Olies Koninklijke Olie, oftewel Shell
Flippen Philips
Unies Unilever
Klemmen KLM
Banken ABN (later ABN Amro)
Bieren Heineken
Elsen Elsevier
Natten Nationale-Nederlanden (voor de fusie met NMB-Postbank tot ING)
Middenbank NMB Bank
Ovens Hoogovens
Lithoos ASML
Wokkels Wolters Kluwer
'Cameltoe'
Soms wordt er voor nieuwe beursfondsen nog een afkorting bedacht. Zo wordt Gemalto ook wel 'Cameltoe' genoemd. Daaruit blijkt dat handelaren ondanks het feit dat ze achter schermen zitten toch nog lijken op de 'kwajongens' die ze vroeger op de beursvloer waren.
Bron https://www.rtl.nl/economie/beurs/artikel/3982276/beursjargon-flippen-olies-klemmen-en-wokkels
Wolters Kluwer
Returning cash to shareholders via increasing dividends and share buybacks. Shares outstanding:
2017 291m
2018 285m
2019 276m
2020 269m
2021 258m
2022 248m
2023 240m
2024 238m
2025 1/2 234m
Graham Defensive analysis based on Chapter 14 of The Intelligent Investor:
SECTOR: [PASS] Wolters Kluwer is an information services company.
SALES: [PASS] The investor must select companies of "adequate size". This includes companies with annual sales greater than €260 million. Wolter Kluwer's sales of €6 000 million, based on 2025 sales, pass this test.
CURRENT RATIO: [FAIL] The current ratio must be greater than or equal to 2. Companies that meet this criterion are typically financially secure and defensive. Wolter Kluwer's current ratio €2 614m/€3 671m of 0,7 is too low.
LONG-TERM DEBT IN RELATION TO NET CURRENT ASSETS: [FAIL] For industrial companies, long-term debt must not exceed net current assets (current assets minus current liabilities). Companies that do not meet this criterion lack the financial stability that this methodology likes to see. The long-term debt for Wolters Kluwer is €5 300 million, while the net current assets are - €1 000 million. Wolters Kluwer fails this test.
LONG-TERM EPS GROWTH: [PASS] Companies must increase their EPS by at least 30% over a ten-year period and EPS must not have been negative for any year within the last 5 years. Companies with this type of growth tend to be financially secure and have proven themselves over time. Wolter Kluwer's earnings per share grew 250% over the past 10 years.
Earnings Yield: [[FAIL] The Earnings/Price (inverse P/E) %, based on the lesser of the current Earnings Yield or the Yield using average earnings over the last 3 fiscal years, must be "acceptable", which this methodology states is greater than 6,5%. Stocks with higher earnings yields are more defensive by nature. Wolters Kluwer's E/P of 5 % (using this years Earnings) fails this test.
Graham Number value: [FAIL] The Price/Book ratio must also be reasonable. That is the Graham number value must be greater than the market price. Wolters Kluwer has a Graham number of √(15 x €4,8 EPS x 1,5 x €3,8 Book Value) = €23
EPS 5,3 * 15 = EUR 80
Dividend: €2,4/€104 = 2,4% (increasing)
Conclusion 2023: A wonderful company for investors. Conclusion 2024: A wonderful company for investors, price seems a bit high today at EUR 148 Conclusion 2025: A wonderful company for a fair price.
E-mail 20 augustus 2025Beste Heren,Graag wil ik hierbij jullie aandacht eens vestigen op Wolters Kluwer.Als firma natuurlijk niet onbekend, een gestage groeier (compounder?) van wie de koers echter in de loop van dit jaar fors gedaald is, van zo'n 170/180, maar 113/116.Alleen omdat Nancy McKinstry vertrekt? Lijkt me wat overdreven. Zonder haar kwaliteiten te kleineren, is dit bedrijf natuurlijk niet afhankelijk van e e n persoon, hoe briljant ook./De lage dollar? Speelt zeker een rol (60% van omzet in VS), maar er is wel eens eerder valutaire tegenwind geweest, en het gaat natuurlijk om translatie-verliezen.De balans? Inderdaad , fors uitgerekt na de overname van Bright Flag, maar ik ga ervan uit dat dat de komende paar jaar weer wordt ingelopen.Angst voor AI? Daar maakt WoKlu zelf ook steeds meer gebruik van.
SALES: [PASS] The investor must select companies of "adequate size". This includes companies with annual sales greater than €260 million. Wolter Kluwer's sales of €6 000 million, based on 2025 sales, pass this test.
CURRENT RATIO: [FAIL] The current ratio must be greater than or equal to 2. Companies that meet this criterion are typically financially secure and defensive. Wolter Kluwer's current ratio €2 614m/€3 671m of 0,7 is too low.
LONG-TERM DEBT IN RELATION TO NET CURRENT ASSETS: [FAIL] For industrial companies, long-term debt must not exceed net current assets (current assets minus current liabilities). Companies that do not meet this criterion lack the financial stability that this methodology likes to see. The long-term debt for Wolters Kluwer is €5 300 million, while the net current assets are - €1 000 million. Wolters Kluwer fails this test.
LONG-TERM EPS GROWTH: [PASS] Companies must increase their EPS by at least 30% over a ten-year period and EPS must not have been negative for any year within the last 5 years. Companies with this type of growth tend to be financially secure and have proven themselves over time. Wolter Kluwer's earnings per share grew 250% over the past 10 years.
Earnings Yield: [[FAIL] The Earnings/Price (inverse P/E) %, based on the lesser of the current Earnings Yield or the Yield using average earnings over the last 3 fiscal years, must be "acceptable", which this methodology states is greater than 6,5%. Stocks with higher earnings yields are more defensive by nature. Wolters Kluwer's E/P of 5 % (using this years Earnings) fails this test.
Graham Number value: [FAIL] The Price/Book ratio must also be reasonable. That is the Graham number value must be greater than the market price. Wolters Kluwer has a Graham number of √(15 x €4,8 EPS x 1,5 x €3,8 Book Value) = €23
Dividend: €2,4/€104 = 2,4% (increasing)
Beste Heren,
Graag wil ik hierbij jullie aandacht eens vestigen op Wolters Kluwer.
Als firma natuurlijk niet onbekend, een gestage groeier (compounder?) van wie de koers echter in de loop van dit jaar fors gedaald is, van zo'n 170/180, maar 113/116.
Alleen omdat Nancy McKinstry vertrekt? Lijkt me wat overdreven. Zonder haar kwaliteiten te kleineren, is dit bedrijf natuurlijk niet afhankelijk van e e n persoon, hoe briljant ook./
De lage dollar? Speelt zeker een rol (60% van omzet in VS), maar er is wel eens eerder valutaire tegenwind geweest, en het gaat natuurlijk om translatie-verliezen.
De balans? Inderdaad , fors uitgerekt na de overname van Bright Flag, maar ik ga ervan uit dat dat de komende paar jaar weer wordt ingelopen.
Angst voor AI? Daar maakt WoKlu zelf ook steeds meer gebruik van.
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