Wolters Kluwer NV

WKL: XAMS (NLD)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	€921.00	Tfskl	Zlbtsckspr

Narrow-Moat Wolters Kluwer Tipping Along in Third Quarter

Michael Field

Oct 30, 2020

Narrow-moat Wolters Kluwer printed a solid nine-month update, with growth continuing in the third quarter in much the same way it did in the previous quarter. Underlying revenue growth stood at 2%. Wolters Kluwer continues to tick along, albeit at a slightly slower pace as a result of coronavirus-related challenges. For investors, however, faced with the choice of investing in this, or more highly exposed stocks, it is clear to see why Wolters Kluwer has seen its share price recover back to prepandemic levels in such a short period. At these levels however, we believe the shares don’t offer great value, relative to our EUR 53 fair value estimate.

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