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EXPERIAN (EXPN)

Created:
15 July 2008
Written by:
Graeme Davies

The credit crunch is not doing any favours for Experian, whose core credit checking services in the US and UK have experienced a slump in demand as credit has dried up.

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The company says it can mitigate the impact with growth in emerging economies and other services. To a certain extent, it appears to be doing so after reporting revenue growth of 21 per cent for the first quarter. More pertinent, however, is the lack of organic growth - up only 1 per cent, albeit against strong comparables.

TIP UPDATE

The overall message remains mixed and is unlikely to improve in the near term. Experian's shares are down on our sell recommendation (428p, 29 February 2008). But at 374p, the shares remain a sell.

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