我们对第二季度业绩和公司更新的关注点

IndustryInfo ServicesS Faiza AlwyResearch Analyst+1-212-250-7611Avi SharmaResearch Associate+1-212-250-7226Sophie ShengResearchAssociateKey ChangesCompanyEFX.NMCO.NMSCI.NSPGI.NTRU.NSource: Deutsche Bank Target Price273.00 to499.00 to637.00 to599.00 to115.00 to bureaus but as noted above we see upside to our estimates, especially for TRU.Figure 1:Stock performance has lagged since April lowsStock Performance(Marketliws)/9/2025YTDDa1-yearSince 1/1/2022TRU8.2%14.5%0.0%-8.2%21.5%-21.8%EFX6.7%17.7%3.7%-2.0%9.9%-9.8%MCO6.0%13.8%5.4%8.0%14.5%27.8%CSGP3.6%5.2%15.7%9.9%15.7%4.8%SPGI2.4%11.1%5.7%7.5%14.4%11.5%VRSK0.9%4.6%9.8%8.2%9.9%32.3%MSCI0.9%5.8%-3.2%-1.2%18.8%-5.2%FDS-1.6%4.2%-7.4%-5.0%8.0%-8.5%IT-5.9%-1.7%-17.6%-22.3%-10.9%19.4%FICO-9.9%-7.8%-14.5%-15.3%8.6%292.7%MarketCCMP16.0%19.2%5.7%10.7%10.8%%9-0ESPX9.8%14.1%5.8%7.7%11.6%30.6%Source : Bloomberg Finance LPFigure 2: Info Services coverage overviewCompanyTarget PriceMarketTP Upside iDiv. YieldRatingTicker07/09/25CapBuyCSGPCoStar Group Inc$85$89$35,6495.7%BuyEquifax Inc$266$285$33,0037.3%pIOHFDSFactSet Research Systems Inc$448$481$16,9307.5%BuyFICOFair Isaac Corp$1,592$2,440$38,74553.3%pIOHITGartner Inct68s$463$30,35917.5%pIoHMCOMoody's Corp$502609$$90,3491.3%BuyMSCIMSCI Inc$582$45,14910.1%BuySPGIS&P Global Inc$5207$604$165,96814.2%BuyTransUnion$116$18,24624.2%pIoHVRSKVerisk Analytics Incc$310$42,4862.0%微信仙Figure 3: Summary of DB EPS estimates vs consensusNext Q.FY1TickerDBeCons.% DeltaDBeCons.% DeltaEFX$1.91$1.92-0.6%$7.48$7.61FDS$4.22$4.132.2%$17.15$17.07FICO$7.51$7.68-2.3%$28.88$29.21IT$3.52$3.306.5%$12.76$12.47MCO$3.43$3.303.9%$14.00$13.68MSCI$4.14$4.130.2%$16.64$16.90SPGI$4.29$4.182.6%$17.09$17.01TRU$0.99$0.990.2%$4.11$4.11VRSK$1.77$1.770.0%$7.05$7.05Source : Bloomberg Finance LP, Deutsche Bank estimates and analysisPage 2 Figure 5: Relative ValuationAVERAGE P/E (NTM) MULTIPLESSPXCSGPEFXFDSFICOMCOMSCISPGITRUVRSKRELATIVEMULTIPLES TO S&P500CSGPEFXFDSFICOITMCOMSCISPGITRUVRSKSource : Bloomberg Finance LP, Deutsche Bank analysisDeutscheBankSecurities Inc 10July2025Business&Professional ServicesInfo ServicesTable Of ContentsTransUnion..FICO.Gartner....MSCI...Moody's Corporation.S&PGlobal..Verisk AnalyticsMortgage Tracker....Issuance Tracker...Page 4 1112..13..1417 10July2025Business&Professional ServicesInfo ServicesCoStarInvestorfocusforthisquarterwill continuetobeontheMultifamilyandResidentialnet new bookings given ongoing salesforce ramp up, and CRE market recoverytimeline amidst sustained macro uncertainty.Overall, we expect net new bookingsof ~$79m in 2Q.We expect an increase in net new sales in Multifamily in 2Q as it is a seasonally highsales quarter, helped by conference/events, to $40m (from ~$24m in 1Q). In ourview,bullishinvestorsarelookingforhighernetnewsalesinmultifamilytocountera bear narrative around competition and high penetration in >100 unit buildings(50%).For Residential, we forecast net new sales of $15m (from negative in 1Q), asroughly 7,000 new subscribers at a $275 monthly rate (noting that there issignificant price variation) with still elevated cancels in April. While net new salesresidential over the next couple of years will be viewed as incrementally positive. Itis not anticipated that amidst underlying change in the industry and traction forHomes.com, that we would get such an update from management. We also don'texpectanupdateonDomainthisquarter,meaningitisnotlikelytobereflectedinthe guide (the deal is expected to close in September).We update our model for net new assumptions but our forward forecasts for CsGParemostlyunchanged.Weexpect6.5%oforganicgrowthinCoStarSuitefor2Q(from 5.9%). We are modeling FY25 revenue growth of +14.2% unchanged,including $136m of Matterport inorganic contribution. We forecast EBITDA of$374m unchanged (guide: $355-385m), assuming Commercial adj. EBITDAmargin expansion of ~80 bps to 43.8% and overall EBITDA margin of 12.0%,unchanged, 30 bps below Street estimates.Figure 6: CoStar earnings preview snapshotDBeRevenues$773CoStar Suite269Information Services40Multifamily291LoopNet75Residential27Other Marketplaces71EBITDA55EBITDA margin7.1%DBeRevenues$3,125CoStarSuite1,087Information Services160Multifamily1,184LoopNet302Residential119Other Marketplaces271EBITDA374EBITDA margin12.0%FCF$96Source : Bloomberg Finance LP, Streetaccount, Company filings, DB estimatesDeutsche Bank Securities Inc. 2Q25EDBvs.StreetStreetDelta2Q24Achg YoY$7720.1%$67814.0%Guide: $770-775m2690.3%2536.5%Guide: +6%40-0.5%291-0.1%26410.0%Guide: +10%; Sales distraction in 1H24 willimpact 1H25 renewal750.0%7.0%Guide: +7%27-0.5%263.0% Guide: +40%; 500 sales by end of June0.8%31128.2%Guide: +LSD (organic), DBe $40m Matterport contribution59-6.4%4135.0% Guide: $50-60m7.6%-49 bps6.0%111 bpsGuide: ~7%FY25E DB vs. StreetStreetDelta2024Achg YoY$3,134-0.3%$2,73614.2%Guide: $2,985-3,015m1,0870.0%1,0216.6%Guide: +6-7%162-1.2%13617.7%Guide: +18-20%, with Visual Lease ~s40m of revenue1,190-0.4%1,06711.0%Guide: +11-12%; big sales event in June to