reports
- Brett Horn
Morningstar | Experian’s Growth Slows a Bit in Fiscal First Quarter
Experian saw its organic growth slow a bit in the fiscal first quarter, with revenue growth excluding currency effects and acquisitions growing 6% year over year. This represents a slowdown from the last fiscal year, but this quarter’s growth rate is more in line with our long-term expectations. We will maintain our GBP 2,090 and $26.50 fair value estimates and wide moat rating. Results in North America remain good, with 8% year-over-year growth excluding acquisitions. The core credit bureau ...
- Brett Horn
Experian’s Growth Slows a Bit in Fiscal First Quarter
Experian saw its organic growth slow a bit in the fiscal first quarter, with revenue growth excluding currency effects and acquisitions growing 6% year over year. This represents a slowdown from the last fiscal year, but this quarter’s growth rate is more in line with our long-term expectations. We will maintain our GBP 2,090 and $26.50 fair value estimates and wide moat rating. Results in North America remain good, with 8% year-over-year growth excluding acquisitions. The core credit bureau b...
- Dave Nicoski
- Ross LaDuke
Vermilion Compass: Weekly Equity Strategy
Market rangebound; Upgrading Services In last week's Compass we made several observations which led us to be cautious. All of the concerning observations have since reversed as the market found support: the U.S. dollar weakened, defensive areas underperformed, cyclical areas held at logical support, high yield spreads narrowed, and the 10-year Treasury yield found support. These positive developments are encouraging, however we believe the market remains rangebound. • S&P 500 levels. We beli...
MA MASTERCARD INCORPORATED
WEX WEX INC.
MAN MANPOWERGROUP
NCR NCR CORPORATION
ACN ACCENTURE PLC CLASS A
GPN GLOBAL PAYMENTS INC.
WU WESTERN UNION COMPANY
WITN WIPRO LTD
V VISA INC. CLASS A
TSS TOTAL SYSTEM SERVICES INC.
SAIC SCIENCE APPLICATIONS INTERNATIONAL CORP.
PYPL PAYPAL HOLDINGS INC
PAYX PAYCHEX INC.
MMS MAXIMUS INC.
LDOS LEIDOS HOLDINGS INC.
IT GARTNER INC.
INFY INFOSYS LIMITED ADS
35G GENPACT LIMITED
FLT FLEETCOR TECHNOLOGIES INC.
FISV FISERV INC.
FIS FIDELITY NATIONAL INFORMATION SERVICES INC.
EQIX EQUINIX INC.
EPAM EPAM SYSTEMS INC.
EEFT EURONET WORLDWIDE INC.
CLGX CORELOGIC INC.
CACI CACI INTERNATIONAL INC CLASS A
BAH BOOZ ALLEN HAMILTON HOLDING CORPORATION CLASS A
ARMK ARAMARK
ADP AUTOMATIC DATA PROCESSING INC.
XLB MATERIALS SELECT SECTOR SPDR FUND
BR BROADRIDGE FINANCIAL SOLUTIONS INC.
GLOB GLOBANT SA
KBR KBR INC.
EEM ISHARES MSCI EMERGING MARKETS ETF
FDC FIRST DATA CORPORATION CLASS A
EXPGY EXPERIAN PLC
BKI BLACK KNIGHT INC.
WP WORLDPAY INC. CLASS A
XLI SELECT SECTOR SPDR-INDUSTRIAL
EFA ISHARES TRUST MSCI EAFE INDEX FUND
SWCH SWITCH
KBE SPDR KBW BANK ETF
GDS GDS HOLDINGS LTD. SPONSORED ADR CLASS A
RAMP LIVERAMP HOLDINGS INC.
RYE INVESCO S&P 500 EQUAL WEIGHT ENERGY ETF
GIB.A CGI INC. CLASS A
- Brett Horn
Morningstar | EXPGY Updated Forecasts and Estimates from 03 Jun 2019
Experian's core is its credit bureau business, and it is an established leader in the United States and the United Kingdom. But it has not been content to simply operate its existing businesses and has been expanding through acquisitions into new businesses and new countries. Already the most internationally diversified among its peers, Experian has been expanding even further geographically. The company now generates about one fourth of its revenue outside North America and the U.K., which we t...
- Brett Horn
Morningstar | Experian's Consumer Business Has Started to Rebound
Experian's core is its credit bureau business, and it is an established leader in the United States and the United Kingdom. But it has not been content to simply operate its existing businesses and has been expanding through acquisitions into new businesses and new countries. Already the most internationally diversified among its peers, Experian has been expanding even further geographically. The company now generates about one fourth of its revenue outside North America and the U.K., which we t...
- Brett Horn
Experian's Consumer Business Has Started to Rebound
Experian finished its fiscal year on a good note, with full-year revenue, excluding currency impacts and acquisitions, up 9% year over year, a bit ahead of our long-term expectation of 6%-7% growth. Still, results were roughly in line with our expectations, and we will maintain our GBP 1,940 fair value estimate and wide moat rating. North American results were impressive, with this region producing 10% year-over-year growth for the year, excluding currency impacts and acquisitions. Experian appe...
- Brett Horn
Morningstar | Experian Maintains Strong Growth at Its Fiscal Year-End
Experian finished its fiscal year on a good note, with full-year revenue, excluding currency impacts and acquisitions, up 9% year over year, a bit ahead of our long-term expectation of 6%-7% growth. Still, results were roughly in line with our expectations, and we will maintain our GBP 1,940 fair value estimate and wide moat rating. North American results were impressive, with this region producing 10% year-over-year growth for the year, excluding currency impacts and acquisitions. Experian app...
- Brett Horn
Experian Maintains Strong Growth at Its Fiscal Year-End
Experian finished its fiscal year on a good note, with full-year revenue, excluding currency impacts and acquisitions, up 9% year over year, a bit ahead of our long-term expectation of 6%-7% growth. Still, results were roughly in line with our expectations, and we will maintain our GBP 1,940 fair value estimate and wide moat rating. North American results were impressive, with this region producing 10% year-over-year growth for the year, excluding currency impacts and acquisitions. Experian appe...
- Dave Nicoski
- Ross LaDuke
Vermilion Compass: Weekly Equity Strategy
Market activity, both bonds and stocks, has been all about realigning expectations. Wednesday's Fed announcement was more dovish than expected, and the market is now pricing in roughly 25bps of cuts by the end of 2019. Stocks reacted positively on Thursday, but then reversed (and then some) on Friday as global growth concerns became a little more serious. We continue to maintain our positive outlook and highlight below several observations which lead us to this conclusion. • Broadening yield ...
GPN GLOBAL PAYMENTS INC.
V VISA INC. CLASS A
TSN TYSON FOODS INC. CLASS A
SQ SQUARE INC. CLASS A
SAFM SANDERSON FARMS INC.
PYPL PAYPAL HOLDINGS INC
PPC PILGRIM'S PRIDE CORPORATION
PAYX PAYCHEX INC.
IT GARTNER INC.
INFY INFOSYS LIMITED ADS
HRL HORMEL FOODS CORPORATION
HAM HARMONY GOLD MINING CO LTD (ADR)
GFI GOLD FIELDS LTD. ADS
FLT FLEETCOR TECHNOLOGIES INC.
FISV FISERV INC.
FIS FIDELITY NATIONAL INFORMATION SERVICES INC.
DAR DARLING INGREDIENTS INC.
AU ANGLOGOLD ASHANTI LTD. ADS
ADP AUTOMATIC DATA PROCESSING INC.
CJ5A CGI
TRX TANZANIAN GOLD
SEB SEABOARD CORP.
SBGL SIBANYE STILLWATER
EXPGY EXPERIAN PLC
GSS GOLDEN STAR RESOURCES LTD.
WP WORLDPAY INC. CLASS A
- Brett Horn
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 man...
- Brett Horn
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 mana...
- Brett Horn
Morningstar | EXPGY Updated Forecasts and Estimates from 11 Dec 2018
Experian's core is its credit bureau business, and it is an established leader in the United States and the United Kingdom. But it has not been content to simply operate its existing businesses and has been expanding through acquisitions into new businesses and new countries. Already the most internationally diversified among its peers, Experian has been expanding even further geographically. The company now generates about one fourth of its revenue outside North America and the U.K., which we t...
- Brett Horn
Morningstar | Experian Looks to Be Back on Track
Experian's core is its credit bureau business, and it is an established leader in the United States and the United Kingdom. But it has not been content to simply operate its existing businesses and has been expanding through acquisitions into new businesses and new countries. Already the most internationally diversified among its peers, Experian has been expanding even further geographically. The company now generates about one fourth of its revenue outside North America and the U.K., which we t...
- Brett Horn
Experian Looks to Be Back on Track
Overall, we think Experian’s first-half results were impressive. While there are still issues in some parts of the business, we see ongoing signs that Experian is moving past recent headwinds. We will maintain our GBP 1,940 and $25.50 fair value estimates and wide moat rating. The core U.S. credit bureau business had a good first half, with North American revenue up 10% year over year on an organic basis. Management noted that trended data and big data played a role in the strong growth. While...
- Brett Horn
Morningstar | Experian Delivers Strong First Half, Consumer Business C...
Overall, we think Experian’s first-half results were impressive. While there are still issues in some parts of the business, we see ongoing signs that Experian is moving past recent headwinds. We will maintain our GBP 1,940 and $25.50 fair value estimates and wide moat rating. The core U.S. credit bureau business had a good first half, with North American revenue up 10% year over year on an organic basis. Management noted that trended data and big data played a role in the strong growth. Whil...
- Brett Horn
Experian Delivers Strong First Half, Consumer Business Continues Rebou...
Overall, we think Experian’s first-half results were impressive. While there are still issues in some parts of the business, we see ongoing signs that Experian is moving past recent headwinds. We will maintain our GBP 1,940 and $25.50 fair value estimates and wide moat rating. The core U.S. credit bureau business had a good first half, with North American revenue up 10% year over year on an organic basis. Management noted that trended data and big data played a role in the strong growth. While...
- Brett Horn
Experian Sees Strong Start to Fiscal 2019
Experian saw relatively strong top-line growth in its fiscal first quarter, with revenue up 8% year over year excluding currency impacts and acquisitions. This level is a bit above our long-term expectations, and the quarter showed signs that the company is starting to move past the headwinds it has faced in its consumer segment. We will maintain our GBX 1,940 and $25.50 fair value estimates and our wide moat rating. In North America, Experian saw 11% organic growth. The consumer segment, which ...
- Brett Horn
Experian's core credit bureau business exists in a stable oligopoly.
Experian closed out the year on a fairly strong note, with headwinds starting to ease in its North American consumer business. Overall, the company delivered 5% year-over-year growth, excluding currency effects and acquisitions, during fiscal 2018. This is slightly below our long-term growth forecast but good considering the issues the company is facing in some areas of its business. Operating margins, excluding amortization and one-time items, improved slightly to 27.7% during fiscal 2018 from ...
- Brett Horn
Experian's core credit bureau business exists in a stable oligopoly.
Experian closed out the year on a fairly strong note, with headwinds starting to ease in its North American consumer business. Overall, the company delivered 5% year-over-year growth, excluding currency effects and acquisitions, during fiscal 2018. This is slightly below our long-term growth forecast but good considering the issues the company is facing in some areas of its business. Operating margins, excluding amortization and one-time items, improved slightly to 27.7% during fiscal 2018 from ...
- Brett Horn
Experian's core credit bureau business exists in a stable oligopoly.
Experian closed out the year on a fairly strong note, with headwinds starting to ease in its North American consumer business. Overall, the company delivered 5% year-over-year growth, excluding currency effects and acquisitions, during fiscal 2018. This is slightly below our long-term growth forecast but good considering the issues the company is facing in some areas of its business. Operating margins, excluding amortization and one-time items, improved slightly to 27.7% during fiscal 2018 from ...
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