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Analyse aandeel Wolters Kluwer

Wolters Kluwer bedient diverse nichemarkten waar weinig andere aanbieders zijn. Als gevolg hiervan zijn de prijzen bij de grote spelers meer rationeel. (Engelstalig rapport)

Liang Feng 16 mei, 2014 | 16:04

INVESTMENT THESIS

Wolters Kluwer has historically served as a leading print publisher of professional information materials in the legal and regulatory, tax and accounting, health, and financial sectors. However, the emergence of electronic platforms displaced print demand and necessitated a shift in the firm's focus, as print sales have declined by more than 5% annually over the past five years. In reaction, Wolters allocated approximately 8%-10% of annual revenue to develop new digital products, and has spent over EUR 2 billion net on acquisitions over the past decade to build its digital and services capabilities.

However, the transition has not been entirely seamless. Wolters is still a leader in the digital information industry, as the company owns leading publishing brands, and benefits from extensive relationships with both institutional clients and industry insiders. However, the digital transition has diminished the importance of publishing brands, in our view, and has created an opening for competitors with lesser publishing brands (or those with none at all) to gain ground in the space, by developing innovative software solutions and services. Despite the company’s large investments, for instance, it generated less ordinary EBITA in 2013 than it did in 2001, and electronic revenue growth has struggled to outpace print declines, resulting in tepid organic sales during much of this period.

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Effecten genoemd in dit artikel

Naam effectPrijsChange (%)Morningstar Rating
Wolters Kluwer NV68,86 EUR-1,37

Over de auteur

Liang Feng  

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