Wolters Kluwer: Info Service Series: Tax in an AI world. The jewel in WK‘s tarnished crown & the key to its investment story

Research evidence excerpt

Wolters Kluwer: Info Service Series: Tax in an AI world. The jewel in WK‘s tarnished crown & the key to its investment story

J P M O R G A N Europe Equity Research

27 July 2026

Wolters Kluwer Overweight

WLSNc.AS, WKL NA

Info Service Series: Tax in an AI world. The jewel in Price (24 Jul 26):€62.38

WK’s tarnished crown & the key to its investment story Price Target (Dec-27):€87.00

European Media Wolters Kluwer Tax & Accounting is key to the WK investment story. We

estimate that it now underpins 68% of the current EV. Tax is a much better Daniel Kerven AC

business than the market thinks, and AI makes it even better. If you can get (44-20) 7134-3057

comfortable on tax then it de-risks the wider story. If you strip out the value daniel.kerven@jpmorgan.com

J.P. Morgan Securities plc

of WK tax then we estimate the rest of the business is trading on <5x 2027

Saira Das

NOPAT. Strip out tax and our run-off valuation for Health then by 2028 you

(91-22) 6157-3838

are being paid to own residual assets with €600m of growing NOPAT. saira.das@jpmchase.com

Wolters Kluwer is trading on just 8.7x 2027E earnings vs a forward multiple J.P. Morgan India Private Limited

of 28x a year ago and 22x for its US peers. If WK can re-iterate FY guidance Mathilde Jorgensen

at its H1 results and confirm an H2 acceleration in growth for Legal and Tax (44-20) 3493-4360

supported by the rollout and take up of AI enhanced services, then we see mathilde.jorgensen@jpmorgan.com

scope for a significant re-rating from a very depressed base - a 50% re-rating J.P. Morgan Securities plc

would still leave WK trading on just 13x 2027E earnings, a 40% discount to

Recent Notes:

its US peers!

WK: Upgrade to OW - Compelling valn, AI-

driven acceleration into 2027 and potential

LBO upside