Persistent Textbook Weakness Somewhat Dampens Our Expectations for Wiley; Shares Fairly Valued
We anticipate trimming our $59 per share valuation for wide-moat John Wiley by up to 5% after it reported weak first-quarter earnings, paced by disappointing education results. Revenue fell 2% on the quarter, and adjusted EPS dipped 9% excluding currency impacts.The education unit (21% of fiscal 2016 revenue) led the firmwide quarterly top-line slide, driven by revenue declines of 31% and 14% in print and digital books, respectively (excluding foreign exchange impacts), that lag well behind our...
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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