Solid 2Q Driven by Solutions Leaves Outlook Unchanged for Wiley; Shares Fairly Valued
We do not plan to make a large change to our $57 fair value estimate for wide-moat John Wiley after the firm posted second-quarter results. While foreign exchange pressures have led to a 3% decline in year-to-date sales (revenue is flat excluding currency), we anticipate second-half contributions from recently closed acquisitions as well as the benefit of a shift to time-based journal subscriptions to move top-line growth near our 2% full-year estimate. The 13% first-half operating margin is in ...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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