Experian plc A strong year of delivery in FY26, guiding to same again in FY27

研报英文原文证据摘录

Experian plc A strong year of delivery in FY26, guiding to same again in FY27

Jane L Sparrow AC Europe Equity Research

(44-20) 3493-7101 20 May 2026 C A Z E N O V E

jane.sparrow@jpmorgan.com

Investment Thesis, Valuation and Risks

Experian plc (Overweight; Price Target: 4,090p)

Investment Thesis

Experian is, in our opinion, well placed to benefit over the long term from major structural

tailwinds associated with the growing use of consumer and business data. The digitalisation

of every aspect of the consumer journey means that Experian’s TAM should continue to

grow, supporting through-cycle growth for the company.

Experian’s management has led a gradual evolution of the business, which means investors

might under-appreciate the tremendous change at the business over the past decade, and its

unique characteristics today. First, Experian uniquely offers both data and software

solutions to its financial services clients, which, in our view, makes Experian better

embedded with its customers than peers. Second, Experian’s direct-to-consumer offering is

a successful business in its own right, but it is also a key driver of differentiation for its B2B

offering. Third, Experian has demonstrated expertise in selecting areas of investment where

it has unique advantages (such as consumer in Brazil, the insurance marketplace, US health)

or growth markets that might be ripe for competition (such as employer services and

verification).

While consensus forecasts reflect management’s MT financial framework, we do not

believe the current share price reflects the impact that the investments of recent years could

have on the potential duration of organic growth and the benefit to ROIC as platforms scale

(most notably Ascend and Consumer). In addition, we believe AI adds fuel to the