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Investing.com - Bernstein SocGen Group has resumed coverage on Wolters Kluwer (AS:WLSNc) NV (AS:WKL) (OTC:WTKWY) with a Market Perform rating and a price target of EUR160.00.
The research firm’s analysis places Wolters Kluwer within what it calls a "Crème de la Crème" benchmark of best-in-class stocks, which typically trade in a 3.0-4.0% free cash flow yield range.
Bernstein indicates this valuation framework leads directly to its EUR160 price target for the information services company.
The firm acknowledges potential CEO transition risk but states it has not formally incorporated this factor into its price target calculations, noting that a -20% relative drawdown would equate to a 90 basis point increase in weighted average cost of capital (WACC).
Bernstein believes the CEO transition risk will "fully subside only at CEO transition," which underpins its Market Perform rating on Wolters Kluwer stock.
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