TransUnion Well Executed Results Drive TRU Stock

研报英文原文证据摘录

TransUnion Well Executed Results Drive TRU Stock

Global Research

28 July 2026ab

TransUnion Equities

AmericasWell Executed Results Drive TRU Stock

Diversified Technology Services

12-month rating Neutral

Bottom Line

The TRU stock is rallying 10% on strong Q2 BEAT + RAISE amid relatively conservative 12m price target US$88.00

2026 guide—if trends continue at or slightly above—current levels. Despite this, Prior : US$80.00

TransUnion reaffirmed organic CC revenue ex-FICO mortgage royalty guidance of

Price (28 Jul 2026) US$85.65

+5-6%. Ex-FICO mortgage royalty organic growth +7% YoY [guided 5-6%] in 2Q26.

Despite higher rates in Q2 and mortgage inquiries declining -7% YoY, Mortgage RIC: TRU.N BBG: TRU US

+37% (+15% ex-FICO royalties) in 2Q26 on pricing and new wins. Adj. EBITDA margin

Trading data and key metrics

~34.8% [34.5-34.7% guided] -90 bps YoY, amid expected impact from FICO no-margin

52-wk range US$98.90-64.43

royalty while FY26 bridge guidance remains, -90bps impact from FICO no-margin

royalty, -40bps from acquisitions, and +50-70bps underlying margin expansion. India Market cap. US$16.6b

segment (~5% revenue) accelerated +8.0% organic CC [from -5% in 1Q26] amid Shares o/s 194m (COM)

improving volumes and new business wins. TransUnion sees MSD improvement over Free float 100%

2026 with LDD long term target. With ~60% of batch activity now on OneTru Avg. daily volume ('000) 724

Platform, US Business migration is on pace with expected completion by end of 2026. Avg. daily value (m) US$51.5

We highlight the continued repurchase $150m YTD through July [expecting similar or Common s/h equity (12/26E) US$5.00b

greater repurchase in H226] while deleveraging to ~2.6x leverage in Q226 [from 2.8x P/BV (12/26E) 3.3x

in1Q26 as the company targets <2.5x leverage].