit curves to flatten • CSPP targeting long end of the curve • ECB purchasing more new and recent issues under CSPP • BeNeLux supply to remain in line with 2019 . Selected sectors and BeNeLux names: • Food retailers: Always light in the darkness • Telecoms: KPN and Proximus focus on digitalisation to drive cost savings • Utilities: 2020 will be a fundamentally robust year Netherlands, Belgium and Luxembourg Economics: • Netherlands: Only a small slowdown thanks to fiscal pol...

Due to a more favourable environment, WOLTERS KLUWER NV slightly increases to Neutral

WOLTERS KLUWER NV (NL), a company active in the Publishing industry, slightly increases its general evaluation. The independent financial analyst theScreener just confirmed the stock market behaviour of the title as moderately risky. At the fundamental level, theScreener confirms the rating of 0 out of 4 stars; given the more favourable environment, the title's overall rating is upgraded to Neutral even if it remains under pressure. As of the analysis date December 20, 2019, the closing price was EUR 65.50 and its target price was estimated at EUR 59.78.

Ford Equity International Rating and Forecast Report

Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind each recommendation and reflect the fundamental and price data as of the last trading day of the week...

Expert Corporate Governance Service (ECGS)

Wolters Kluwer – AGM 23 April 2020

ITEM 2c The supervisory board requests an advisory vote on the remuneration report included in the annual report. The CEOns total variable remuneration represents 467% of her base salary, which exceeds our limit of 300%. ECGS recommends to OPPOSE. ITEM 6 The supervisory board request approval for the remuneration policy of executive management. The executive management variable remuneration can lead to an excessive maximum payout of 602.5% of base salary that exceeds our limit. ECGS recommend to OPPOSE. ITEM 7a Adoption of the supervisory board remuneration policy is a new requirement under ...

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.

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