Added to YB: 2026-08-27
Pitch date: 2026-08-18
WKL.AS [neutral]
Wolters Kluwer N.V.
-0.72%
current return
Author Info
DB_Silver_Fox is a CFO and value investor interested in: European & US hidden champions, simple and effective business models, and US Banks. Sign up for the newsletter.
Company Info
Wolters Kluwer N.V. provides information, software solutions, and services for professionals in the Netherlands, rest of Europe, the United States, Canada, the Asia Pacific, and internationally.
Market Cap
EUR 16.0B
Pitch Price
EUR 69.54
Price Target
N/A
Dividend
3.51%
EV/EBITDA
10.01
P/E
12.22
EV/Sales
3.28
Sector
Professional Services
Category
value
DB_Silver_Fox | Portfolio update as of 11.08.2026 - Wolters Kluwer N.V.
WKL.AS (hold): Author holds on view that at ~€70/share the stock is quite de-risked from potential AI threats (author personally thinks AI will help WKL.AS on a net basis) and from value destruction from prior buybacks above intrinsic value; over 5 years the company generated ~€7.7bn CFO from operations (capex/acquisitions ~38%, dividends ~30%, leaving ~32% discretionary), but management bought back ~€4.5bn of shares (58% of CFO) with the biggest buybacks at the highest prices (above €100/share), which author calls imprudent capital allocation that doubled net debt; author says at current prices buying shares is a good decision but the company should focus on reducing leverage and shift to a more conservative capital-allocation strategy. Risk: management may not use AI fears to accumulate shares below intrinsic value, as psychological scars from prior above-intrinsic-value acquisitions may prevent capitalizing on the opportunity.
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