We expect a moderate, incremental pickup in top-line growth and operating margin for Wolters Kluwer.
Narrow-moat Wolters Kluwer published a decent set of first-half results with organic revenue growth of 4%, a material pickup from the 3% level delivered for the past three full fiscal years. Operating margins also picked up by 40 basis points and net debt/EBITDA fell to 1.7 times, down from 1.9 times at the end of 2017. As these numbers were broadly in line with our full-year expectations, we do not expect to make any material changes to our forecasts or to our EUR 44.50 fair value estimate. We ...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.
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.
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