Wolters Kluwer
Date de l'analyse:13/03/2017 Cours: 38.075 EUR Nb d'actions: 287 699 000 (plus 14 198 000 treasury shares that I don't include) Market cap: 10 954 139 000 EUR Net debt: 1 927 000 000 EUR EV: 12 881 139 000 EUR Business From the annual report 2016: " Wolters Kluwer provides essential information, software, and services to doctors, nurses, accountants, lawyers, and audit, compliance, and regulatory professionals. We enable our customers to provide worldclass service and maximize their potential." Having started the shift from the paper based information distribution to a software company a few years ago, they are successfully replacing and even outpacing the legacy paper based business with software. Digitial and services represent now 85% of the revenues of the portfolio. 77% of the revenues are recurring. They grow organically in the low single digit area, and they also grow by acquisition. The strategy consists of buying software comp...