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Wolters Kluwer Sees Slight FY23 Beat, Guides For Stable FY24

TECHNOLOGY



  • FY results look like broadly in-line on Revenue (-0.2% vs. consensus) with a slight beat on adj-Op Income (by 1.5%) and adj-EPS (by 3.4%).
  • Net EBITDA leverage came in at 1.5x (from 1.3x at FY22) while adj-FCF of EUR 1.2bn was in-line with consensus (-2% YoY). Target of ~2.5x still seen as appropriate.
  • Expects “good organic growth” in line with FY23, improved op margins (from H2) and stable FCF though slower growth in bottom line EPS. CapEx/Revenue also expected to remain at upper end of 5-6% target.
  • Spreads muted.

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