in depth please see the important disclosures at end of this report page 1 industry equity research europe overview september 30 2002paul gooden 44 20 7513 5899 paul morganstanley com matthew owen 8506 sarah simon 6064 louise singlehurst scientific publishing knowledge is power msci sector consumer discretionary strategists recommended weight 11 benchmark 10 2 companies featured reed elsevier plc nv rel l 568p elsn as 12 80 overweight wolters kluwer wlsnc 19 00 we have an line view european media believe valuations now provide support with fcf yields averaging 6 2003 on our journals been fastest growing sub past 15 years growth has so good organic revenue cagr over 18 that oft believes market for stm science technical & medical may not be working well recent ruling journal publishers concluded it would appropriate to intervene but position will kept under review
