Wolters Kluwer NV

WKL: XAMS (NLD)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	€851.00	Zqcqt	Mzzvbpmg

Narrow-Moat Wolters Kluwer Back on Track in Q1

Michael Field

May 5, 2021

Narrow-moat Wolters Kluwer published a strong first-quarter update. Organic revenue growth bounced back to its pre-pandemic 4% level, and while one might assume that this was against easy comparatives, looking back at the first quarter of 2020 the impact of the pandemic had not yet begun to affect the business in any meaningful way. The company reiterated its full-year guidance, and we do not expect to make any material changes to our forecasts on the back of this update. We reiterate our EUR 53 fair value estimate. At these levels we do not believe that the shares offer good value.

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