Report
Brett Horn, CFA
EUR 101.80 For Business Accounts Only

Experian's core credit bureau business exists in a stable oligopoly.

Experian's fiscal year-end results show that the company continues to deal with some modest headwinds, but also that it's making some progress moving past them. Underlying revenue growth was slightly below our long-term expectations, but the company did achieve decent margin improvement. We will maintain our GBX 1,450 and $19 fair value estimates and wide moat rating.
Reported revenue was up 2% year over year and 5% excluding currency effects and acquisitions. The North America region was up 5% ...
Underlying
Provider
Morningstar
Morningstar

Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.

Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.

We have operations in 27 countries.

Analysts
Brett Horn, CFA

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