Strong momentum plus attractive deal; raising PT
TransUnion's strong start to the year demonstrates the company's ability to deliver industry-leading growth within an attractive sector, while the acquisition of Callcredit should be meaningfully accretive to earnings from next year. We reiterate our Overweight recommendation and raise our PT to $77, which requires a 25x forward PE in a year's time based on increased estimates that include the benefit from Callcredit.TransUnion is an information and insights company. The company provides consumer reports, actionable insights and analytics such as credit and other scores, and decisioning capabilities to businesses. The company has the following reportable segments: United States Markets, which provides consumer reports, actionable insights and analytics such as credit and other scores, and decisioning capabilities to businesses; International, which provides services similar to its United States Markets segment to businesses in select regions outside the United States; and Consumer Interactive, which provides solutions that help consumers manage their personal finances and take precautions against identity theft.
Formed in 2003 by an established team from Cazenove, one of the most respected investment banks in the UK, Atlantic Equities conducts and publishes fundamental, bottom up research on mid and large cap US companies.
Atlantic provide order execution through a wide range of DMA products and algorithmic trading suites.
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