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Wolters Kluwer NV

WKL: XAMS (NLD)

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Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	€662.00	Bhsl	Mhjmbqys

Narrow-Moat Wolters Opens the Book Strongly in 2022

May 4, 2022

Narrow-moat Wolters Kluwer printed a solid first quarter, with organic revenue growth of 8% and full-year guidance reaffirmed. While inflation hit staff costs over the period, this was more than compensated for by the effects of operational gearing as volume ramped up in a number of key areas. Having recently adjusted our near-term forecasts, we do not expect to make any material adjustments to our numbers on the back of this update. We reiterate our EUR 61 fair value estimate and believe the shares sit firmly in overvalued territory.

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