Wolters Kluwer NV Company Update: 1H Preview

研报英文原文证据摘录

Wolters Kluwer NV Company Update: 1H Preview

Deutsche Bank

Research

Rating Company Date

Buy Wolters Kluwer NV 2 July 2026

Company Update

Europe

Netherlands

Reuters Bloomberg Exchange Ticker Price at 30 Jun 2026 (EUR) 56.44

WLSNc.AS WKL NA AEX WLSNc

Price Target (EUR) 100.00

Media and Online

ADR ISIN 52-week range (EUR) 141.10 - 55.82

Publishing

WTKWY US9778742059

1H Preview

Valuation & Risks

Steve Liechti

We preview 1H figures (to June) due 5 Aug. We expect similar trends to 1Q,

Research Analyst

subject to quarterly volatility in some areas, with LFL revenue growth expected +44-20-7541-1549

by WKL to build through the year. We forecast higher 1H margin yoy as new opex/

New Product Development (NPD) investment skews to 2H. Beyond current Silvia Cuneo

trading and a view on discretionary spend vs subscription, we would like to hear

+44-20-754-73770

more on tech/AI initiatives driving growth and consolidating the competitive/

defensive data and embedded services led moat. Buy – we see sustainable and Tarun Mittal

defensive MSD/HSD LFL revenue growth and strong margin/cashflow at a low Research Associate

valuation post the recent derating. PT EUR100 (unchanged).

Shrishti Shubham

FY26 guidance/forecasts. WKL does not guide to FY group LFL revenue (we Research Associate

forecast +5.6%) but gives detail by division, with adj group OP margin target c.

28.0% (FY25 27.5%) vs our forecast 27.9% (allowing for higher NPD vs lower Annabel Hames

restructuring) and adj FCF EUR1300-1350m, with HSD FD adj EPS growth – we Research Analyst

forecast EUR5.56 (+5%). We forecast average £/EUR FX at 1.17 for the year vs the +44-20-754-11574

current rate at c. 1.14 implying possible 2H/FY upside (mark to market in 2H implies

c. +1% to EPS). Price/price relative

1H26E group forecasts.