Wolters Kluwer raised its FY21e guidance on the back of very solid H1 21 results, with robust FCF generation and improved operating trends across all divisions and geographies.
Companies: Wolters Kluwer NV
Wolters Kluwer published a very solid Q1 trading update with reassuring operating trends despite the tough pandemic context. The FY21e guidance is reiterated.
Wolters Kluwer published solid FY20 results, with revenues up 2% organically (in line) at €4,603m, and higher than expected adjusted OP (€1,124m, i.e. a 24.4% margin vs. 23.6% a year earlier). Proposed FY dividend is above street estimates and ours at €1.36 (AV at €1.26). The completed €350m share buy-back programme is complemented by a new one of up to €350m.
Conservative but still sound FY21e guidance with the adjusted operating margin seen at 24.5-25%, above our earlier expectations.
Wolters Kluwer released a reassuring 9 month trading statement with revenues up 3% organically year-to-date (+2% reported) and adjusted OP up by 17% at CER.
The FY20e guidance remains suspended due to the COVID-19 context.
A pretty sound update overall, even if caution was reiterated for Q4 20e due to the current uncertain economic environment.
No major changes anticipated to our forecasts.
Wolters Kluwer released solid H1 20 results with revenues up 3% organically at €2,294m, in line with expectations, and above expected adjusted OP (€577m, i.e. a 25.2% margin compared to 25.2% a year earlier).
Adjusted net profit at €426m (+21%) and interim dividend raised from €0.39 to €0.47. The FY20e guidance remains suspended due to the COVID-19 context.
Globally, the very good set of results is likely to be share-price supportive, with forecasts and target price expected to be upgraded.
Reporting its Q1 20 Trading Update, Wolters Kluwer confirmed +4% organic revenue growth, driven by recurring revenues (+5%; 82% total group) while non-recurring decreased by 2% (COVID-19 impact from mid-March). Operating margin was up 110bp.
Due to the COVID-19, the FY20 guidance is nonetheless suspended. Despite resilience expected for digital & services subscriptions, new sales are obviously more difficult and some postponements are expected, while transactional products are likely to be wea
Wolters Kluwer reported solid FY19 results in line or slightly above expectations. Sound organic revenue growth at +4%, driven by digital & services (+6%), and an adjusted operating margin above guidance at 23.6%. Adjusted EPS up 11% at CER and the proposed dividend above street estimates (€1.18). A €350m share buy-back programme was announced.
Sound FY20e guidance with adjusted operating margin anticipated at 23.5-24% and mid-to-high single-digit growth in diluted adjusted EPS at CER.
Wolters Kluwer reported globally in line 9 months 2019 trends, with consolidated revenues up 4% organically (in line with H1 19) and adjusted OP down, as guided for last July (-1% at CER).
Positively, the FY19e guidance was reiterated, i.e. another year of good organic revenue growth across the board with the operating margin now anticipated to be at the top-end of the 23-23.5% range.
Only some fine-tunings to our forecasts with a likely reiterated Reduce recommendation due to the stretched va
Wolters Kluwer reported satisfactory H1 19 trends, with revenues up 4% organically (in line with Q1 19) and adjusted OP up 9% to €497m (flat margin: 22.5%). The adjusted net profit was €351m (+17%), while diluted adjusted EPS reached €1.28 (+21%; +9% at CER).
Positively, the FY19 guidance was reiterated, i.e. another year of good organic revenue growth across the board with the operating margin improving to 23-23.5%.
Results globally in line with only minor impacts likely on our forecasts.
Wolters Kluwer reported satisfactory trends for Q1 19, with revenues up 4% organically and an “improved” adjusted operating margin.
The FY19 guidance is reiterated, i.e. another year of good organic revenue growth across the board as well as an incremental operating margin improvement (anticipated at between 23% and 23.5%). Note that the latter is targeted to “decline modestly” in H1 19 due to the phasing of revenues and costs.
No major change to our forecasts.
Wolters Kluwer reported FY18 results globally in line with expectations, with satisfactory financial metrics as expected.
The guidance for FY19e is for another year of good organic revenue growth across the board as well as incremental operating margin improvement (to between 23% and 23.5%).
The main priority from now is on expert solutions (where margins are much more attractive than in traditional information products), extending the offering and broadening distribution, including partnersh
Wolters Kluwer’s 9M18 trading statement showed continued single digit organic growth albeit more than offset by an adverse FX impact, especially concerning the USD. Operating profit also improved but included one-time benefits in H1 and accrual releases in Q3 (no figures available) meaning that there is no extrapolable trend. FY18 guidance was confirmed.
In a Q1 18 trading update, Wolters Kluwer reported mainly positive developments:
? Q1 18 revenue down 8% yoy but up 2% at constant currencies and up 4% organically.
? Q1 18 adjusted operating profit margin up slightly.
? Q1 18 adjusted free cash flow declined slightly and the net debt/EBITDA ratio was 1.4x as of 31 March 2018.
? Share buy-back programme on track: €200m executed as of 7 May 2018 and it signed a third-party mandate committing the company to a further €100m in repurchases by 30
Wolters Kluwer reported FY17 results globally in line with expectations. The guidance for FY18e is for diluted adjusted EPS rising by 10-15% at CER, with an adjusted operating margin anticipated at 22.5-23% (compared to 22.2% in FY17 under IFRS15). Minor upward adjustments made to our forecasts and a Reduce recommendation reiterated as our valuation metrics are currently still a bit stretched.
After a modest H1 17 organic top-line growth rate (+2%; was +3% in H1 16), Wolters Kluwer reported a satisfactory 9-months trading statement, highlighting a +3% organic top-line performance compared to +2% a year earlier (revenues up 5% at CER as well as on a reported basis). The adjusted operating profit is said to be up 10% at CER (i.e. a “solid margin increase”; no other details are communicated at this stage of the year), supported by continuing costs efficiency measures and as the group is
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