Effecten-Spiegel Valuation Multiples

Wolters Kluwer is a global provider of professional information, software solutions, and services in health; tax and accounting; environmental, social, and governance; finance; compliance; and legal. More than 60% of revenue is generated in North America and around 30% is from Europe.

News Corporation is a diversified media and information services conglomerate with significant presence in the US, the UK, and Australia. Key mastheads include The Wall Street Journal, Barron's, New York Post, The Times, The Sun, The Australian, Herald Sun, and The Daily Telegraph. Its 61%-owned REA Group is the dominant property listings platform in Australia. In addition, it owns Harper Collins, one of the largest book publishers in the world, and has a sizable US digital property advertising business, Move. The 65% interest in Foxtel, the Australian pay-TV and streaming provider, was sold in April 2025. The sale to global sports streaming platform, DAZN, was struck at more than 7 times Foxtel's EBITDA.

Informa PLC is an international events, digital services, and academic research group. Through various brands, products, and services, it connects businesses and professionals with the knowledge they need. The group's reportable segments are Informa Markets, Informa Tech, Informa Connect, Informa Festivals, and Taylor & Francis. The Informa Markets segment generates the highest revenue, connecting buyers and sellers across various specialist markets, including boating, pharmaceuticals, food, fashion, and infrastructure. This is achieved by delivering transaction-focused live events, such as exhibitions, specialist digital content, and targeted digital services, including data-driven demand generation products. It generates half its revenue from North America, followed by Asia.

Pearson is a British education and assessment company headquartered in London, listed on the London Stock Exchange as a FTSE 100 constituent with a secondary New York Stock Exchange listing through American depositary receipts. It is organised into five business units: Assessment & Qualifications, Virtual Learning, English Language Learning, Higher Education, and Enterprise Learning and Skills. It owns Edexcel, one of the main GCSE and A-level examination boards in England, and sells learning materials, assessments, qualifications, virtual schooling and digital learning products to schools, universities, governments, employers and individual learners. In 2025 it reported revenue of £3,577 million, operating income of £507 million and an average workforce of 17,062. The company traces its origins to 1844, when Samuel Pearson set up the business that became S. Pearson & Son; in the twentieth century it built a publishing and media portfolio that included the Financial Times, a 50% stake in The Economist and Penguin Books. Under Marjorie Scardino it refocused on education, forming Pearson Education in 1998, and between 2015 and 2020 it sold the Financial Times, its Economist stake and its remaining stake in Penguin Random House. Omar Abbosh, formerly of Microsoft, has been chief executive since January 2024.

The New York Times Company is an American media company headquartered in the New York Times Building in Manhattan, New York City, and the publisher of The New York Times and The New York Times International Edition. Alongside its news report it owns The Athletic, a subscription sports news site bought in February 2022 for $550 million, the word game Wordle, acquired in January 2022, and podcast producer Serial Productions, acquired in 2020. The company earns most of its revenue from digital and print subscriptions, supplemented by digital and print advertising. In 2025 it added 1.4 million net digital subscribers, including 450,000 in the fourth quarter, to reach about 12.8 million, and its digital revenue topped $2 billion for the first time, driven by roughly 14% growth in digital subscription revenue; fourth-quarter digital advertising rose about 25% to $147 million. The newspaper was first published on September 18, 1851, by Henry Jarvis Raymond and George Jones. The company introduced a website paywall in 2011 and has since sold About.com and The Boston Globe to concentrate on its subscription model. Meredith Kopit Levien has been chief executive since 2020.

Springer Nature AG & Co KGaA is a research, educational, and professional publisher providing content to communities through a range of platforms, products, and services. It offers journals, books, platforms, databases & and solutions. The company includes three Segments: Research, Education, and Health. The company operates in the Americas, APAC, Germany, and Other EMEA regions. The majority of revenue is generated from the research segment in America.

Xinhua Winshare Publishing & Media Co Ltd is engaged in integrated cultural operations specializing in the creative content production of publications, education services, cultural consumption services, supply chain services, and capital operation. Its activities are editorial and publishing of publications, sales of publications in physical stores and the internet, distribution of textbooks and supplementary materials, education information and equipment services, etc. It is through two operating segments; the Publication segment, which includes publishing books, periodicals, and audiovisual products, and the Distribution segment, which comprises the distribution of textbooks and supplementary materials. The group generates a majority of its revenue from the Distribution segment.

Kadokawa Corp is a Japan based publisher and digital content platform provider. It is involved in various businesses such as publishing, film, publishing rights, digital contents, planning, development and operation of network entertainment service, and contents and operation of video- sharing website.

Jiangsu Phoenix Publishing & Media Corp Ltd is a China-based publishing company. The company operates four segments. The Publishing segment covers the publishing and distribution of textbooks, teaching aids, general books, audio-visual products, and vocational education software. The Issuing Division handles the wholesale and retail of teaching materials, teaching aids, general books, audio-visual products, and cultural supplies. The Other segment includes new media businesses such as software development, film and television production, digital asset management, cloud services, and investment management. The Headquarters segment oversees distribution management, procurement, settlement, group publication distribution, textbook bidding, and publishing business management.

China Science Publishing & Media Ltd is a China based company engaged in providing publishing services. It offers books, journals, newspapers, literature and data, online publishing, import and export and printing services. For overseas distribution, the company uses Science Press brand.

China South Publishing & Media Group Co Ltd operates in the publishing and media industry. The company offers publishing products, including books, newspapers, periodicals, audio and video products, electronics, network, comic, and animation.

Lagardere SA is in the business of content publishing, production, broadcasting, and distribution. It is also engaged in the travel retail business with various brands such as Relay and Aelia Duty-Free, and other selective distribution brands. The company operates through divisions: Lagardere Publishing, Lagardere Travel Retail, and others.

China Literature Ltd is an investment holding company. The company along with its subsidiaries provides online reading services, copyright commercialization, writer cultivation and brokerage, and operation of text work reading. It generates its revenue from Online reading through self-owned platform products. it operates in two segments: Online business and Intellectual property operations and others. The Online business segment that derives the majority of revenue comprises online paid reading, online advertising, and game publishing. The Intellectual property operations and other segment include licensing and distribution of film and television properties, copyrights licensing, sales of adaptation rights and scripts, sales of physical books, and in-house online games operations.

McGraw Hill is an American education company that publishes curriculum and course materials and sells adaptive learning software to schools, universities and professionals. Its roots go back to 1888, when James H. McGraw bought the American Journal of Railway Appliances, and to the 1909 merger of his and John A. Hill's publishing operations into the McGraw-Hill Book Company. The K-12 business provides core, supplemental and intervention curricula to US schools; Higher Education sells digital courseware such as the Connect platform and the ALEKS adaptive learning system alongside e-books and print materials; Global Professional serves medical and engineering learners; and International sells in more than 100 countries. The McGraw-Hill Companies sold the education business to Apollo Global Management for $2.4 billion in 2013, Platinum Equity bought it for $4.5 billion in 2021, and it completed an initial public offering on the New York Stock Exchange under the ticker MH on 24 July 2025. The company reports about $2.2 billion of annual revenue and 4,200 employees, and digital products generated about 61% of revenue in the first quarter of fiscal 2026. It is headquartered in Columbus, Ohio and led by chief executive Philip Moyer.

John Wiley & Sons Inc is a publisher and a trusted leader in research and learning. The company segment includes: Research, which includes the reporting lines of Research Publishing and Research Solutions, and Learning includes the Academic and Professional reporting lines and consists of publishing, courseware, and assessments. Its industry-principal content, services, platforms, and knowledge networks are tailored to meet the evolving needs of its customers and partners, including researchers, students, instructors, professionals, institutions, and corporations. The company empowers knowledge-seekers to transform today’s obstacles into tomorrow’s brightest opportunities. For more than two centuries, the company has been delivering on its timeless mission to unlock human potential.

Zhejiang Publishing & Media Co Ltd is engaged in the publication, distribution and printing of books, periodicals, audio-visual products and electronic publications.

TX Group AG is a Swiss company with a network of digital platforms. It offers information, orientation, entertainment, and services to its users every day. The company provides newspapers and magazines. The company's operating segments include TX Markets; Goldbach; 20 Minuten; Tamedia and Group and Ventures. It generates maximum revenue from the Tamedia segment.

Shandong Publishing & Media Co Ltd provides publishing services. The company owns and manages publishing houses, periodical presses, printing enterprises, printing materials company, and logistics company. Geographically, the activities are carried out through China.

Louis Hachette Group is engaged in Publishing, Travel Retail and Magazines and Online Media.

Sanoma Oyj is a learning and media company. The group publishes magazines and newspapers along with educational learning literature and services. It operates in two segments: Learning and Media Finland. Sanoma's learning products and services enable teachers to develop the talents of every child to reach their full potential. The company offers printed and digital learning content as well as digital learning and teaching platforms for primary, secondary and vocational education. The Finnish media business of Sanoma provides information, experiences, inspiration, and entertainment via multiple media platforms: newspapers, radio, television, events, magazines, online, and mobile channels. The company's publications include Helsingin Sanomat, IltaSanomat among others.

China Publishing & Media Holdings Co Ltd is a specialized and large-scale publishing group. The company's publishing business mainly includes book publishing, newspaper publishing, electronic audio and video publishing and related copyright business.

Anhui Xinhua Media Co Ltd operates as a publishing and printing company in China. Its businesses include publication and distribution logistics services, import and export business, real estate development, advertising, film and television media, hotel management, financing lease, e-commerce and other fields.

Visual China Group Co Ltd is engaged in providing digital visual content and visual solutions to customers in media, commercial, and consumer sectors. It services include Copyright removal, rights protection agent, Sports, Entertainment and Digital marketing, and Special shooting.

Chinese Universe Publishing And Media Co Ltd are engaged in the publishing, printing, and distribution of materials, newspapers, periodicals, and audiovisual publications in China. A company extends is business in new media and online education, Internet games, digital publishing, Internet of Things technology applications, international copyright transactions.

Changjiang Publishing & Media Co Ltd is engaged in the publication and media industry, as well as the manufacturing of clothing and other fiber products.

Alma Media Oyj is a media and service company focusing on digital services and publishing. In addition to news content, the Group's products provide useful information related to lifestyle, career, and business development. The business segments include Alma Career, Alma Marketplaces, and Alma News Media. It generates maximum revenue from the Alma Career segment. The group's business is mainly divided into two geographical areas, Finland from where it earns the majority of its revenue, and the rest of Europe.

Saudi Research And Media Group is an integrated publishing group based in Saudi Arabia, engaged in trading, media, advertising, promotions, distribution, printing and publishing, and public relations. It operates mainly in the Middle East, Europe, and North Africa. The company has four operating segments; Publishing, visual, and digital content segment, the Public relations and advertising segment, the Printing and packaging segment, and All other segments. The company derives a majority of its revenue from the Publishing, visual, and digital content segment.

USA Today Co Inc is a diversified media company with expansive reach at the national and local level, dedicated to empowering and enriching communities. It prioritizes a digital-first approach, focusing on audience growth and engagement while diversifying revenue streams. Through its trusted brands, including the USA TODAY NETWORK, comprised of the national publication, USA TODAY, and local media organizations, including a network of local properties, in the United States, and Newsquest, a wholly-owned subsidiary operating in the United Kingdom, provide essential journalism, local content, and digital experiences to audiences and businesses. Its digital marketing solutions brand, LocaliQ, supports small and medium-sized businesses with digital marketing products and solutions.

Saregama India Ltd is a holding company, which engages in the production and distribution of music, television programs, and movies. It operates through the following segments: Music, Films/TV Serials, and Publication. The Music segment deals with the business of manufacturing and sale of Music storage devices viz. Carvaan, Music Card, etc, and dealing with related music rights. The Films/TV Serials and Event segment engaged in the production and sale/telecast/broadcast of films/TV Serials, pre-recorded programs, organizing live musical events, and dealing in film rights. The Publication segment publishes the weekly current affairs magazine ‘OPEN’ through its publication business. The firm derives a majority of its revenue from the Music segment.

Sonaecom SA is engaged in technology, media and telecommunications . The business portfolio includes the Software and Technology area, with Bright Pixel Capital the Online & Media area where there are businesses such as the Publico daily, generalist newspaper. Its segments include NOS, Media segment derives revenue from Advertising revenues: essentially include the solicitation of advertising for Jornal Publico; and Technologies segment which derives revenue from Maintenance services revenue associated with the maintenance of IT services provided or sold, Consulting services revenue from services provided in consulting projects, and Software as a Service revenue from the implementation of Software as a Service (SaaS) contracts. Geographically, it derives majority revenue from Portugal.

Daily Journal Corp publishes newspapers and websites covering California and Arizona and produces several specialized information services. The company operates in two segments: Traditional business and Journal Technologies which includes Journal Technologies, Inc. and Journal Technologies (Canada) Inc. It also serves as a newspaper representative specializing in public notice advertising. The majority of revenue is generated from the Traditional segment.

Zhejiang Sunriver Culture Co Ltd is a China-based company engaged in culture consulting, animation design, film and television planning, information services, among others. The group is mainly engaged in the creation, planning, production, distribution, and animation of mobile internet animation, animation related copyright authorization and animation related internet and mobile online game development and operation services. In addition, the company is also involved in the finance business.

Bloomsbury Publishing PLC is a publisher of books and other media for general readers, children, students, researchers, and professionals. It offers authors access to these multiple markets in multiple formats throughout the world in print, through e-books, digital downloads, and apps in schools, libraries, universities, and in terrestrial and internet bookshops. The company divisions are Consumer and Academic & Professional. Consumer division is split out into Children's Trade and Adult Trade; and Academic & Professional division split between Academic and Professional, Education, Special Interest, and Content Services. It derives maximum revenue from the Consumer division segment. The company operates in the UK, North America, and other countries.

Duzhe Publishing and Media Co Ltd engaged in the publication and distribution of journals. The company also involves in the publication and distribution of electronic audio-visual products, advertising business, and new media business.

Nine Entertainment is the largest media conglomerate in Australia. It operates Nine Network, a free-to-air TV network across five capital cities, as well as in some regional areas. It owns 9Now, a leading broadcast video-on-demand business. Its publishing business is the second-largest newspaper group in Australia with key mastheads such as Australian Financial Review, Sydney Morning Herald, and The Age. Nine also operates a leading domestic-owned subscription video-on-demand business in Australia called Stan, and a talk-based radio network. In March 2026, Nine completed the purchase of outdoor advertising entity QMS Media for AUD 850 million.

Scholastic Corp is an American publishing and education media company that focuses on books and educational material for schools, teachers, parents, and children. It creates print, digital, and audiobooks, learning materials and programs, classroom magazines, and other products that support children’s learning and reading both at home and at school. The company also owns rights to various books, including Harry Potter, Dog Man, and The Hunger Games among others. It has three reportable segments Children’s Book Publishing and Distribution, Education Solutions, and International. The majority of its revenue is from the Children’s Book Publishing and Distribution segment.

Arnoldo Mondadori Editore SpA is a European publishing group. It publishes books and magazines and operates retail bookstores across Italy. Books are fiction, and non-fiction, for the young genres. Magazines published are in various fields for both men and women. The company's operating segment includes Trade Books; Education Books; Retail; Media; Corporate and Shared Services. It generates maximum revenue from the Books segment.

Vitru Brasil Empreendimentos Participacoes e Comercio SA invests in educational service providers and provides distance learning continuing education services through its subsidiaries. The group provides educational services in Brazil, mainly undergraduate and continuing education courses, offered in person at its campuses located throughout Brazil. Its operating segments are: Distance Learning Undergraduate Courses, In-person undergraduate programs, and Continuing education courses. Maximum revenue is generated from its Distance Learning business, which offers virtual learning opportunities in education, business administration, accounting, physical education, vocational training, engineering, and health-related courses.

Rcs Mediagroup is a publishing company. It prints newspapers in Italy and Spain and is active in magazines, television, radio and new media, as well as one of the top operators in the advertising sales and distribution market. The company operates in daily newspapers, books, radio broadcasting, new media and digital and satellite TV, organizes important sporting events and is among the operators in advertising sales and distribution in Italy and Spain. Its operating business segments are Newspapers Italy, Magazines Italy, Advertising and Sport, Unidad Editorial, and Corporate and Other Activities, with maximum revenue from the Newspapers segment. Geographically, the company operates in Italy, Spain, and Other countries. The maximum revenue is derived from Italy.

Alter Ego Media SA operates in two sectors. The first sector includes television broadcasting, radio broadcasting and audiovisual content creation. The television broadcasting activity is carried out through the television station with the MEGA logo, as well as MEGA’s Hybrid Television, MEGA PLAY and the website. The radio broadcasting activity is carried out through the radio station MY RADIO 104.6. The Group is also actively involved in the development and creation of original audiovisual content, on the one hand intended to meet the needs of the Group. The second sector includes printed and electronic publications. This activity includes the news media TO VIMA, TA NEA and OIKONOMIKOS TACHYDROMOS, the web portal, as well as the creation of thematic content for various subjects.

Ronshin Group is engaged in the planning and distribution of children's books and the export of children's cultural products.

Future PLC is a platform for specialist media underpinned by proprietary technology and enabled by data, with diversified revenue streams. It focuses on various areas which include technology, games, films, music, and photography under brands such as Louder, Tom's Guide, PC Gamer, Digital Camera World, Marie Claire, and others. The company functions through the following divisions; the Media division which generates maximum revenue includes income from digital advertising, affiliate revenue for products, rewards, price comparison and events; and the Magazine division includes revenue associated with digital or printed magazines or bookazines from advertising, to subscriptions, to newstrade. Its reportable segments include the United Kingdom which derives key revenue, and the United States.

Promotora de Informaciones SA operates under the commercial name 'Prisa' which is a multimedia group in Spain and Portugal. The business is operated through two segments which includes Education and Media. Its Education segment includes the sale of educational books and the services and materials related to the education systems. Geographically, it operates in Spain, Portugal, Chile, Brazil, Mexico, and other countries out of which Spain accounts for key revenue for the company.

Orell Fussli AG is a diversified industrial and trading group engaged in the businesses of banknote and security printing, industrial systems used in the individualization of security documents and branded products, bookstore and Rest business area. In its banknote and security printing operations, it produces banknotes, identity documents, and securities, and is noted for applications of printing processes and technologies. The industrial systems business unit manufactures industrial systems for the digital printing and encoding of banknotes, passports and security documents, plastic cards, labels, and packaging. The geographic presence in Switzerland, Germany, Rest of Europe and Africa, North and South America and Asia and Oceania. The majority of its revenue derives from Switzerland.

Caltagirone Editore SpA is a newspaper publishing company in Italy. The company is engaged in the publishing and advertising segments. The company is also involved in Financing activities. The company earns revenues in the form of Circulation, Advertising, Web content Sales, Promotion, and other income.

D B Corp Ltd is an Indian print media company with a presence in the radio and digital sectors. The company publishes six newspapers in Hindi, Gujarati, Marathi, and English across 14 states with a total readership of approximately forty-four million. The flagship newspaper brands of the Group are Dainik Bhaskar, Divya Bhaskar, and Divya Marathi. MY FM, the company operates through two segments such as the Printing/Publishing and Allied Business segment, which encompasses newspapers, magazines, printing job work, and internet and mobile interactive services, and the Radio segment, which focuses on radio broadcasting.

Polaris Media ASA is the largest media house and printing group. It owns and operates media houses, distribution companies and printing companies in Norway and on the west coast of Sweden. The company places great emphasis on the development of journalists as well as the individual media house's social missions and has a strong regional and local foundation with editorial freedom, independence, and transparency.

Navneet Education Ltd is an Indian company engaged in the publishing of educational and children’s books, scholastic stationery, and non-paper stationery products. It offers syllabus-based content in print and digital mediums aligned with various Indian educational boards including CBSE and ICSE. The business segments includes Publication, Stationary and Others. The company markets its products under several brands such as Navneet, Vikas, Gala, YOUVA, and TOPClass, and has a dominant presence in Western India with expanding reach across the country and internationally. Navneet also provides digital learning solutions and has diversified into non-paper stationery and general books. Its revenue is generated from publishing, stationery product sales, and digital education services.