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

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.

StockMarketWire.com
Global information services company Experian reports good progress in the three months to the end of December with total revenue growth at constant exchange rates of 2%, while as expected organic revenue was unchanged.

Chief executive Brian Cassin said: "Our Credit Services business performed well, with strength across all regions, including our big markets in the US, Brazil and the UK. Our plans for transitioning North America Consumer Services are on track, and while it is early days, we're encouraged by the market response to the major release of the Experian FICO product, which took place at the end of the quarter.

"Looking ahead, our expectations are unchanged. We are confident of our ability to return Experian to top-line growth as we exit the year, and for the full year to maintain margins (at constant currency), to deliver further good progress in benchmark earnings (at constant currency) and to exceed 95% cash flow conversion."

EXPN Experian, Chart looking very bullish momentum very strong look for further gains med term . Investors day today should see Broker updates maybe upgrades. (im long)

28 Jan 2015 Experian PLC EXPN Liberum Capital Buy 1,209.00 1,165.00 1,230.00 1,230.00 Reiterates

SP TARGET 1230p

Experian surprises with share buyback and new dividend ratio

Wed 28 January 2015 09:17

Credit checking group Experian has announced a $600m share buyback and made positive noises about growing its dividend, hidden among details of an investor seminar to be held on Wednesday afternoon.

The FTSE 100 group said the repurchase programme of 5% of its shares had been decided following a full capital framework review.

The review concluded that, given the group's strong cash generation, acquisitions will still be a key tenet of growth but that the strong cash profile "provides the potential to progress the ordinary dividend payout" in line with or ahead of earnings and a new target leverage range will be adopted of 2.0 times to 2.5 times net debt/EBITDA.

"There is now scope to enhance the efficiency of the capital structure, whilst sustaining strong investment grade credit ratings and sufficient flexibility for future investment," the group said in its statement.

The $600m buyback will be completed over 14 months, well ahead of the schedule.

Broker Liberum said it expected a return to additional capital returns.

"This new return guidance will be further supported by the growth initiatives expected to set out this afternoon, where we would expect focus on growth initiatives in credit services as well as plans to stabilise and improve its US consumer division."

FTSE 100 movers: Experian boosted by new growth strategy, Anglo disappoints with 2015 guidance
Jack Pusey | Sharecast | 28 Jan, 2015 13:35 - Updated: 15:56

Credit-checking firm Experian was a high riser after unveiling an unexpected $600m share buyback and outlining plans to “deliver annual average growth in organic revenue in the mid-single digit range”. The company also said it has the potential for “strong growth” in earnings per share.

Experian's cash generation a 'key strength', says Liberum
28 January 2015 12:10

Broker Liberum reiterated its 'buy' rating on Experian stock after the information services firm announced an unexpected $600m (£394.7m) buyback, which amounts to 5% of its stock.
On Wednesday, the FTSE 100 group announced a share repurchase programme after conducting a full capital framework review, pledging to return surplus capital to shareholders from time to time

The evaluation concluded that given the group's strong cash generation acquisitions will still form part of the business growth mix, while dividend will remain in line with or ahead of earnings.

"This new return guidance will be further supported by the growth initiatives [...] where we would expect focus on growth initiatives in credit services as well as plans to stabilise and improve its US consumer division," Liberum said in a note.

The company also said it is adopting a new target leverage range of 2 to 2.5 times net debt to earnings before interest, tax, depreciation and amortisation (EBITDA), moving away from its previous target of 1.75 to 2 times net debt to EBITDA.

"Experian's sustainable superior cash generation remains a key strength," Liberum added.

Experian shares were up 3.00% to 1,200.00p at 12:06 on Wednesday.

Experian broker views

Date Broker Recommendation Price Old target price New target price Notes
29 Jan Nomura Buy 1,197.50 - 1,260.00 Retains
29 Jan Deutsche Bank Buy 1,197.50 1,150.00 1,300.00 Reiterates
29 Jan JP Morgan Cazenove Overweight 1,197.50 1,347.00 1,347.00 Reiterates
28 Jan Liberum Capital Buy 1,197.50 1,230.00 1,230.00 Reiterates

StockMarketWire.com
Credit Suisse has upgraded its recommendation on Experian (LON:EXPN) to 'outperform' from 'neutral', which it stated was due to the combination of accelerating organic growth, an on-going buyback scheme, prodigious cash generation and optimised balance sheet.

Analysts have increased their price target to 1,300 pence per share (from 1,100 pence), adding: "This reflects a reduction in the cost of equity based on our analysis of business unit valuations."