Experian Earnings: Experian Steady at Fiscal Year-End; Macro Headwinds Likely to Have Limited Impact

Wide-moat Experian reported 7% organic constant currency revenue growth in its fiscal fourth quarter, a slight uptick from the 6% seen in the prior quarter and a solid result, in our view. Amid a weakening macroeconomic backdrop and tighter lending, Experian expects fiscal 2024 organic revenue growth of 4%-6%, which we believe showcases the firm's limited cyclical exposure. Overall, there was little in the firm’s earnings release that would alter our long-term view, and we will maintain our fair value estimate of GBX 3,500.