Experian (AO) | Buy | FY26 results in line, FY27 outlook supportive

研报英文原文证据摘录

Experian (AO) | Buy | FY26 results in line, FY27 outlook supportive

Experian Buy | Target Price: 4700p

Company description Management

Experian PLC is a global data and technology company that uses data, analytics, Brian Cassin, CEO

and software to support lending, prevent fraud, simplify healthcare, enhance Lloyd Pitchford, CFO

digital marketing, and provide automotive insights. It helps individuals achieve Mike Rogers, Chair

financial goals and save time and money. Its B2B segment manages large Key shareholders

databases to enable real-time decision-making, while the Consumer Services Free float 100.00%

segment offers credit education, identity monitoring, and fraud prevention in MFS Investment Management 4.99%

several countries with a US focus. The Vanguard Group, Inc. 2.96% BlackRock Institutional Trust Company 2.85%

Investment case Valuation methodology

Experian benefits from a leading market position in the credit We value Experian at 4,700p. We derive our TP from a weighted

data and solutions business with a unique combination of B2B average of our peer comparison valuation of 4,200p and the SOP

and B2C services. While having a c. 36% market share in the analysis of 5,200p.

USD18bn credit agency market, Experian targets a total market We believe Experian may rerate closer to its direct peer Equifax

opportunity of USD150bn, comprising consumer platforms, and the credit score provider peer FICO. Both peers trade at a

health software, automotive, and others, claiming a 4-6% significant premium to their historical five-year P/E multiples,

market share. while Experian is only slightly above it.

We expect Experian to continue on its growth path and even Risks to our rating

model an acceleration to the upper end of the guidance for FY Forex risk (USD and BRL).