Increasing FVE for Narrow-Moat Wolters Kluwer to EUR 41 From EUR 38
We are upgrading our fair value estimate for Wolters Kluwer to EUR 41 from EUR 38, accounting for time value of money changes and a modest upgrade to our revenue and operating margin assumptions. We retain our narrow moat rating for the stock, and now see modest upside from the prevailing share price.A slight abatement of global economic headwinds and strong momentum during 2016 in key divisions, such as health and tax and accounting, have led us to upgrade our group revenue assumptions over o...
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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