p/w of 10 with sales rising 20% YOY and turns around 80% of profit straight to cash worth 10 in my opinion thats why I bought it @ 550p the steal of the century ....

now out of its 90 day average heading toward 700p withing the month as understand the overhang of float shares out of the way

StockMarketWire.com
Experian, the global information services company, saw total and organic revenue growth of 7%, at constant exchange rates in the third quarter.

Chief executive Don Robert said: "We delivered widespread growth demonstrating the breadth of our portfolio and continued successful execution of our growth strategy, helping us to withstand ongoing pressures in the global economy.

"Looking ahead, for the full year we expect organic growth to be to high single-digit, with organic growth in the second half similar to our third quarter results.

"We also reiterate our full year expectations of modest margin improvement (at constant currency) and to convert at least 90% of EBIT into operating cash."

Harry - they are be increasing their monthly fee to £9.99, I for one, will be cancelling my membership.

I don't know what their monthly fee was. Maybe they think the increase will outweigh the number of account closures.

It was £5.99.

I see Jefferies International has upgraded them today TP £12.

Preliminary results well received, SP up nearly 6% at the mo
http://www.moneyam.com/action/news/showArticle?id=4591314

Credit checking giant Experian delivered full-year results in line with expectations as sales grew across all its global markets.

In the year to end-March, the company saw revenues from continuing activities rise 6.0% to $4.7bn, with earnings before interest and tax (EBIT) up 7.0% to $1.25bn.

However, analysts at Canaccord Genuity said the company’s stock is "expensive and increasingly risky", recommending a ‘sell’ rating and target price of 898p.

The broker also said group organic revenue growth has slowed, reflecting its performance in Latin America where revenue has fell by nine percentage points to 14% in the year. Brazil accounts for 90% of the result.

"The Brazilian business is 60% consumer facing and transaction based," Canaccord said.

Cazenove comment:
"Experian has issued its FY March 2013 results which seem to have a positive tone. EPS of 85.7 ($c) compared to us on 84.5 ($c), and company provided consensus of 84.7 ($c) (range of 81.9 ($c). to 87.1 ($c)). The organic revenue growth in Q4 seems to have been 8%, up from 7% in Q3 mainly due to Latin America. We had forecast 7% growth in Q4. Also, the EBIT margin rose 40bp to 26.6%, after the 10bp improvement in H1 implying the H2 margin rose by 70bp, again driven by Latin America. We had forecast a 26.4% margin. The other main news is the announcement of a $500m share buy back programme.
Recommendation; we have an Overweight on the shares as we believe that Experian has a number of good structural opportunities. The main drawback on the shares is that they are at an all-time high, trading on a CY 2014e PER of 17.6x. However, we think the better organic revenue, margin and buyback should send the shares higher.

L&G go above 3% on these.

Divi out the week at 15.45p.

Interim Management Statement

On 9 August 2013, Don Robert, the Chief Executive Officer of the Company, sold 100,000 ordinary shares on the London Stock Exchange at a price of 1,218.284p per share.

Following the sale, Mr Robert has a retained interest in 1,389,942 ordinary shares.

Half-Yearly Report http://www.londonstockexchange.com/exchange/news/market-news/market-news-detail.html?announcementId=11764985

Ex divi wed 31st Dec 2013 (11.5¢)

SP. has taken a bit of an early morning slapping, down 5/6% so far!

Merrill Lynch note:
"We are lowering our rating to Neutral, reflecting valuation (the shares are close to our PO after rising 10% over the last month) and some disappointment on short term organic growth. Investors may also question the shift in capital allocation to more expensive M&A. We still believe that Experian has highly attractive fundamentals and growth prospects.
We are tweaking EPS down by 2%, incorporating lower organic growth (5.5%) in 2014, a higher tax rate (27%) and FX (-1%) partially offset by the acquisition of Passport Health (1.5% enhancing in 15). Our new EPS of 92c and 103c in 14 and 15 are similar to the Bloomberg consensus.
Experian reported in line 1H results, with EPS of 42.5c, +10%. 1H organic growth was 6%, including 5% in Q2 v BofAML’s 7%. Q2 organic was weaker than expected in LatAm (5%), where Credit slowed on fewer consumer delinquencies, and Americas (4%), where Credit slowed on mortgage and Analytics was down (but this is phasing). EBITA margin was 26%, flat v our expectation of -30bps on FX (BRL). FCF was US$400m v $315m, reflecting lower CapEx and Serasa (no minority divs).
Experian announced the acquisition of Passport Health Communications for US$850m, for which we have included US$145m sales and US$40m EBITA in 15. It is immediately EPS accretive and should enhance organic growth by ~0.4ppts from Q4 15 but may not be EVA accretive for greater than 3Y. Pro forma ND/EBITDA is 2.4x (falling to 2.2x by end March) and the share buyback has been suspended for now."

Goldman Sachs note:
"In our view Experian is a well-positioned company, enjoying market-leading positions in the majority of its products across different geographies. This is particularly the case in the Credit Services division where the barriers to entry are high (given requirements for depth of data, years of history, and often credit bureau licences). We see no reason why this positioning will change in the near term, rather our Sell thesis is valuation driven.
From 2008/09 organic growth and returns consistently improved, and likewise trading multiples (EV/sales, EV/EBITDA or P/E) expanded. The multiple inflation was in part a result of an improvement in stock market conditions, nevertheless we think the expansion reflects the improved operating metrics. The shares now trade on 12.0x EV/EBITDA (FY15E, based on close of November 27)) and 20.5x P/E which we think is expensive in absolute terms and relative to Experian’s trading range. Indeed, these multiples mark all-time highs for Experian.
We think Experian’s trading multiple could come under pressure if organic growth remains closer to the 5% level seen in 2Q vs. the 7%-8% of the previous three years, and assuming CROCI falls to c.15%, a similar level to 2009 and 3% below the average of the last four years. We note that when growth and returns were previously at the levels which we forecast, the shares traded on 8-9x EV/EBITDA.
Our target price is derived from a target EV/EBITDA multiple of 10.5x; this is higher than the 8-9x to reflect the greater product, geographical and end-market diversity at Experian now than in the past, and also the better stock market conditions. Applying this target multiple on our CY15 forecasts implies 14% potential downside.
Overall we see limited upside risk to forecasts, as we believe organic growth is slowing, and the balance sheet is above the company’s target net debt/EBITDA levels, limiting inorganic growth potential or buybacks for the next 12 months.
Experian has a strong track record of generating decent levels of free cash, both in absolute levels and in terms of conversion from accounting profits. This has led to capital returns beyond normal dividends while also funding acquisitions. In the past couple of months Experian has acquired two companies for a total of US$1.2 bn, for a combined EV/sales multiple of 7.9x (December 2013) and EV/EBITA of 39x. We think the acquisitions of Passport Health and 41st Parameter make strategic sense, in terms of expanding into the growth markets of healthcare and fraud prevention, and complementing Experian’s existing product suite. It is also possible that these acquisitions will achieve Experian’s target of double-digit post tax return on capital within three to five years, although management recognises that it is likely to be back-end weighted. Nevertheless, these acquisitions will be dilutive to CROCI, especially in the first couple of years."

6 November 2014 ─ Experian, the global information services company, today issues its half-yearly financial report for the six months ended 30 September 2014.

General highlights
· Good progress in the first half with total revenue growth from continuing activities of 5%, Benchmark EPS growth of 6%, operating cash flow growth of 17% and first interim dividend up 7%.

· New agreement with FICO, the score most recognised by consumers in the US,to create highly compelling offers under the Experian.com brand - an important step in our strategy to position Experian.com as the flagship brand for US consumers.

· Encouraging performances in parts of the portfolio. Good growth in North America Credit Services. Sequential improvement in Brazil, returning to growth in Q2 after World Cup.

· Passport and 41st Parameter acquisitions growing strongly.

· Deleveraging faster than anticipated given strong operating cash flow performance.

Financial highlights
· At constant exchange rates, total revenue growth from continuing activities was 4%. There was no change in organic revenue. Total revenue from continuing activities up 5% at actual exchange rates. Total revenue of US$2.4bn (2013: US$2.3bn).

· Total EBIT from continuing activities of US$627m, up 3% at constant exchange rates. Total EBIT from continuing operations was also US$627m up 3% at actual exchange rates.

· EBIT margin from continuing activities of 26.2%, up 60 basis points before the impact of foreign exchange movements and acquisition investment, down 40 basis points year-on-year.

· Benchmark profit before tax of US$590m, up 3% at actual rates. Profit before tax of US$534m (2013: US$480m).

· Benchmark EPS of 45.1 US cents, up 6% at actual rates. Basic EPS of 41.8 US cents (2013: 34.2 US cents).

· Strong cash flow with 95% conversion of EBIT into operating cash flow (2013: 84%), and growth in operating cash flow of 17%.

· First interim dividend of 12.25 US cents per ordinary share, up 7%.

Brian Cassin, Chief Executive Officer, commented:
"We have delivered a good earnings result for the first half, driven by strength in North America Credit Services, a return to growth in Brazil and a good all-round performance in the UK. Our cash performance was particularly strong which has allowed us to reduce debt ahead of schedule and we are pleased to announce an increase in our first interim dividend of 7%.

"For the second half, we see near term organic revenue growth as subdued, improving as we exit the year. For the year, we expect to maintain margins (at constant currency), to deliver further good progress in Benchmark earnings (at constant currency) and we now expect to exceed 95% cash flow conversion.

"We have shared our five key strategic priorities today for sustaining attractive rates of earnings growth and superior returns. Taken together, we believe that these actions will allow us to build an even more successful business in the years to come and to deliver significant value to our shareholders."

StockMarketWire.com
Canaccord Genuity has upgraded its longstanding 'sell' recommendation on Experian (LON:EXPN) and moved to a 'hold' position, on the back of yesterday's half yearly financial report.

The broker stated that, following a series of earnings downgrades, the shares have now weakened to a point of fair value.

The shares have fallen by 8 per cent since the beginning of the year, despite rising 2.5 per cent in early trading this morning.

However, Canaccord remained cautious and added: "We believe that there remains risk to forecasts, specifically in LatAm due to the weak Brazilian economy and US due to the changes in the consumer product line."

StockMarketWire.com
Jefferies International reiterates buy on Experian, target 1260p to 1200p.