威科集团 模型更新 - 微调

研报英文原文证据摘录

J P M O R G A N

Europe Equity Research

05 August 2026

Wolters Kluwer

Model Update - fine tuning

Overweight

WLSNc.AS, WKL NA

Price (05 Aug 26):€70.42

Price Target (Dec-27):€87.00

We make minor adjustments, mostly FX, to our model following the H1 results,

with no change to our FY forecasts. Wolters Kluwer trades on 10.3x 2027E

earnings on an ex dividend basis, a 39% discount to RELX and a 52% discount to

US info services peers.

European Media

Daniel Kerven AC

(44-20) 7134-3057

Mathilde Jorgensen

(44-20) 3493-4360

J.P. Morgan Securities plc

Specialist Sales contact details:

Scott Silver - Specialist Sales European TMT

(44-20) 7134-0412

Key Changes (FYE Dec)

Cash & Cash Equivalents - 27E (€ mn)

Adj. P/E - 26E

Adj. net income - 26E (€ mn)

Adj. EBIT - 26E (€ mn)

Adjusted EBITA - 26E (€ mn)

Adj. EBITDA - 26E (€ mn)

Prev

1,343

12.5

1,262

1,764

2,117

Cur Δ

1,342 -0.1%

12.4 -0.1x

1,263 0.1%

1,765 0.0%

2,118 0.0%

Style Exposure

Sources for: Style Exposure – J.P. Morgan Global Markets Strategy; all other tables are company data and J.P. Morgan estimates.