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Patrick Wellington

former Managing Director and Head of European Media Equity Research at Morgan Stanley

Patrick Wellington is a former Managing Director and Head of European Media Equity Research at Morgan Stanley, renowned for his expertise in the TMT (technology, media, and telecommunications) sectors. He covered leading media companies across Europe, delivering industry-recognized research and earning a reputation for the quality of his analysis, though specific performance metrics such as rankings or returns are not publicly disclosed. Wellington's career spans over 38 years in equity analysis, including senior roles at Schroder Securities (which he co-founded), NatWest Markets as Head of Pan European Research, and Wood Mackenzie, before spending 17 years at Morgan Stanley and joining Rothschild & Co as Vice Chairman of Equity Advisory in 2021. His professional credentials include decades of leadership in equity research and advisory, with recognition for his sector expertise and influence within the financial community.

Patrick Wellington's questions to WOLTERS KLUWER N V /FI (WTKWY) leadership

Question · Q2 2017

Patrick Wellington from Morgan Stanley questioned the expected phasing of organic growth in the second half given quarterly comparables, the visibility on software revenues, and the strategic rationale for spending €750 million on three recent acquisitions (Tagetik, Enablon, Emmi).

Answer

CFO Kevin Entricken expressed confidence in the second-half outlook based on a close analysis of sales pipelines, but did not provide specific quarterly guidance, reiterating that growth would be slightly second-half weighted. CEO Nancy McKinstry detailed the strategy behind the acquisitions, explaining that each one (Emmi, Tagetik, Enablon) represents an investment in a high-growth market segment that is a natural extension of an existing, leading company position.

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Question · Q4 2016

Patrick Wellington of Morgan Stanley questioned the significant revenue miss at Enablon, asking if it signaled issues with due diligence. He also asked about the timing of easier comparables in 2017 and the potential impact of U.S. healthcare reform on the business.

Answer

CEO Nancy McKinstry defended the Enablon acquisition, attributing the revenue variance to a positive long-term shift to cloud and the natural lumpiness of large software deals. CFO Kevin Entricken noted that comps ease in H2 2017. On healthcare, McKinstry expressed confidence, stating their products' value proposition of improving outcomes at lower costs is durable, and they have seen no changes in hospital buying behavior.

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