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CONSUMER CYCLICALS: Experian (EXPNLN A3/A-) $350m bolt-on

CONSUMER CYCLICALS
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  • Acquiring {CLSA3 BZ Equity} at 10.56/share, a 23.5% premium to last close, for total ~USD$350m. It had $312m in cash on hand at end of March. Will use that alongside Brazilian depository receipts to fund it. We see the acquired co running a $60m net cash position and no debt coming with it.
  • It will on-board ~$89m in revenue (1.2% of group) and ~$24m in EBITDA (1%). Indicative co is running a 27% margin vs. Experian's mid to low 30s. Multiple paid is ~15x vs. its own 21x.
  • It says it is the "leading provider of digital fraud prevention solutions in Brazil" with over 7.4k active clients.

Presser here

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  • Acquiring {CLSA3 BZ Equity} at 10.56/share, a 23.5% premium to last close, for total ~USD$350m. It had $312m in cash on hand at end of March. Will use that alongside Brazilian depository receipts to fund it. We see the acquired co running a $60m net cash position and no debt coming with it.
  • It will on-board ~$89m in revenue (1.2% of group) and ~$24m in EBITDA (1%). Indicative co is running a 27% margin vs. Experian's mid to low 30s. Multiple paid is ~15x vs. its own 21x.
  • It says it is the "leading provider of digital fraud prevention solutions in Brazil" with over 7.4k active clients.

Presser here