Analyse aandeel Reed Elsevier

Reed Elsevier heeft een structurele verdediging tegen concurrenten, omdat het met zijn wetenschappelijke, technische, medische en juridische uitgaven opereert op een oligopolistische markt. (rapport in het Engels)

Philip Gorham 06 januari, 2015 | 14:49

INVESTMENT THESIS

We think Reed Elsevier is a solid business. Around 80% of its operating profit is generated in markets that we think provide natural defenses against competition. We also approve of the strategy to shed no-growth or structurally disadvantaged businesses, as we believe this has the potential to improve the company's long-term competitive positioning.

Three of Reed Elsevier's five business segments have attractive long-term top-line drivers. In the scientific, technical and medical segment, those drivers include aging populations in developed economies and rising prosperity in developing economies, as well as governments' financial incentive to invest in research and development to improve the health of their people. The risk solutions segment is benefiting from an increased focus on risk management in the aftermath of the financial crisis, particularly in the financial services sector. The implementation of Basel III shows that operational risk as well as financial risk is coming under the scrutiny of regulators. This increased regulatory intensity is part of a broader trend that should provide a tailwind for the legal segment. The number of lawyers globally is on an upward trend as a result of increasing legislation and litigation. For example, in the U.S. (the legal segment's largest market), the number of lawyers increased 5.4% between 2010 and 2013 versus an increase in the general population of just 2.5% over the same period, according to the American Bar Association.

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Philip Gorham  

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