EFX: Hola Círculo de Crédito; EFX Acquires the Second-Largest Mexican Credit Bureau

Research evidence excerpt

EFX: Hola Círculo de Crédito; EFX Acquires the Second-Largest Mexican Credit Bureau

Equity Research

Company Update — July 8, 2026

Business & Information Services

Equifax Inc.

Hola Círculo de Crédito; EFX Acquires the Second-Largest Overweight

Mexican Credit Bureau Price Target: $220.00

Our Call Ticker EFX

Upside/(Downside) to Target 26.0%

EFX announced the acquisition of Círculo de Crédito, the fastest-growing and second-

largest Mexican credit bureau. We view the deal positively as it exposes EFX to the high- Price (07/07/2026) $174.58

growth Mexican end market and creates strong synergistic opportunities. 52 Week Range $150.75 - 275.91

Market Cap (MM) $21,089

EFX announced the acquisition of Círculo de Crédito, expected to close in 4Q26. Círculo Average Daily Value (MM) $303

is Mexico’s only bureau offering both consumer and commercial credit services, with Dividend Yield 0.9%

1,700+ customers including banks, retail, fintech, and telcos. Its data spans 2bn tradelines

covering 80mn validated identities, enhanced by alternative data from gig-economy $ (Dec) Q1 Q2 Q3 Q4 FY

transactions and utility & telco payment histories. It can also expand access to credit in a EPS

country with >33mn people engaged in informal employment. 2026E 1.86 A 2.21 E 2.26 E 2.29 E 8.72 E

2027E 2.06 E 2.53 E 2.62 E 2.67 E 9.98 E

Deal details. EFX is acquiring Círculo for $750mn EV, or 12.1x expected 2026 adjusted Source: Company Data, Wells Fargo Securities estimates, and Factset.

EBITDA at close and 9.4x including run-rate synergies. The deal will be funded with cash NA = Not Available, NC = No Change, NE = No Estimate

on hand and available debt capacity, while maintaining leverage below 3x. Círculo is