Despite Its Publishing Struggles, Wiley Enjoys Significant Advantages in Its Other Businesses
Although wide-moat John Wiley's soft third-quarter results will lead us to cut our $55 fair value estimate by a high-single-digit percentage, we believe the shares' midteens swoon after the release underestimates long-term strengths. We still expect low-single-digit annual revenue growth and low to mid-teens adjusted operating margins, on average, through fiscal 2023.Year to date, revenue slid 1% against an 11% adjusted operating margin. Management reaffirmed its full-year constant-currency sal...
John Wiley & Sons is a global research and learning company. Co. has three segments: Research segment, which provides scientific, technical, medical, and scholarly journals, as well as related content and services to libraries and individual researchers, among others; Publishing, which provides scientific, professional, and education books and related content in print and digital formats, test preparation services and course workflow tools, to libraries, corporations, students, professionals, and researchers; and Solutions, which provides online program management services for higher education institutions and learning, development, and assessment services for businesses and professionals.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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