Intrinsic value of John Wiley&Sons Cl A - JW-A

Previous Close

$66.00

  Intrinsic Value

$56.80

stock screener

  Rating & Target

hold

-14%

Previous close

$66.00

 
Intrinsic value

$56.80

 
Up/down potential

-14%

 
Rating

hold

We calculate the intrinsic value of JW-A stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2017), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 3.8

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  1,753
  1,794
  1,840
  1,892
  1,949
  2,012
  2,080
  2,155
  2,234
  2,320
  2,412
  2,510
  2,614
  2,725
  2,842
  2,967
  3,099
  3,238
  3,385
  3,541
  3,705
  3,878
  4,061
  4,253
  4,455
  4,669
  4,893
  5,129
  5,378
  5,639
Variable operating expenses, $m
  1,559
  1,590
  1,627
  1,667
  1,712
  1,762
  1,816
  1,874
  1,937
  2,004
  1,895
  1,972
  2,054
  2,141
  2,233
  2,331
  2,435
  2,544
  2,660
  2,782
  2,911
  3,047
  3,191
  3,342
  3,501
  3,668
  3,844
  4,030
  4,225
  4,430
Fixed operating expenses, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  1,559
  1,590
  1,627
  1,667
  1,712
  1,762
  1,816
  1,874
  1,937
  2,004
  1,895
  1,972
  2,054
  2,141
  2,233
  2,331
  2,435
  2,544
  2,660
  2,782
  2,911
  3,047
  3,191
  3,342
  3,501
  3,668
  3,844
  4,030
  4,225
  4,430
Operating income, $m
  195
  203
  213
  224
  237
  250
  265
  281
  298
  316
  517
  538
  560
  584
  609
  636
  664
  694
  725
  759
  794
  831
  870
  911
  955
  1,000
  1,049
  1,099
  1,152
  1,208
EBITDA, $m
  585
  598
  614
  631
  650
  671
  694
  719
  745
  774
  804
  837
  872
  909
  948
  989
  1,033
  1,080
  1,129
  1,181
  1,236
  1,293
  1,354
  1,418
  1,486
  1,557
  1,632
  1,711
  1,793
  1,881
Interest expense (income), $m
  16
  20
  21
  24
  26
  28
  31
  35
  38
  42
  46
  50
  55
  60
  65
  70
  76
  83
  89
  96
  104
  112
  120
  129
  138
  147
  158
  168
  180
  192
  204
Earnings before tax, $m
  175
  182
  190
  198
  208
  219
  230
  243
  256
  270
  467
  483
  501
  519
  539
  559
  581
  605
  629
  655
  682
  711
  742
  774
  807
  843
  880
  919
  961
  1,004
Tax expense, $m
  47
  49
  51
  54
  56
  59
  62
  66
  69
  73
  126
  130
  135
  140
  145
  151
  157
  163
  170
  177
  184
  192
  200
  209
  218
  228
  238
  248
  259
  271
Net income, $m
  128
  133
  139
  145
  152
  160
  168
  177
  187
  197
  341
  353
  365
  379
  393
  408
  424
  441
  459
  478
  498
  519
  541
  565
  589
  615
  642
  671
  701
  733

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  2,661
  2,722
  2,792
  2,870
  2,957
  3,053
  3,157
  3,269
  3,391
  3,521
  3,660
  3,808
  3,967
  4,135
  4,313
  4,502
  4,702
  4,914
  5,137
  5,373
  5,622
  5,885
  6,162
  6,454
  6,761
  7,084
  7,425
  7,783
  8,160
  8,557
Adjusted assets (=assets-cash), $m
  2,661
  2,722
  2,792
  2,870
  2,957
  3,053
  3,157
  3,269
  3,391
  3,521
  3,660
  3,808
  3,967
  4,135
  4,313
  4,502
  4,702
  4,914
  5,137
  5,373
  5,622
  5,885
  6,162
  6,454
  6,761
  7,084
  7,425
  7,783
  8,160
  8,557
Revenue / Adjusted assets
  0.659
  0.659
  0.659
  0.659
  0.659
  0.659
  0.659
  0.659
  0.659
  0.659
  0.659
  0.659
  0.659
  0.659
  0.659
  0.659
  0.659
  0.659
  0.659
  0.659
  0.659
  0.659
  0.659
  0.659
  0.659
  0.659
  0.659
  0.659
  0.659
  0.659
Average production assets, $m
  2,090
  2,138
  2,193
  2,255
  2,323
  2,398
  2,480
  2,568
  2,663
  2,766
  2,875
  2,992
  3,116
  3,248
  3,388
  3,537
  3,694
  3,860
  4,036
  4,221
  4,417
  4,623
  4,840
  5,070
  5,311
  5,565
  5,832
  6,114
  6,410
  6,721
Working capital, $m
  -93
  -95
  -98
  -100
  -103
  -107
  -110
  -114
  -118
  -123
  -128
  -133
  -139
  -144
  -151
  -157
  -164
  -172
  -179
  -188
  -196
  -206
  -215
  -225
  -236
  -247
  -259
  -272
  -285
  -299
Total debt, $m
  398
  436
  479
  527
  581
  639
  703
  772
  847
  927
  1,013
  1,104
  1,201
  1,305
  1,414
  1,531
  1,654
  1,784
  1,921
  2,066
  2,220
  2,381
  2,551
  2,731
  2,920
  3,119
  3,328
  3,548
  3,780
  4,024
Total liabilities, $m
  1,636
  1,674
  1,717
  1,765
  1,819
  1,878
  1,941
  2,011
  2,085
  2,165
  2,251
  2,342
  2,439
  2,543
  2,653
  2,769
  2,892
  3,022
  3,159
  3,305
  3,458
  3,619
  3,790
  3,969
  4,158
  4,357
  4,566
  4,787
  5,018
  5,262
Total equity, $m
  1,024
  1,048
  1,075
  1,105
  1,139
  1,175
  1,215
  1,259
  1,305
  1,355
  1,409
  1,466
  1,527
  1,592
  1,661
  1,733
  1,810
  1,892
  1,978
  2,069
  2,165
  2,266
  2,372
  2,485
  2,603
  2,727
  2,859
  2,997
  3,142
  3,294
Total liabilities and equity, $m
  2,660
  2,722
  2,792
  2,870
  2,958
  3,053
  3,156
  3,270
  3,390
  3,520
  3,660
  3,808
  3,966
  4,135
  4,314
  4,502
  4,702
  4,914
  5,137
  5,374
  5,623
  5,885
  6,162
  6,454
  6,761
  7,084
  7,425
  7,784
  8,160
  8,556
Debt-to-equity ratio
  0.390
  0.420
  0.450
  0.480
  0.510
  0.540
  0.580
  0.610
  0.650
  0.680
  0.720
  0.750
  0.790
  0.820
  0.850
  0.880
  0.910
  0.940
  0.970
  1.000
  1.030
  1.050
  1.080
  1.100
  1.120
  1.140
  1.160
  1.180
  1.200
  1.220
Adjusted equity ratio
  0.385
  0.385
  0.385
  0.385
  0.385
  0.385
  0.385
  0.385
  0.385
  0.385
  0.385
  0.385
  0.385
  0.385
  0.385
  0.385
  0.385
  0.385
  0.385
  0.385
  0.385
  0.385
  0.385
  0.385
  0.385
  0.385
  0.385
  0.385
  0.385
  0.385

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  128
  133
  139
  145
  152
  160
  168
  177
  187
  197
  341
  353
  365
  379
  393
  408
  424
  441
  459
  478
  498
  519
  541
  565
  589
  615
  642
  671
  701
  733
Depreciation, amort., depletion, $m
  390
  395
  400
  406
  413
  421
  429
  438
  447
  458
  287
  299
  312
  325
  339
  354
  369
  386
  404
  422
  442
  462
  484
  507
  531
  557
  583
  611
  641
  672
Funds from operations, $m
  518
  528
  539
  551
  565
  581
  597
  615
  634
  655
  628
  652
  677
  704
  732
  762
  794
  827
  863
  900
  940
  981
  1,025
  1,072
  1,120
  1,172
  1,226
  1,283
  1,342
  1,405
Change in working capital, $m
  -2
  -2
  -2
  -3
  -3
  -3
  -4
  -4
  -4
  -5
  -5
  -5
  -6
  -6
  -6
  -7
  -7
  -7
  -8
  -8
  -9
  -9
  -10
  -10
  -11
  -11
  -12
  -13
  -13
  -14
Cash from operations, $m
  520
  530
  541
  554
  568
  584
  601
  619
  639
  660
  633
  657
  683
  710
  738
  769
  801
  835
  871
  909
  949
  991
  1,035
  1,082
  1,131
  1,183
  1,238
  1,295
  1,356
  1,419
Maintenance CAPEX, $m
  -205
  -209
  -214
  -219
  -225
  -232
  -240
  -248
  -257
  -266
  -277
  -287
  -299
  -312
  -325
  -339
  -354
  -369
  -386
  -404
  -422
  -442
  -462
  -484
  -507
  -531
  -557
  -583
  -611
  -641
New CAPEX, $m
  -42
  -48
  -55
  -62
  -68
  -75
  -82
  -88
  -95
  -102
  -109
  -117
  -124
  -132
  -140
  -148
  -157
  -166
  -176
  -185
  -196
  -206
  -217
  -229
  -241
  -254
  -267
  -281
  -296
  -311
Cash from investing activities, $m
  -247
  -257
  -269
  -281
  -293
  -307
  -322
  -336
  -352
  -368
  -386
  -404
  -423
  -444
  -465
  -487
  -511
  -535
  -562
  -589
  -618
  -648
  -679
  -713
  -748
  -785
  -824
  -864
  -907
  -952
Free cash flow, $m
  273
  273
  272
  273
  274
  277
  279
  283
  286
  291
  247
  253
  259
  266
  273
  281
  290
  299
  309
  320
  331
  343
  355
  369
  383
  398
  414
  430
  448
  467
Issuance/(repayment) of debt, $m
  33
  38
  43
  48
  54
  59
  64
  69
  75
  80
  86
  91
  97
  103
  110
  116
  123
  130
  137
  145
  153
  162
  170
  179
  189
  199
  209
  220
  232
  244
Issuance/(repurchase) of shares, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  33
  38
  43
  48
  54
  59
  64
  69
  75
  80
  86
  91
  97
  103
  110
  116
  123
  130
  137
  145
  153
  162
  170
  179
  189
  199
  209
  220
  232
  244
Total cash flow (excl. dividends), $m
  306
  310
  316
  321
  328
  335
  343
  352
  361
  371
  333
  344
  356
  369
  383
  398
  413
  429
  447
  465
  484
  504
  526
  548
  572
  597
  623
  651
  680
  710
Retained Cash Flow (-), $m
  -21
  -24
  -27
  -30
  -34
  -37
  -40
  -43
  -47
  -50
  -54
  -57
  -61
  -65
  -69
  -73
  -77
  -81
  -86
  -91
  -96
  -101
  -107
  -112
  -118
  -125
  -131
  -138
  -145
  -153
Prev. year cash balance distribution, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
  17
  18
  18
  18
  19
  19
  20
  21
  22
  22
  23
  24
  25
  26
  27
  28
  30
  31
  32
  34
  35
  37
  39
  41
  43
  45
  47
  49
  51
  54
Cash available for distribution, $m
  285
  287
  289
  291
  295
  298
  303
  308
  314
  321
  279
  287
  295
  305
  314
  325
  336
  348
  360
  374
  388
  403
  419
  436
  454
  472
  492
  513
  535
  558
Discount rate, %
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
  273
  262
  251
  240
  228
  217
  205
  193
  181
  168
  133
  122
  112
  102
  92
  83
  73
  64
  56
  48
  40
  33
  27
  22
  18
  14
  11
  8
  6
  4
Current shareholders' claim on cash, %
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

John Wiley & Sons, Inc. provides knowledge and knowledge-enabled services in the areas of research, professional practice and education. The Company operates through three segments: Research, Professional Development and Education. Through the Research segment, the Company provides digital and print scientific, technical, medical and scholarly journals, reference works, books, database services and advertising. The Professional Development segment provides digital and print books, corporate learning solutions, employment talent solutions and training services, and test prep and certification. In the Education segment, the Company provides print and digital content, and education solutions, including online program management services for higher education institutions and course management tools for instructors and students. The Company is engaged in developing and cross-marketing products to its customer base of researchers, professionals, students and educators.

FINANCIAL RATIOS  of  John Wiley&Sons Cl A (JW-A)

Valuation Ratios
P/E Ratio 33.1
Price to Sales 2.2
Price to Book 3.8
Price to Tangible Book
Price to Cash Flow 12
Price to Free Cash Flow 18.5
Growth Rates
Sales Growth Rate -0.5%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 18.1%
Cap. Spend. - 3 Yr. Gr. Rate 13.9%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 36.4%
Total Debt to Equity 36.4%
Interest Coverage 13
Management Effectiveness
Return On Assets 4.5%
Ret/ On Assets - 3 Yr. Avg. 5.3%
Return On Total Capital 7.6%
Ret/ On T. Cap. - 3 Yr. Avg. 8.5%
Return On Equity 11.2%
Return On Equity - 3 Yr. Avg. 13.7%
Asset Turnover 0.6
Profitability Ratios
Gross Margin 73.2%
Gross Margin - 3 Yr. Avg. 72.9%
EBITDA Margin 18.8%
EBITDA Margin - 3 Yr. Avg. 18.6%
Operating Margin 12%
Oper. Margin - 3 Yr. Avg. 12%
Pre-Tax Margin 11.1%
Pre-Tax Margin - 3 Yr. Avg. 11.2%
Net Profit Margin 6.6%
Net Profit Margin - 3 Yr. Avg. 8.3%
Effective Tax Rate 40.3%
Eff/ Tax Rate - 3 Yr. Avg. 26.1%
Payout Ratio 63.2%

JW-A stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the JW-A stock intrinsic value calculation we used $1719 million for the last fiscal year's total revenue generated by John Wiley&Sons Cl A. The default revenue input number comes from 2017 income statement of John Wiley&Sons Cl A. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our JW-A stock valuation model: a) initial revenue growth rate of 2% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 4.3%, whose default value for JW-A is calculated based on our internal credit rating of John Wiley&Sons Cl A, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of John Wiley&Sons Cl A.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of JW-A stock the variable cost ratio is equal to 89.1%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for JW-A stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 5.4% for John Wiley&Sons Cl A.

Corporate tax rate of 27% is the nominal tax rate for John Wiley&Sons Cl A. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the JW-A stock is equal to 1%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for JW-A are equal to 119.2%.

Life of production assets of 10 years is the average useful life of capital assets used in John Wiley&Sons Cl A operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for JW-A is equal to -5.3%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $1003 million for John Wiley&Sons Cl A - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 58 million for John Wiley&Sons Cl A is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of John Wiley&Sons Cl A at the current share price and the inputted number of shares is $3.8 billion.

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COMPANY NEWS

▶ Taneli Ruda Named Wileys Chief Strategy Officer   [Jul-09-18 11:00AM  Business Wire]
▶ John Wiley & Sons: Fiscal 4Q Earnings Snapshot   [Jun-12-18 08:24AM  Associated Press]
▶ Aref Matin Named Wileys Chief Technology Officer   [May-21-18 01:15PM  Business Wire]
▶ AMPCo and Wiley Announce New Publishing Partnership   [Apr-30-18 11:24AM  Business Wire]
▶ Wiley Online Library Migrates to Atypons Literatum Platform   [Mar-27-18 10:21AM  Business Wire]
▶ Wiley Announces Quarterly Dividend   [Mar-22-18 08:00AM  Business Wire]
▶ Wiley Reports Third Quarter 2018 Results   [Mar-06-18 08:00AM  Business Wire]
▶ Wiley Announces Third Quarter 2018 Conference Call Schedule   [Feb-27-18 08:00AM  Business Wire]
▶ Weaker dollar adds to optimism over U.S. earnings   [Jan-19-18 03:25PM  Reuters]
▶ Consumer Staples Outlook - January 2018   [Jan-03-18 03:20PM  Zacks]
▶ Wiley Announces Quarterly Dividend   [Dec-14-17 08:00AM  Business Wire]
▶ Stocks To Watch: Wiley John & Sons Sees RS Rating Jump To 83   [Dec-08-17 03:00AM  Investor's Business Daily]
▶ Stocks With Rising Relative Strength: Wiley John & Sons   [03:00AM  Investor's Business Daily]
▶ John Wiley & Sons posts 2Q profit   [08:15AM  Associated Press]
▶ Wiley Reports Second Quarter 2018 Results   [08:00AM  Business Wire]
▶ [$$] Providence Equity Executive Leaving Firm to Lead John Wiley and Sons   [Oct-17-17 12:07PM  The Wall Street Journal]
▶ Wiley Announces Quarterly Dividend   [Sep-28-17 08:00AM  Business Wire]
▶ Stock Market News For Sep 8, 2017   [Sep-08-17 10:04AM  Zacks]
▶ John Wiley & Sons posts 1Q profit   [Sep-07-17 10:24PM  Associated Press]
▶ Wiley Reports First Quarter 2018 Results   [08:00AM  Business Wire]
▶ John Wiley & Sons posts 4Q profit   [08:25AM  Associated Press]
▶ Mark Allin resigns as President and CEO of Wiley   [May-08-17 08:00AM  Business Wire]
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