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In December last year I interpreted directors buying activity in Experian (EXPN, 425p) as a STRONG signal due to the number of directors buying, their positions in the group, and the amount of capital committed to the investment. (Followthedirectors December 10th: ‘Arredondo, non exec, adds to Experian holding’)
On Tuesday December 16th we saw the first significant share sales by a Non Executive Director of Experian, David Tyler. Tyler sold 100,000 shares at 413p (Source: London Stock Exchange).
I don’t know what that takes Tylers shareholding in Experian to, but due the significant $$ value I am using the directors share sale as a signal to close my positive view on Experian.
Experian in fact are back to their December 2007 levels, but the FTSE 100 has fallen by 35%. So you have outperformed the FTSE 100 by 50%.
The signal isn’t yet of significant enough strength to warrant an outright sale on Experian.
View on Experian- Negative. Close positive view of December 10th due to director share sales.
Strength of Signal- Weak. Require more directors sales to justify a stronger signal.
To read all of Followthedirector analysis of Experian click here.
Fabiola Arredondo clearly believes in this story. Enough to commit to Experian (EXPN, 414p) a further £232k last Friday at 416p, on top of £176k invested at similar levels back on the 16th and 20th of November.
I said in my post on Experian of 29/11 that I would like to see Fitzpatrick, another non exec, committing more capital. Maybe last Wednesdays investment of £86k by non exec Alan Jebson makes up for that.
To summarise then, we’ve seen four non execs commit a total of just shy of £1.1m to Experian shares in the last three weeks, at between 410p and 431p.
My sunburnt nose tells me there’s a very nice story developing here, and I’m off to buy some EXPN for myself.
Over the last two weeks two non exec directors at Experian have been buying up shares, at between 410p and 427p (close last night 427.75p). They are Fabiola Arredondo, who was MD of Yahoo Europe between 1997 and 2001, and Sean Fitzpatrick, previously CEO of Anglo Irish Bank.
Fitzpatrick committed a miserly £70k to Experian shares this week. I say miserly because last week he spent Euro 500k buying Anglo Irish shares, in which he now has a Eu 50m position. I’d like to see a bit more commitment to Experian from Fitzpatrick.
Arredondo meanwhile committed £176k to Experian. This is her first real purchase since the company was demerged from GUS in October 2006
Another Non Exec, who has been quietly buying shares, is Roger Davis, ex CEO of Barclays UK. He has invested between £600-650k at prices between 410p and 430p, over the last two months.
Also to note: Competitor Equifax in the US (EFX) is 20% off its highs this year, Experian (EXPN) around 35% down.
This is definitely a space to watch.
