Panmure Liberum has reiterated its 'buy' rating on Experian PLC (LSE:EXPN) with a 4,450p target price, following a fireside chat with chief financial officer Lloyd Pitchford that underlined the credit data giant’s long-term growth drivers and competitive edge.
Analysts said the group’s strong position across both business and consumer segments, something no other credit bureau has matched at scale, gives it a significant moat, with most of its data either proprietary or shared under closed-loop agreements with other bureaus.
That, they argue, puts Experian in a strong position to benefit from artificial intelligence rather than be disrupted by it.
While open banking is an area to watch, Pitchford pointed to Experian’s ability to collect unique data via its Boost product, which relies on consumers contributing additional information, such as utility and subscription payments, to improve their credit scores.
Panmure said it sees multiple sources of self-driven growth that could support high single-digit revenue increases, even in a sluggish economy.
These include increasing revenue from business customers via its Ascend analytics platform and cross-selling more products to its 205 million consumer users, such as car and home insurance.
Consumer revenue is expected to pick up again from the next quarter, once the impact of one-off data breach sales rolls out of the comparatives.
Looking further ahead, analysts noted the company is targeting slightly faster organic growth, improving profit margins, and falling capital expenditure as a share of sales due to its ongoing tech overhaul; all of which should translate into stronger cash generation between 2026 and 2029.
Valuation remains a sticking point, a concern Panmure said was also raised when Pitchford joined 11 years ago.
Since then, the shares have quadrupled.