Report
Zain Akbari

Solid End to Fiscal 2018 Leaves Our Outlook Intact for Wiley; Shares Slightly Rich

After its strong end to fiscal 2018, our $63 fair value estimate for wide-moat Wiley should not change materially. Our outlook still calls for low-single-digit annual top-line growth and midteens adjusted operating margins, on average, through fiscal 2022. While we believe Wiley has strong competitive advantages across many of its businesses and is poised to navigate a changing business environment, we counsel investors to await a more attractive entry point.
Fiscal 2018 saw 5% revenue growth, a...
Underlying
John Wiley & Sons Inc. Class A

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.

Provider
Morningstar
Morningstar

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.

We have operations in 27 countries.

Analysts
Zain Akbari

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