Experian: Trading Update Came in Generally as Expected

Wide-moat Experian was mostly steady in the firm’s fiscal third quarter. Organic revenue grew 6%, roughly in line with the 7% reported in the first and second quarters. We note that the prior-year period had some increased breach activity, which can be lumpy. Given these steady results, Experian did not alter its revenue and margin outlook for fiscal 2025. As we incorporate these results, we will maintain our fair value estimate of $50 (GBX 3,900) per share and view shares as modestly undervalued.