Equifax

CEO Mark Begor has led since 2018 and successfully navigated the post‑2017 breach era, executed the cloud transformation, and expanded proprietary data assets while sustaining growth through cyclical mortgage swings. Governance and disclosures are robust.

Leadership is now pivoting from transformation to innovation and cash returns, with rising new‑product vitality. We view execution credibility as high, though the team must now balance competitive score dynamics with regulatory engagement.

Quality Value Investing Checklist (scores and brief notes): 1) Wide or Narrow Moat: 90. Multiple moats via data network effects, switching costs, and efficient scale; trimmed for potential regulatory erosion. 2) High and Consistent Return on Capital: 65. 2024 GAAP operating margin 18.3 percent; ROIC depressed by acquisitions and prior capex, improving as capex declines. 3) Revenue and FCF Growth: 75. Revenue up 8 percent in 2024 and 6 percent in H1 2025; FCF inflecting with lower capex. 4) High Margins: 80. Segment margins strong; Q2 2025 adjusted EBITDA margin 32.5 percent; Workforce Solutions highly accretive. 5) Owner‑CEO: 70. Not founder‑led, but seasoned operator with aligned incentives. 6) Simplicity: 75. Core bureau and verification economics are straightforward; regulatory overlays add complexity. 7) Very Low Debt: 60. Leverage is moderate and serviceable but not low. 8) Dilution: 75. SBC moderate; buybacks offset. 9) Favorable Jurisdiction: 80. Predominantly U.S. with selective international; regulatory intensity is high but predictable. 10) Trend Alignment & Boringness: 85. Long‑term digitization, fraud prevention, and real‑time verification tailwinds. 11) Superinvestor Inspiration: 80. Oligopolistic data tollbooth characteristics align with quality value principles. 12) Valuation: 55. At a fair multiple we outline, prospective returns look reasonable; patience warranted for margin of safety.