First Read: Equifax Inc "$750m Deal Enhances International" (Buy) McVeigh

研报英文原文证据摘录

First Read: Equifax Inc "$750m Deal Enhances International" (Buy) McVeigh

Global Research

7 July 2026ab

First Read

EquitiesEquifax Inc

$750m Deal Enhances International United States

Diversified Technology Services

12-month rating Buy

$750m Acquisition Enables Data Differentiation + International Opportunity

Equifax—before the open—consistent with its bolt-on M&A strategy of adding 12m price target US$220.00

businesses that strengthen its core—announced a $750m [~11.7x Jun-26e EV/EBITDA,

(~9.4x run-rate synergies)] acquisition of Círculo de Crédito expected Q4 close. Circulo is

Price (07 Jul 2026) US$171.94

a leading credit information services company—operating BOTH consumer and

commercial credit services. For 12 months ended June 20, 2026 revenue increased RIC: EFX.N BBG: EFX US

+31% YoY fueling ~46% adj. EBITDA margins—poised to deliver DD revenue growth in Trading data and key metrics

2026 + be EPS accretive the first full ownership year. Amid continued strong

52-wk range US$265.73-151.93

performance from Equifax enabling strategic M&A, we believe this deal (1) enhances its

Market cap. US$21.3b

data differentiation as Círculo de Crédito is a local leader in alternative data such as

Shares o/s 124m (COM)

utility + telecommunications payment history, and (2) enhances Equifax's international

strategy—by strengthening its presence in Mexico, one of the fastest growing markets Free float 100%

globally. Avg. daily volume ('000) 465

Avg. daily value (m) US$78.3

Opportunity with Círculo de Crédito—in addition to strengthening Equifax Common s/h equity (12/26E) US$4.40b

presence in Mexico—second largest economy in Latin America—this deal

P/BV (12/26E) 4.6x

offers access to Equifax cloud native capabilities + identity protection and fraud

Net debt to EBITDA (12/26E) 2.2x