Intrinsic value of Equifax - EFX

Previous Close

$129.52

  Intrinsic Value

$89.16

stock screener

  Rating & Target

sell

-31%

Previous close

$129.52

 
Intrinsic value

$89.16

 
Up/down potential

-31%

 
Rating

sell

We calculate the intrinsic value of EFX stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2017), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 15.5

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  6.90
  6.71
  6.54
  6.39
  6.25
  6.12
  6.01
  5.91
  5.82
  5.74
  5.66
  5.60
  5.54
  5.48
  5.43
  5.39
  5.35
  5.32
  5.29
  5.26
  5.23
  5.21
  5.19
  5.17
  5.15
  5.14
  5.12
  5.11
  5.10
  5.09
Revenue, $m
  3,594
  3,835
  4,086
  4,347
  4,618
  4,901
  5,196
  5,503
  5,823
  6,157
  6,505
  6,869
  7,250
  7,647
  8,063
  8,498
  8,952
  9,428
  9,927
  10,448
  10,995
  11,568
  12,168
  12,796
  13,456
  14,147
  14,872
  15,632
  16,429
  17,265
Variable operating expenses, $m
  2,621
  2,760
  2,905
  3,055
  3,211
  3,374
  3,543
  3,720
  3,904
  4,097
  3,745
  3,954
  4,173
  4,402
  4,641
  4,891
  5,153
  5,427
  5,714
  6,014
  6,329
  6,659
  7,004
  7,366
  7,746
  8,143
  8,561
  8,998
  9,457
  9,938
Fixed operating expenses, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  2,621
  2,760
  2,905
  3,055
  3,211
  3,374
  3,543
  3,720
  3,904
  4,097
  3,745
  3,954
  4,173
  4,402
  4,641
  4,891
  5,153
  5,427
  5,714
  6,014
  6,329
  6,659
  7,004
  7,366
  7,746
  8,143
  8,561
  8,998
  9,457
  9,938
Operating income, $m
  973
  1,075
  1,181
  1,292
  1,407
  1,527
  1,652
  1,783
  1,918
  2,060
  2,761
  2,915
  3,077
  3,245
  3,422
  3,606
  3,799
  4,001
  4,213
  4,434
  4,666
  4,909
  5,164
  5,430
  5,710
  6,003
  6,311
  6,634
  6,972
  7,327
EBITDA, $m
  2,164
  2,309
  2,460
  2,617
  2,781
  2,951
  3,129
  3,313
  3,506
  3,707
  3,917
  4,137
  4,366
  4,605
  4,855
  5,117
  5,391
  5,677
  5,977
  6,292
  6,621
  6,966
  7,327
  7,706
  8,103
  8,519
  8,955
  9,413
  9,893
  10,396
Interest expense (income), $m
  85
  146
  161
  176
  192
  209
  226
  245
  263
  283
  304
  325
  347
  371
  395
  421
  447
  475
  504
  535
  567
  600
  635
  672
  710
  751
  793
  837
  884
  932
  983
Earnings before tax, $m
  827
  914
  1,005
  1,100
  1,198
  1,301
  1,408
  1,519
  1,635
  1,757
  2,436
  2,568
  2,706
  2,850
  3,001
  3,159
  3,324
  3,497
  3,678
  3,867
  4,066
  4,274
  4,492
  4,720
  4,960
  5,211
  5,474
  5,750
  6,039
  6,343
Tax expense, $m
  223
  247
  271
  297
  324
  351
  380
  410
  442
  474
  658
  693
  731
  770
  810
  853
  897
  944
  993
  1,044
  1,098
  1,154
  1,213
  1,274
  1,339
  1,407
  1,478
  1,552
  1,631
  1,713
Net income, $m
  603
  667
  734
  803
  875
  950
  1,028
  1,109
  1,194
  1,282
  1,778
  1,874
  1,975
  2,081
  2,191
  2,306
  2,427
  2,553
  2,685
  2,823
  2,968
  3,120
  3,279
  3,446
  3,620
  3,804
  3,996
  4,197
  4,409
  4,630

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  7,729
  8,248
  8,787
  9,348
  9,932
  10,540
  11,173
  11,834
  12,522
  13,240
  13,990
  14,773
  15,591
  16,446
  17,339
  18,274
  19,252
  20,276
  21,348
  22,470
  23,645
  24,877
  26,167
  27,519
  28,937
  30,423
  31,982
  33,616
  35,330
  37,129
Adjusted assets (=assets-cash), $m
  7,729
  8,248
  8,787
  9,348
  9,932
  10,540
  11,173
  11,834
  12,522
  13,240
  13,990
  14,773
  15,591
  16,446
  17,339
  18,274
  19,252
  20,276
  21,348
  22,470
  23,645
  24,877
  26,167
  27,519
  28,937
  30,423
  31,982
  33,616
  35,330
  37,129
Revenue / Adjusted assets
  0.465
  0.465
  0.465
  0.465
  0.465
  0.465
  0.465
  0.465
  0.465
  0.465
  0.465
  0.465
  0.465
  0.465
  0.465
  0.465
  0.465
  0.465
  0.465
  0.465
  0.465
  0.465
  0.465
  0.465
  0.465
  0.465
  0.465
  0.465
  0.465
  0.465
Average production assets, $m
  6,390
  6,819
  7,265
  7,729
  8,211
  8,714
  9,238
  9,784
  10,353
  10,947
  11,567
  12,214
  12,890
  13,597
  14,336
  15,109
  15,917
  16,764
  17,650
  18,577
  19,549
  20,567
  21,634
  22,752
  23,924
  25,153
  26,442
  27,793
  29,210
  30,697
Working capital, $m
  -119
  -127
  -135
  -143
  -152
  -162
  -171
  -182
  -192
  -203
  -215
  -227
  -239
  -252
  -266
  -280
  -295
  -311
  -328
  -345
  -363
  -382
  -402
  -422
  -444
  -467
  -491
  -516
  -542
  -570
Total debt, $m
  2,976
  3,263
  3,560
  3,870
  4,192
  4,528
  4,878
  5,242
  5,622
  6,019
  6,432
  6,865
  7,316
  7,788
  8,281
  8,797
  9,337
  9,902
  10,494
  11,113
  11,762
  12,442
  13,154
  13,901
  14,683
  15,504
  16,364
  17,266
  18,212
  19,205
Total liabilities, $m
  4,266
  4,553
  4,850
  5,160
  5,482
  5,818
  6,168
  6,532
  6,912
  7,309
  7,722
  8,155
  8,606
  9,078
  9,571
  10,087
  10,627
  11,192
  11,784
  12,403
  13,052
  13,732
  14,444
  15,191
  15,973
  16,794
  17,654
  18,556
  19,502
  20,495
Total equity, $m
  3,463
  3,695
  3,937
  4,188
  4,449
  4,722
  5,006
  5,301
  5,610
  5,932
  6,268
  6,618
  6,985
  7,368
  7,768
  8,187
  8,625
  9,084
  9,564
  10,066
  10,593
  11,145
  11,723
  12,329
  12,964
  13,630
  14,328
  15,060
  15,828
  16,634
Total liabilities and equity, $m
  7,729
  8,248
  8,787
  9,348
  9,931
  10,540
  11,174
  11,833
  12,522
  13,241
  13,990
  14,773
  15,591
  16,446
  17,339
  18,274
  19,252
  20,276
  21,348
  22,469
  23,645
  24,877
  26,167
  27,520
  28,937
  30,424
  31,982
  33,616
  35,330
  37,129
Debt-to-equity ratio
  0.860
  0.880
  0.900
  0.920
  0.940
  0.960
  0.970
  0.990
  1.000
  1.010
  1.030
  1.040
  1.050
  1.060
  1.070
  1.070
  1.080
  1.090
  1.100
  1.100
  1.110
  1.120
  1.120
  1.130
  1.130
  1.140
  1.140
  1.150
  1.150
  1.150
Adjusted equity ratio
  0.448
  0.448
  0.448
  0.448
  0.448
  0.448
  0.448
  0.448
  0.448
  0.448
  0.448
  0.448
  0.448
  0.448
  0.448
  0.448
  0.448
  0.448
  0.448
  0.448
  0.448
  0.448
  0.448
  0.448
  0.448
  0.448
  0.448
  0.448
  0.448
  0.448

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  603
  667
  734
  803
  875
  950
  1,028
  1,109
  1,194
  1,282
  1,778
  1,874
  1,975
  2,081
  2,191
  2,306
  2,427
  2,553
  2,685
  2,823
  2,968
  3,120
  3,279
  3,446
  3,620
  3,804
  3,996
  4,197
  4,409
  4,630
Depreciation, amort., depletion, $m
  1,192
  1,234
  1,279
  1,325
  1,374
  1,424
  1,476
  1,531
  1,588
  1,647
  1,157
  1,221
  1,289
  1,360
  1,434
  1,511
  1,592
  1,676
  1,765
  1,858
  1,955
  2,057
  2,163
  2,275
  2,392
  2,515
  2,644
  2,779
  2,921
  3,070
Funds from operations, $m
  1,795
  1,902
  2,013
  2,128
  2,248
  2,374
  2,504
  2,640
  2,782
  2,930
  2,935
  3,096
  3,264
  3,440
  3,624
  3,817
  4,018
  4,229
  4,450
  4,681
  4,923
  5,177
  5,442
  5,721
  6,013
  6,319
  6,640
  6,977
  7,330
  7,700
Change in working capital, $m
  -8
  -8
  -8
  -9
  -9
  -9
  -10
  -10
  -11
  -11
  -12
  -12
  -13
  -13
  -14
  -14
  -15
  -16
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -28
Cash from operations, $m
  1,803
  1,910
  2,021
  2,137
  2,257
  2,383
  2,514
  2,650
  2,792
  2,941
  2,946
  3,108
  3,277
  3,453
  3,638
  3,831
  4,033
  4,245
  4,466
  4,698
  4,941
  5,195
  5,462
  5,742
  6,035
  6,342
  6,664
  7,002
  7,356
  7,728
Maintenance CAPEX, $m
  -598
  -639
  -682
  -726
  -773
  -821
  -871
  -924
  -978
  -1,035
  -1,095
  -1,157
  -1,221
  -1,289
  -1,360
  -1,434
  -1,511
  -1,592
  -1,676
  -1,765
  -1,858
  -1,955
  -2,057
  -2,163
  -2,275
  -2,392
  -2,515
  -2,644
  -2,779
  -2,921
New CAPEX, $m
  -414
  -429
  -446
  -464
  -483
  -503
  -524
  -546
  -569
  -594
  -620
  -647
  -676
  -707
  -739
  -773
  -809
  -846
  -886
  -928
  -972
  -1,018
  -1,067
  -1,118
  -1,172
  -1,229
  -1,289
  -1,351
  -1,417
  -1,487
Cash from investing activities, $m
  -1,012
  -1,068
  -1,128
  -1,190
  -1,256
  -1,324
  -1,395
  -1,470
  -1,547
  -1,629
  -1,715
  -1,804
  -1,897
  -1,996
  -2,099
  -2,207
  -2,320
  -2,438
  -2,562
  -2,693
  -2,830
  -2,973
  -3,124
  -3,281
  -3,447
  -3,621
  -3,804
  -3,995
  -4,196
  -4,408
Free cash flow, $m
  791
  842
  893
  947
  1,002
  1,059
  1,119
  1,180
  1,245
  1,311
  1,232
  1,304
  1,379
  1,458
  1,539
  1,625
  1,714
  1,807
  1,904
  2,005
  2,111
  2,222
  2,339
  2,460
  2,587
  2,721
  2,860
  3,006
  3,160
  3,320
Issuance/(repayment) of debt, $m
  272
  286
  298
  310
  322
  336
  350
  364
  380
  396
  414
  432
  451
  472
  493
  516
  540
  565
  592
  619
  649
  680
  712
  747
  783
  820
  860
  902
  946
  993
Issuance/(repurchase) of shares, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  272
  286
  298
  310
  322
  336
  350
  364
  380
  396
  414
  432
  451
  472
  493
  516
  540
  565
  592
  619
  649
  680
  712
  747
  783
  820
  860
  902
  946
  993
Total cash flow (excl. dividends), $m
  1,063
  1,128
  1,191
  1,256
  1,324
  1,395
  1,468
  1,545
  1,625
  1,708
  1,646
  1,736
  1,831
  1,930
  2,033
  2,141
  2,254
  2,372
  2,495
  2,625
  2,760
  2,902
  3,051
  3,207
  3,370
  3,541
  3,720
  3,909
  4,106
  4,313
Retained Cash Flow (-), $m
  -224
  -232
  -242
  -251
  -262
  -272
  -284
  -296
  -308
  -322
  -336
  -351
  -366
  -383
  -400
  -419
  -438
  -459
  -480
  -503
  -527
  -552
  -578
  -606
  -635
  -666
  -698
  -732
  -768
  -806
Prev. year cash balance distribution, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
  37
  40
  42
  45
  48
  51
  54
  57
  61
  64
  68
  72
  76
  80
  84
  89
  93
  98
  104
  109
  115
  121
  127
  134
  141
  148
  156
  164
  172
  181
Cash available for distribution, $m
  840
  896
  949
  1,005
  1,063
  1,122
  1,185
  1,249
  1,316
  1,386
  1,310
  1,385
  1,464
  1,547
  1,632
  1,722
  1,815
  1,913
  2,015
  2,122
  2,234
  2,351
  2,473
  2,601
  2,735
  2,875
  3,022
  3,176
  3,338
  3,507
Discount rate, %
  5.80
  6.09
  6.39
  6.71
  7.05
  7.40
  7.77
  8.16
  8.57
  9.00
  9.45
  9.92
  10.42
  10.94
  11.48
  12.06
  12.66
  13.29
  13.96
  14.66
  15.39
  16.16
  16.97
  17.81
  18.71
  19.64
  20.62
  21.65
  22.74
  23.87
PV of cash for distribution, $m
  794
  796
  788
  775
  756
  731
  701
  667
  628
  586
  485
  445
  404
  362
  320
  279
  239
  202
  168
  138
  111
  87
  67
  51
  38
  27
  19
  13
  9
  6
Current shareholders' claim on cash, %
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

Equifax Inc. is a global provider of information solutions and human resources business process outsourcing services for businesses, governments and consumers. The Company operates in four segments: U.S. Information Solutions (USIS), International, Workforce Solutions and Global Consumer Solutions. Its products and services are based on databases of consumer and business information derived from various sources, including credit, financial assets, telecommunications and utility payments, employment, income, demographic and marketing data. It uses statistical techniques and software tools to analyze all available data, creating customized insights, decision-making solutions and processing services for its clients. It helps consumers understand, manage and protect their personal information and make more informed financial decisions. The Company also provides information, technology and services to support debt collections and recovery management.

FINANCIAL RATIOS  of  Equifax (EFX)

Valuation Ratios
P/E Ratio 31.8
Price to Sales 4.9
Price to Book 5.8
Price to Tangible Book
Price to Cash Flow 19.5
Price to Free Cash Flow 25
Growth Rates
Sales Growth Rate 18.1%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 19.2%
Cap. Spend. - 3 Yr. Gr. Rate 16%
Financial Strength
Quick Ratio 0
Current Ratio 0
LT Debt to Equity 78.4%
Total Debt to Equity 100.3%
Interest Coverage 10
Management Effectiveness
Return On Assets 9.8%
Ret/ On Assets - 3 Yr. Avg. 9.7%
Return On Total Capital 11.1%
Ret/ On T. Cap. - 3 Yr. Avg. 10.9%
Return On Equity 19.7%
Return On Equity - 3 Yr. Avg. 18.3%
Asset Turnover 0.6
Profitability Ratios
Gross Margin 64.6%
Gross Margin - 3 Yr. Avg. 65.5%
EBITDA Margin 34.4%
EBITDA Margin - 3 Yr. Avg. 34.3%
Operating Margin 26%
Oper. Margin - 3 Yr. Avg. 26.1%
Pre-Tax Margin 23.1%
Pre-Tax Margin - 3 Yr. Avg. 23.5%
Net Profit Margin 15.5%
Net Profit Margin - 3 Yr. Avg. 15.6%
Effective Tax Rate 32%
Eff/ Tax Rate - 3 Yr. Avg. 32.9%
Payout Ratio 32.3%

EFX stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the EFX stock intrinsic value calculation we used $3362 million for the last fiscal year's total revenue generated by Equifax. The default revenue input number comes from 2017 income statement of Equifax. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our EFX stock valuation model: a) initial revenue growth rate of 6.9% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 5.8%, whose default value for EFX is calculated based on our internal credit rating of Equifax, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Equifax.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of EFX stock the variable cost ratio is equal to 74%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for EFX stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 5.4% for Equifax.

Corporate tax rate of 27% is the nominal tax rate for Equifax. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the EFX stock is equal to 1.1%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for EFX are equal to 177.8%.

Life of production assets of 10 years is the average useful life of capital assets used in Equifax operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for EFX is equal to -3.3%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $3239 million for Equifax - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 120 million for Equifax is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Equifax at the current share price and the inputted number of shares is $15.5 billion.

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COMPANY NEWS

▶ [$$] Overhaul Boosts Credit Scores of Millions of U.S. Consumers   [Aug-15-18 06:14AM  The Wall Street Journal]
▶ [$$] Overhaul Boosts Credit Scores of Millions of U.S. Consumers   [Aug-14-18 08:42PM  The Wall Street Journal]
▶ Equifax chief security officer copying Home Depot roadmap to regaining public's trust   [Aug-13-18 04:00PM  American City Business Journals]
▶ Equifax Canada Co. Extends FICO Partnership   [Aug-08-18 07:00AM  GlobeNewswire]
▶ Equifax Board of Directors Declares Quarterly Dividend   [Aug-07-18 04:15PM  PR Newswire]
▶ [$$] M&T Bank Security Chief: Avoid AI and Other 'Shiny Objects'   [Jul-27-18 04:33PM  The Wall Street Journal]
▶ Equifax: 2Q Earnings Snapshot   [04:43PM  Associated Press]
▶ Equifax Releases Second Quarter Results   [04:19PM  PR Newswire]
▶ Equifax Q2 Earnings Preview   [08:56AM  Benzinga]
▶ Former Equifax manager pleads guilty to insider trading   [Jul-23-18 04:12PM  Associated Press]
▶ 3 Cybersecurity Stocks to Buy on Midterm Election Hacking   [Jul-16-18 11:23AM  InvestorPlace]
▶ The Context Is in the Codename   [Jul-01-18 09:00AM  Bloomberg]
▶ 7 Cryptocurrencies That Outperform Bitcoin   [Jun-29-18 02:58PM  InvestorPlace]
▶ Profiting from Disruption Trades   [11:02AM  Bloomberg]
▶ [$$] Former Equifax Manager Charged With Insider Trading   [Jun-28-18 08:20PM  The Wall Street Journal]
▶ [$$] Three Issues on the Corporate Cybersecurity Agenda   [05:43PM  The Wall Street Journal]
▶ [$$] Former Equifax Manager Charged With Insider Trading   [01:36PM  The Wall Street Journal]
▶ Another former Equifax manager indicted for insider trading   [09:39AM  American City Business Journals]
▶ Top Mutual Fund Holders of Equifax   [09:02AM  Investopedia]
▶ Public records show NC officials' response to Equifax breach   [08:36AM  American City Business Journals]
▶ 3 Dividends to Love From Companies You Hate   [Jun-26-18 06:03PM  Motley Fool]
▶ After-hours buzz: HOG, EFX & more   [Jun-25-18 06:10PM  CNBC]
▶ [$$] Editor's News Picks   [Jun-21-18 05:55PM  The Wall Street Journal]
▶ Equifax Looks to AI Leadership to Boost Tech, Security   [Jun-14-18 06:41PM  The Wall Street Journal]
▶ [$$] Equifax Taps IBM Executive to Lead Tech Efforts   [11:15AM  The Wall Street Journal]
▶ Cox Automotive names former First Data, Equifax exec as Chief Product Officer   [Jun-11-18 07:30AM  American City Business Journals]
▶ Top 20 Vice Stocks for Sinful Gains   [Jun-05-18 03:20PM  InvestorPlace]
▶ Equifax CEO Makes Biggest Insider Stock Buy in 15 Years   [Jun-01-18 03:49PM  Barrons.com]
▶ Colorado governor signs law requiring more protection of consumer data   [May-29-18 02:11PM  American City Business Journals]
▶ People Arent Paying Their Bills at Bankrupt Stores   [May-23-18 02:36PM  Bloomberg]
▶ Why data breach victims should think twice before suing Equifax   [May-17-18 01:12PM  Yahoo Finance Video]
▶ Yahoo Finance Live: Midday Movers - May 17th, 2018   [09:40AM  Yahoo Finance Video]
▶ Another Voice: Equifax scandal isn't over   [May-10-18 04:39PM  American City Business Journals]
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