Morningstar | Experian Generates Strong Revenue Results in Fiscal 3Q
Experian’s fiscal third-quarter revenue results show the company generating some momentum, with overall year-over-year growth of 9%. We will maintain our GBX 1,940 fair value estimate and wide moat rating.North American results were particularly strong, with revenue up 12% year over year excluding currency effects and acquisitions. Experian saw strength in its core credit bureau end markets. We are especially pleased to see growth in the consumer business accelerate to 12%. This suggests management’s efforts to reposition this business are bearing fruit.
Latin American growth remained somewhat subdued, with year-over-year growth of 4% excluding currency effects and acquisitions. However, we continue to believe emerging markets will be the best source of value-creative growth for Experian and the rest of the industry in the long run.
The U.K./Ireland segment saw year-over-year growth of 3% excluding currency effects and acquisitions. The consumer segment in this region remains a drag, with revenue declining 1%. Still, we think recent results in North America, which is farther along in terms of transitioning, suggest Experian can stabilize this business and return to growth in fairly short order.
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.
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