Americas Business & Information Services What's Powering Your Services Recap 9 4 26

Equity Research 4 September 2026 | 7:23AM PDT

AMERICAS BUSINESS & INFORMATION SERVICES

What’s Powering Your Services Recap - 9/4/26

George K. Tong, CFA | Goldman Sachs & Co. LLC

Sami Nasir, CFA | Goldman Sachs & Co. LLC

Alex Lakritz This week in Business & Information Services, we published our stock-by-stock | Goldman Sachs & Co. LLC analysis of the implications from our 3rd annual Silicon Valley AI Field Trip, assessing which companies are best positioned to benefit from AI and which face the greatest disruption risk. Investor feedback was positive on MCO and TRI given their proprietary data, embedded workflows and expanding AI monetization opportunities, and negative on FDS due to its exposure to more commoditized data and competition from AI-native platforms. Bloomberg also reported that SPGI is in the early stages of considering a potential spin-off of its Capital IQ business. In mortgage credit, the FHFA Director instructed Fannie Mae and Freddie Mac to make VantageScore available to all lenders effective immediately and indicated that FHFA is seriously considering replacing tri-merge credit reporting with bi-merge. Sentiment was cautious on FICO given concerns about increased competition, and mixed on EFX and TRU as the benefits of wider VantageScore adoption could be offset by fewer bureau reports per application. Our July consumer credit analysis was broadly positive, with headline card, personal loan and auto delinquencies improving y/y, though continued weakness among subprime and near-prime borrowers remains a risk. BLS data released this morning also showed temp headcount increasing y/y for a second consecutive month following more than three years of declines, though structural AI risks remain.

GS Business & Information Services Coverage Information Services: CLVT, CSGP, EFX, FDS, FICO, IT, MCO, MH, MSCI, SPGI, TRI/TRI.TO, TRU, VRSK

Business Services: ADT, BCO, BFAM, BV, CTAS, HRB, IRM, KFY, KLC, MAN, NATL, PBI, PXED, RHI, ROL, ULS, VSTS

Goldman Sachs does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. For Reg AC certification and other important disclosures, see the Disclosure Appendix, or go to Analysts employed by non-US affiliates are not registered/qualified as research analysts with FINRA in the U.S.

Goldman Sachs Americas Business & Information Services

Price Changes as of 9/3/26 Information Services: +0% average this week / -17% YTD | Top movers this week: +6% CLVT, +5% TRI, -2% MCO, -3% EFX, -3% FICO

Business Services: -1% average this week / +17% YTD | Top movers this week: +3% KLC, -3% HRB, -4% BCO, -5% BFAM, -5% RHI

S&P 500: +0% this week / +13% YTD

Valuation Multiples as of 9/3/26 Information Services: Average NTM EV/EBITDA: 13.5x | Average NTM P/E: 18.8x

Business Services: Average NTM EV/EBITDA: 9.9x | Average NTM P/E: 18.3x

S&P 500: NTM EV/EBITDA: 13.7x | NTM P/E: 19.5x

Top Inbounds EFX, TRU, FICO, SPGI, MCO, FDS, TRI

Relevant Macro Developments n Initial jobless claims increased to 206k for the week ending 8/29 from 204k the week prior and came slightly above FactSet consensus of 205k. A loosening labor market is incrementally negative for temp staffers MAN and RHI.

Business & Information Services News Flow n The Director of the FHFA announced that all lenders are approved to use VantageScore effective immediately and that the FHFA is seriously considering replacing tri-merge credit reporting with bi-merge. n MH announced the acquisition of Teachally, an AI platform focused on curriculum development, lesson creation, localization and translation, to help accelerate K-12 product development and expand educator-facing AI capabilities. The acquisition should improve speed-to-market for new curriculum offerings while enabling teachers to customize lessons, assessments and instructional materials using AI grounded in McGraw Hill content. Financial terms were not disclosed.

n Bloomberg reported that S&P is considering a spin-out of its Capital IQ business into a…