Previews: 16th November - 20th November

Morgan Stanley's Business Services Europe preview covers results due 16-20 November. Diploma reports FY26 results on Tuesday 17 November: it delivered organic revenue growth of ~15% for the nine months to June and guides to ~14% organic growth for FY26 with margins of ~26.5%, and we see scope for it to deliver growth ahead of guidance and consensus. At the results we look for initial FY27 guidance, where we expect management to guide for organic growth of ~5%, broadly in line with the medium-term financial model, and expect some margin moderation from FY26 levels driven by normalisation in Peerless' margin profile. Diploma remains Overweight and Top Pick with a price target of GBp 8,700. Experian reports 1H27 results on Wednesday 18 November; we expect organic revenue growth of 7-8% and margin expansion of 40-50bps, with FY27 guidance reiterated and focus on commentary on consumer lending after the recent US rate hike.