It's actually Latin America that's really fuelling growth, with Brazil again showing its importance as a rising economy - Experian's Latin American credit service sales rose 23 per cent to $891m. What's more, better US lending conditions were also an important factor, with improved demand for credit services there driving sales up 7 per cent to $791m - that helped lift total North American sales to over $2bn. Meanwhile, the group's problem markets were in Europe, which is again mired in debt contagion fears. True, the Europe, Middle East, Africa and Asia Pacific operations did grow revenues 7 per cent to $608m, but sales in the same regions at the business-focused decision analytics unit fell 7 per cent to $129m as projects were deferred.
Prior to these figures, Charles Stanley was expecting adjusted pre-tax profit of $1.25bn for 2013, giving EPS of 90¢.
|ORD PRICE:||916p||MARKET VALUE:||£ 9.21bn|
|TOUCH:||916-917p||12-MONTH HIGH:||1,005p||LOW: 652p|
|DIVIDEND YIELD:||2.2%||PE RATIO:||22|
|NET ASSET VALUE:||276¢*||NET DEBT:||62%|
Having risen around 40 per cent since mid-August, the shares - trading on 16 times forecast earnings - enjoy a premium rating. But despite Experian's sectoral dominance, and its attractive growth story, it's hard to see catalysts for further significant near-term upside. Hold.
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