Wolters Kluwer NV

WKL: XAMS (NLD)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	€556.00	Cjq	Bjghhwty

Narrow-Moat Wolters Kluwer's Strong Run Continues Into Second Quarter

Michael Field

Aug 3, 2022

Narrow-moat Wolters Kluwer published a strong first-half update, with organic revenue up 7% year over year and operating profit ticking up ahead of this, highlighting the level of operating leverage inherent in the business model. With a strong six months behind it, management is upgrading its full-year guidance around operating profit and EPS growth a touch. Although we expect to adjust our near-term estimates on the back of this update, we do not expect this to have a material impact on our EUR 68 fair value estimate. At these levels we believe the shares are overvalued.

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