Analyst Note| Rajiv Bhatia, CFA |
Equifax reported strong second-quarter results, with revenue and earnings topping consensus expectations. Revenue was $1.23 billion, above the FactSet consensus of $1.16 billion and the firm’s guidance of $1.14 billion-$1.16 billion. Adjusted EPS of $1.98 beat the consensus of $1.71 and guidance of $1.60-$1.70. Equifax raised its full-year revenue outlook by 3% at the midpoint to $4.76 billion-$4.80 billion, which implies a stronger back half of 2021 than the previous guidance. We will maintain our wide moat rating and expect to increase our fair value estimate by a mid- to high-single-digit percentage.