Experian Mostly Resilient in Fiscal Third Quarter

Wide-moat Experian reported 6% organic constant currency revenue growth in its fiscal third quarter trading update, a dip from 8% in the prior quarter but a healthy result in our view. Macroeconomic pressures are coming into focus, but thus far, Experian has only seen limited impact and we view Experian’s business as having only modest cyclicality. Overall, there was little in the firm’s earnings release that would alter our long-term view of the firm and we will maintain our fair value estimate of GBX 3,800.