Experian PLC: The moving parts

研报英文原文证据摘录

Experian PLC: The moving parts

mer, in Q4 two large data-breach Price Performance Exchange-LSE

contracts began to reach their conclusions, worth -0.5% to group organic in 4Q alone, we 52 Week range GBP 41.01-23.53

estimate.

Moving parts in the guide. Management guide to 6-8% organic revenue growth for FY27e (vs

our prior 8%). Within this is the end of two large data-breach contracts ($20m per quarter run-

rate from Q1) worth in total a -0.7% drag on FY27e organic growth; this was new information to

us. There is also 2Q26 Insurance Marketplace comp worth ~$25m (-0.3% for FY27e and -1.2% in

2Q27e), which we did know about. Also to consider is North America Marketplace which we now

Source: IDC

model as flat in 1Q, +5% for FY27e overall. For FY27e we model NAM Consumer with 0% organic Link to Barclays Live for interactive charting

(vs 7% prior) with c3% underlying growth in Premium and Affinity ex the data-breach contracts.

Management also sounded more confident on Latam; we model +12% for FY27e (9% prior) with

European Business Services

8% growth in B2B (3% prior) and continued strong growth in Brazil Consumer.

James Rose, CFA

+44 (0)20 7773 0460The table below summarises the composition of our FY27e forecasts. If we go back to looking at

james.l.rose@barclays.com

the business 'ex consumer data-breach comps' then the company reported FY26 at a very strong

Barclays, UK

9% organic and FY27e we still model +8.2% (8.4% prior estimate); albeit with Marketplace

James Rowland Clark

+44 (0)20 7773 0872

Barclays Capital Inc. and/or one of its affiliates does and seeks to do business with companies james.rowlandclark@barclays.com

covered in its research reports. As a result, investors should be aware that the firm may have a Barclays, UK