Equifax Inc. (EFX)

Industry: Consulting Services Model: Peers Multiples Valuation

Valuation Snapshot

Ticker	Rank	Name	Rev TTM (M)	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
EXPN.L	1	Experian plc	17,310	17.87	16.34	9.63	8.91	11.99	11.80
BVI.PA	2	Bureau Veritas S.A	14,668	11.14	9.90	5.91	5.42	8.46	7.86
BAH	3	Booz Allen Hamilto	11,706	14.96	13.62	9.19	8.30	10.45	9.80
EFX	4	Equifax Inc.	5,943	47.95	44.53	19.96	18.16	34.24	28.73
IPS.PA	5	Ipsos S.A.	5,074	5.93	5.12	3.09	2.67	13.69	3.80
TRU	6	TransUnion	4,442	38.81	36.85	14.80	13.65	24.38	23.24
FCN	7	FTI Consulting, In	3,693	19.13	17.78	13.86	13.06	12.07	15.38
ALQ.AX	8	ALS Limited	3,606	27.94	27.94	7.66	6.67	6.33	6.26
VRSK	9	Verisk Analytics,	3,030	38.08	35.72	22.87	21.92	27.37	26.43
ICFI	10	ICF International,	1,926	17.31	15.74	11.16	10.12	15.16	13.83
HURN	11	Huron Consulting G	1,628	23.48	23.48	15.10	12.84	14.19	7.30
1568.HK	12	Sundart Holdings L	1,492	2.25	2.03	-0.37	-0.33	-0.54	-0.35
RCDO.L	13	Ricardo plc	1,172	8.48	8.88	4.26	4.18	9.15	9.32
300012.SZ	14	Centre Testing Int	907	21.85	19.18	16.96	15.46	15.07	17.78
6532.T	15	BayCurrent Consult	838	36.49	26.91	23.76	17.63	27.43	18.65
RPS.L	16	RPS Group plc	828	81.50	109.59	13.46	14.63	55.58	37.05

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	17.87	16.34	10.40	9.51	12.88	10.80
Full Range Median Multiple	19.13	17.78	12.31	11.48	13.94	12.82
Industry Multiple	24.35	24.60	12.26	11.10	17.95	14.89
Market Implied Multiple	41.04	38.11	17.45	15.88	29.94	25.12
Company (EFX) Multiple	47.95	44.53	19.96	18.16	34.24	28.73
(*) Net Income / EBITDA / Revenue	659	709	1,814	1,993	1,057	1,260
Winsorized Enterprise Value	N/A	N/A	18,863	18,961	13,617	13,613
Full Range Median Enterprise Value	N/A	N/A	22,336	22,878	14,739	16,152
(-) Net Debt	4,624	4,624	4,624	4,624	4,624	4,624
Winsorized Equity Value	11,769	11,592	14,239	14,337	8,993	8,989
Full Range Median Equity Value	12,601	12,607	17,712	18,254	10,115	11,528
(/) Shares Outstanding	123	123	123	123	123	123
Winsorized Fair Value	$95.61	$94.17	$115.67	$116.46	$73.05	$73.02
Full Range Median Fair Value	$102.36	$102.41	$143.88	$148.29	$82.17	$93.65
Current Price	$219.57	$219.57	$219.57	$219.57	$219.57	$219.57
Upside / Downside	-56.46%	-57.11%	-47.32%	-46.96%	-66.73%	-66.74%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$66.93	$65.92	$80.97	$81.53	$51.14	$51.11
Buy / Don't Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy