AI may eat software but Experian owns the pantry. Reinstate with Buy rating.

研报英文原文证据摘录

AI may eat software but Experian owns the pantry. Reinstate with Buy rating.

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Experian

AI may eat software but Experian owns the

pantry. Reinstate with Buy rating.

Reinstating Coverage: BUY | PO: 3,200 GBp | Price: 2,719 GBp

An AI winner hiding in plain sight 20 July 2026

Jensen Huang said, “Software is eating the world, but AI is going to eat software”. In its Equity

verticals we believe Experian owns the fuel to sate AI’s appetite. We tackle four key

investor debates and conclude in a world of increasing complexity (rising corporate AI Tim Ramskill, CFA >> Research Analyst

adoption, nascent agentic commerce, rapid growth in fraud), Experian is well placed to MLI (UK)

sustain c8% organic EBIT growth and a 13% 2026-29E EPS CAGR. We re-instate +44tim.ramskill@bofa.com20 7996 3050

coverage with a Buy rating and a prospective TSR of 22%. Virginia Montorsi >>

Research Analyst

1) Does AI enlarge the addressable market? MLI44 20(UK)7996 2921

We see proprietary data, embedded customer solutions, regulation and powerful virginia.montorsi@bofa.com

megatrends as increasing industry complexity and widening the moat. We apply our

Software team’s AI impact risk assessment and categorize the downside risk as low.

Stock Data

2) Can 30-50bps of annual margin gains be delivered?

We see clear drivers from ending dual running tech costs (100bps), bolt-on integration Price (Common / ADR) 2,719 GBp / 36.54 USD

(80ps) and sustained operational leverage (90bps) underpinning margin guidance. Price Objective 3,200 GBp / 43.00 USD

Date Established 20-Jul-2026 / 20-Jul-2026

Investment Opinion B-1-7 / B-1-73) Is a switch from FICO to VS4 material to the thesis?

Whilst a significant debate in the industry eco-system, we see only upside from any 52-Week Range 2,353 GBp-4,101 GBp