Experian Earnings: Solid Finish to Fiscal 2024; Outlook Impresses

Experian ended its fiscal year with healthy results. Organic revenue grew 8% in the quarter, an acceleration from 6% driven by the US bureau business. While Experian's results in the quarter were mostly in line with our expectations, the firm's outlook impressed. Experian expects fiscal 2025 organic revenue growth of 6%-8%—compared with our pre-earnings estimate of 6%—and expects high-single-digit growth in the medium term driven by multiple factors. As we update our model, we are increasing our fair value estimate on wide-moat Experian to GBX 3,750 from GBX 3,300 primarily as a result of increasing our revenue expectations.