Experian (AO) | Buy | Q1 trading update: organic revenue growth slightly below FY consensus

研报英文原文证据摘录

Experian (AO) | Buy | Q1 trading update: organic revenue growth slightly below FY consensus

News comment

Release date: 16 July 2026

Tobias Lukesch, CIIA

Equity Research Analyst

+49 69 7569 6217

tlukesch@keplercheuvreux.com

BuyExperian

United Kingdom | Financial services Beta Profile: MCap: GBP24.7bn

Target Price: 4,700.00p Bloomberg: EXPN LN Reuters: EXPN.L

Current Price: 2,709.00p Free float 100%

Up/downside: 73.5% Avg. daily volume (GBPm) 9,961.7

YTD abs performance -19.4% Market data: 15 July 2026

52-week high/low (GBP) 4088.00/2375.00

Q1 trading update: organic revenue growth slightly below FY consensus

Key points:

Q1 organic growth of 7% was broadly in line with management expectations (6-8% for FY2027). Given the rounded number of 7%,

it needs the conference call to tell if organic revenue growth was above or below the expected 7.2% full-year consensus forecast.

FY2027 expectations were unchanged, with management highlighting solid execution and AI-enabled opportunities.

The update looks broadly neutral, with regional mix supportive but no obvious trigger for upgrades. However, we expect a rather

negative initial share price reaction, given that the reported 7% organic revenue growth will probably be interpreted as below the

7.2% consensus expectations for the full year.

Results comment

Q1 revenue growth was 10% at actual FX, 8% at constant currency and 7% organically, slightly below the 7.2% full-year organic

growth forecast by consensus.

B2B was the key driver, with 9% organic growth supported by North America Financial Services, Latin America and Verticals, while

Consumer Services grew 2% due to the expected North America data breach contract wind-down, which resulted in a regional 2%

organic revenue decline (3% organic revenue growth if adjusted for it).