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Citi reiterates buy with a target of 940p.
The group's half year results (10Nov2011) broadly exceeded analyst consensus estimates. Total revenue from continuing activities rose by 15%, whilst organic revenues, excluding acquisitions, grew by 6%. Benchmark pre-tax profit came in at $539 million, up 20% on the previous half year. Management noted that “the company was realising the benefits of its investment in its global growth programme.” Earnings for its Latin American business led the way (+25%), although earnings growth for more subdued economies such as the UK & Ireland (+9%) and North America (+8%) were also recorded. The burgeoning Latin American business also enjoyed an expansion for its profit or earnings margin, rising to 34.1% from 32.9%, while the earnings margin for the overall business also grew (24.5% from 24.3%).
Experian (EXPN) is a sell with the drop through the stoploss at 699 and support. Sell. Says David Linton
Acquisition of Virid Interatividade Digital Ltda 22 July 2011 - Experian, the global information services company, announces that it has acquired Virid Interatividade Digital Ltda ("Virid"), a leading email marketing company in Brazil. The acquisition is a further step in Experian's strategy to expand its targeted digital marketing activities globally, and extends the geographic reach of Experian's email marketing business into the key market of Brazil. Experian is the largest permission-based email marketer globally, providing services in all of the top 10 advertising markets in the world, including the US, the UK, Germany, France, China and now Brazil. Founded in 1996, Virid is one of Brazil's largest email service providers, offering email delivery, email based behavioural segmentation, real-time campaign reporting, mobile delivery and social media integration. The company has over 800 direct and 3,000 indirect clients including retailers, advertising agencies and news organisations. For the year ending 31 December 2010, revenue for Virid was R$9m (c.US$5m). Gross assets as at 31 December 2010 were R$2m (c.US$1m). Virid was acquired from its founding shareholder and management and will form part of Experian's Marketing Services activities in Latin America. The acquisition has been funded from Experian's existing cash resources.
http://www.investegate.co.uk/Article.aspx?id=201107220900018806K
Interim Management Statement, first quarter 15 July 2011 ─ Experian, the global information services company, today issues an Interim Management Statement that includes an update on trading for the three months to 30 June 2011. Commenting on the performance of Experian, Don Robert, Chief Executive Officer, said: "We have delivered good revenue growth in our first quarter, reflecting continued progress in our growth strategy. At constant exchange rates, total revenue growth from continuing activities was 10%, with organic revenue growth of 6%. "We expect to continue to deliver good growth in our business and are confident in our strategy and ability to execute. While mindful of the current macro environment, we expect organic revenue growth for the second quarter to be similar to the first quarter. For the full year, we continue to anticipate organic revenue growth in the mid-high single digit range, modest margin improvement and strong cash flow conversion."
http://www.investegate.co.uk/Article.aspx?id=201107150700084652K
Citigroup upgrades Experian from hold to buy, target price raised from 850p to 940p.
Exchange Rate and Irish Dividend Withholding Tax for the Second Interim Dividend in respect of the Year Ended 31 March 2011 1 July 2011 - Experian plc, the global information services company, announced on 18 May 2011 a second interim dividend of 19.0 US cents per ordinary share payable on 22 July 2011 to shareholders on the register of members at the close of business on 24 June 2011. The Company now announces that the £/$ exchange rate to be used to convert the dividend payment from US dollars to sterling pounds, for those shareholders who did not elect by 24 June 2011 to receive payment in US dollars, will be £1 = $1.6019. Shareholders who did not elect to receive UK sourced dividends through the income access share arrangements are reminded that, as previously advised, their dividends will be subject to Irish dividend withholding tax unless the Company's Registrars are in possession of a valid exemption form. As previously advised, the final date for submission of elections to receive UK sourced dividends via the income access share arrangements was 24 June 2011. In the absence of any such elections, previous elections or deemed elections will remain in force.
HSBC reiterates overweight on Experian, target price raised from 850p to 900p
UBS reiterates buy on Experian, target price reiterated at 900p.
Experian has bought back $350m of its own shares but this month agreed the purchase, for up to $400m, of Computec, a credit bureau in Colombia.While there is still growth in the developed world, the sort of credit data and services it provides are needed increasingly as economies elsewhere and their respective banking sectors mature. Experian, with its exposure to banks and individuals seeking loans, understandably suffered in the credit crisis, but all four sectors and all four geographical areas are back in growth. The shares, little changed at 795½p last night, sell on about 14 times this year’s earnings and the Times thinks they should have farther to go long-term.
Creation of joint venture in Australia 5 May 2011 - Experian, the global information services company, announces its agreement to establish a credit bureau with six of Australia's leading financial institutions to provide consumer and business credit information in Australia. The formation of the joint venture is subject to regulatory approval. The new bureau will enable lenders to assess risk and provide credit more efficiently and consistently, particularly in light of forthcoming plans to permit positive data sharing, which is currently under consideration by the Australian government. The joint venture builds on the financial sector relationships Experian has established in Australia through its Decision Analytics business. Experian will be responsible for the operations of the credit bureau and will own 76% of the entity. The following six financial institutions will own 24% of the venture: ANZ, Citibank, Commonwealth Bank of Australia (CBA), GE Capital, National Australia Bank (NAB) and Westpac Banking Corporation. On receipt of regulatory clearance the joint venture company, Experian Australia Credit Services Pty Ltd, will be established with initial gross assets of A$30m.
Experian beefs up Latin American presence Date: Tuesday 03 May 2011 LONDON (ShareCast) - Credit checking outfit Experian is to take a majority stake in Latin American credit services information provider Computec. Experian is offering COP$10,419 per share for Computec, which is listed on the Colombian stock exchange. The terms value the whole of Computec at around US$400m. Computec owns the market leading credit bureau in Colombia, including the most extensive database in Colombia on the credit behaviour of consumers, Experian said. Computec's products include the provision of on-line credit reports, scores, identity validation tools and fraud prevention services. The company serves a diverse customer base across financial services, telecommunications and other industry segments. Computec also provides outsource document services to business to business (B2B) clients such as document design, production and delivery. In addition, Computec owns the only credit bureau in Venezuela and an early stage development bureau in Peru. “In assessing the opportunities for Computec and the growth prospects of the Colombian credit market, Experian has found many similarities to the assessment it made at the time of the acquisition of a majority stake in Serasa in Brazil in 2007,” the company said.
http://www.investegate.co.uk/Article.aspx?id=201105030800217792F
Looks like the Times got it wrong. I am staying with this one for the time being anyway.
The perception is that the Experian, the credit rating service, is reliant on a recovery in UK credit markets; as Shore Capital points out in a note, this is not necessarily so, as Experian is busy expanding its database services into growth markets. That share price fall looks overdone, says the Times.
It's very quiet in here, consider just how HOT EXPN has been over the last month!
cbart, I decided to sell my holding as my earlier thoughts/intuition appeared to be coming true. Myt come back in later on as it is a good company, I feel. My regds, L
I'll keep you company for a while cbart! Seems like this stock is levelling out a bit now. I'm seeing various comments of it not doing much in the coming 12 months, maybe this is the reason? Anyway, I've regained my losses, so I am happy now. But was there a reason for its excellent rise, one wonders, apart from the fact that Britain's debtors are ever increasing, hence more credit checks being made?
Im not the only person who follows this share! No1's posted here for ages!!
Anyone have any opinions on this stock? Seems to be moving a lot during the trading day, I think any thing under £4.10 is worth investment for a short gain, can see it going back up to 4.30 - 4.40 soon.
Great thing about this company is that it owns many companie (around 25 i think). so if one gets a big win then the share price goes up, then it goes back down, then another win comes through pushing the share price up again, so its a great short term or medium term gain in my opinion at the moment
Would not buy until a buyout is on the cards. And then it would be simply broken up. With so many key personnel either being shown the door or leaving, their key asset - talent - is quickly evaporating.