Experian Earnings: Steady Results Spur Relief Rally

Experian was steady in its second quarter of fiscal 2024. Experian saw 5% organic growth in its fiscal quarter and still expects 4%-6% organic growth and modest margin improvement for the full year. We believe the market is reacting positively to the maintained guidance considering recent revenue headwinds at peer TransUnion. Overall, we will maintain our wide moat rating and fair value estimate of GBX 3,300 on Experian. While we see upside to Experian, we believe Experian’s peer TransUnion offers more upside from a valuation perspective.