Report
Brett Horn, CFA
EUR 101.80 For Business Accounts Only

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

Wide-moat-rated Experian's first-half results contained no major surprises. While the firm continues to deal with headwinds in certain parts of the business, overall year-over-year growth, excluding acquisitions and currency effects, was 5%, modestly below our long-term expectations. We continue to forecast some modest margin improvement over time due to the scalability of the business, but operating margins were flat at 26.5%, with slight compression in established regions offset by lower losse...
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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