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John Wiley & Sons Inc Class A WLY Stock Quote

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Morningstar‘s Stock Analysis WLY

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Is it the right time to buy or sell?

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Wiley’s Shares Attractive Despite a Slow Start to Fiscal 2023 as Student Enrollments Lag

Zain Akbari, CFA Equity Analyst

Analyst Note

| Zain Akbari, CFA |

We plan to reduce our $56 per share valuation of wide-moat Wiley by a mid- to high-single-digit percentage after it posted first-quarter (ended July 31) earnings that suggest more pressure on student enrollments than we expected. While the period is seasonally small and performance should improve through the rest of the year, we expect a low-single-digit percentage reduction in our $3.84 full-year adjusted EPS target. Still, our long-term forecast is intact (mid-single-digit percentage top-line growth, roughly 20% adjusted EBITDA margins) as Wiley should be able to capitalize on long-term demand for research and education services from corporate and academic clients. We believe Wiley’s advantaged place in the learning economy justifies a higher valuation than the current trading price and see the low-double-digit percentage decline in trading after the news as disproportionate. We see a buying opportunity for patient investors willing to endure near-term turbulence.

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Key Statistics WLY

Company Profile WLY

Business Description

John Wiley & Sons is one of the foremost global providers of academic journals, books, pre- and post-hire assessments and training, test preparation materials, and online education program management solutions. Wiley derived more than 80% of its total fiscal 2022 revenue from digital products and tech-enabled services, with just over half of the total top line coming from its research publishing and platforms segment, 31% from its academic and professional learning effort, and 16% from its education services unit. Around half of revenue recorded in fiscal 2022 was derived from customers in the United States. The company has a dual-class share ownership structure, with Wiley family members controlling about 60% of the voting power of the firm’s equity.

111 River Street
Hoboken, NJ, 07030
T +1 201 748-6000
Industry Publishing
Most Recent Earnings Jul 31, 2022
Fiscal Year End Apr 30, 2023
Employees 9,500

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