First Read Credit & Decision Making Software EXPN Q127 Results Reinforce our EFX Buy

研报英文原文证据摘录

First Read Credit & Decision Making Software EXPN Q127 Results Reinforce our EFX Buy

Global Research

16 July 2026ab

First Read

EquitiesCredit & Decision Making Software

EXPN Q127 Results Reinforce our EFX Buy Americas

Software

Kevin McVeigh

Strong Fundamental Story Analyst

The EXPN stock is almost flat recovering 6.5% from intraday lows on as expected Q127 kevin.mcveigh@ubs.com

results with organic growth of +7%. Commentary from our European colleague Rory +1-212-882 0081

McKenzie suggested underlying growth remains strong as Experian reiterated Bruna Werneck

expectations for FY2027e: organic growth +6-8% (vs. consensus +8%), M&A Associate Analyst

contribution +1% and FX +1-2%; +50bps y/y expansion in CER adj. EBITA margins. bruna.werneck@ubs.com

North America B2B performance—+11% y/y, still-strong after +12% in Q426 (despite a +1-212-882 5955

-1-2% impact from prior-year phasing of renewals). Experian sees 'stable' underlying Olivia Bradlee

client activity, with growth driven by analytics solutions, fraud prevention products, and Associate Analyst

mortgage [revenues still growing >40% y/y on slight volume growth]. While headline olivia.bradlee@ubs.com

organic growth in H1'27e is impacted by contract phasing, performance is tracking as +1-212-713 1227

expecting and should help rebuild investor confidence.

Selective as we Reiterate our Equifax Buy

Following recent stock volatility fueled by ongoing structural sector changes—

introduction of FICO Direct Licensing and shift to dual scores—we believe Equifax is best

positioned amid ~90% proprietary data enabling differentiation driving value beyond

credit with Workforce Solutions [~40% revenue]. We also highlight L12M free cash flow

yields are as follows: Experian 6.9%, Equifax 5.6%, TransUnion 4.7%, + Fair Isaac 3.2%.