$WKL (-7,46%) is down 58% from its 52-week high of €163.65 and now trades around €69, while still generating €6.13B in revenue, €1.99B in EBITDA, €1.65B in free cash flow.
The bear case is obvious: CEO transition, legacy revenue pressure, and AI fears. But WKL is not selling generic text output that can be replicated by low-quality AI wrappers, it sells deeply embedded regulatory, tax, legal, and healthcare workflows where accuracy, trust, and track record actually matter. This can't be achieved by 4 claude code terminals.
This also doesn’t look like a balance-sheet problem. With this level of cash generation, the debt story looks manageable, and the real question is whether the market is massively underestimating the durability of the franchise.
- Not financial advice. DYOR.
