Wolters Kluwer

Wolters Kluwer

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100628 Wolters Kluwer - $urprise, $urprise? 100628 Wolters Kluwer - $urprise, $urprise?

On top of the positive triggers we indentified in our in-depth study of 30 March 2010, the strength of the US Dollar has added an additional positive element. This has caused us to revise our estimates upward. We reiterate our positive stance.

090506 Wolters Kluwer - 2009Q1 trading update 090506 Wolters Kluwer - 2009Q1 trading update

2009Q1 trading update.

080610 Wolters Kluwer - idle hope 080610 Wolters Kluwer - idle hope

ABN Amro today published a study on Reed Elsevier in which it once again speculated on a
renewed merger attempt between Reed and Wolters Kluwer.

081106 Wolters Kluwer - No Growth, No Glory 081106 Wolters Kluwer - No Growth, No Glory

2008 Trading Update: No Growth, No Glory?

091110 Wolters Kluwer - strategy update: more of the same 091110 Wolters Kluwer - strategy update: more of the same

Strategy update: more of the same.

100330 Wolters Kluwer - tiptoeing across the tipping point 100330 Wolters Kluwer - tiptoeing across the tipping point

Wolters Kluwer's electronic sales now account for more than 52% of overall sales. This implies that the tipping point has been reached: the activities with the highest renewal rates and margins now outweigh the mature and mostly lower margin off-line activities. The fact that this has not reflected in 2009 margins is because the company's activities with the highest contribution margins (transaction-based products and advertising) came under pressure as a result of the economic downturn. In addition to the tipping point element, Wolters Kluwer's cyclical nature will add an additional catalyst in a recovery scenario. In addition to being a defensive stock, this makes the company even a bit of a cyclical play.

090306 Wolters Kluwer - wrap-up 08FY analysts meeting 090306 Wolters Kluwer - wrap-up 08FY analysts meeting

Wrap-up 08FY analysts meeting.

110705 Wolters Kluwer - The Health Factor 110705 Wolters Kluwer - The Health Factor
















No. pages 69
Description

 

Slightly over one year ago, we published an in-depth study on Wolters Kluwer in which we concluded that the
company’s changing revenue mix would establish solid basis for higher organic growth and margins going forward.
However, we kept our reservations with regard to the prospects for its Health & Pharma division. Thanks to a number
of factors, especially relating to the US health sector,it looks as if this ugly duckling is about to turn into a beautiful
swan. The stock no longer deserves to trade at a discount to its peers.
Slightly over one year ago, we published an in-depth study on Wolters Kluwer in which we concluded that thecompany’s changing revenue mix would establish solid basis for higher organic growth and margins going forward.However, we kept our reservations with regard to the prospects for its Health & Pharma division. Thanks to a numberof factors, especially relating to the US health sector,it looks as if this ugly duckling is about to turn into a beautifulswan. The stock no longer deserves to trade at a discount to its peers.

 
Contents

1. Introduction
2. Demographics and Health
2.1. Ageing population in developed countries
2.2. Ageing and healthcare costs
2.3. Healthcare costs also boosted by inefficiencies and medical errors
2.4. Healthcare costs: conclusions
3. Health Information Technology
3.1. General
3.2. Electronic Health Records (EHRs)
3.3. Computerised Physician Order Entry (CPOE)
3.4. HIT: implementation costs major hurdle
4. Health Legislation as a Driver
4.1. Federal budgets in place
4.2. Meaningful Use
4.3. Federal aid not the only driver
4.4. Government proof
5. CDS: Market, Players and Focus Areas
5.1. Nascent market
5.2. Estimated market size
5.3. Who are the players in this market?
5.4. Competitive strengths
6. WK Health's Growth Prospects
6.1. Market drivers
6.2. Clinical Solutions: the division's growth jewel
6.3. Significant impact on margins
7. Estimates and Valuation
8. Summary and Conclusions
Appendix 1: Medical/Health Publishing: Global Market Shares
Appendix 2: Wolters Kluwer Health & Pharma Division
Appendix 3: Wolters Kluwer Clinical Solutions: Four Focus Areas
Appendix 4: Research Illustrating CDS Tools Are Effective
Appendix 5: Healthcare Spending and Life Expectancy at Birth

110718 Wolters Kluwer - Seeking expansion in CFS 110718 Wolters Kluwer - Seeking expansion in CFS


















No. pages 10
Description

 

Wolters Kluwer’s name popped up as a potential acquirer of Lombard Risk Management, a UK-based company
specialised in compliance and risk software tools. Depending on the takeover price Wolters Kluwer may be prepared
to pay, a deal would make sense in our view for it will help the company to further benefit from the growth
opportunities offered by the implementation of Solvency 2 and Basel 3. Although LRM is relatively small, it will also
help to lift the share of electronic revenues in relation to overall sales and therefore underpin organic growth going
forward.
Wolters Kluwer’s name popped up as a potential acquirer of Lombard Risk Management, a UK-based company specialised in compliance and risk software tools. Depending on the takeover price Wolters Kluwer may be prepared to pay, a deal would make sense in our view for it will help the company to further benefit from the growth opportunities offered by the implementation of Solvency 2 and Basel 3. Although LRM is relatively small, it will also help to lift the share of electronic revenues in relation to overall sales and therefore underpin organic growth going forward.

 


 
Contents

  • FRS Global has appetite for Lombard Risk Management
  • No real surprise
  • Wolters Kluwer’s CFS division
  • Lombard Risk Management
  • Competition
  • Rationale
  • LRM shareholders: cash is king
  • Conclusions
​

110908 Wolters Kluwer | (Health) Food for Thought 110908 Wolters Kluwer | (Health) Food for Thought

No. pages 20
Description Recent data released by two independent research firms offer further support to our positive bias towards the Clinical Solutions market. We believe that Wolters Kluwer is best positioned to benefit from the expected growth in this market thanks to its dominant share in the Clinical Decision Support tools segment in particular. In this note we also assess the intended disposal of the Pharma Solutions assets.
Contents
  • Summany and Conclusions
  • Global Health IT-spending USD162.2bn in 2015
  • US growth outpacing global growth
  • HIT penetration still low
  • Best Western best positioned to benefit from this
  • What has changed since our in-depth study?
  • What exactly is for sale?
  • Risk of disposal loss seems limited
  • What does this mean for our estimates?
  • Our estimates are significantly ahead of street consensus
  • Share price near post Lehman lows
  • Summary and conclusions

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