DUN & BRADSTREET CORP. $81(New York symbol DNB; Conservative Growth Portfolio, Finance sector; Shares outstanding: 49.8 million; Market cap: $4.0 billion; Priceto- sales ratio: 2.5; Dividend yield: 1.8%; TSINetwork Rating: Average; www.dnb.com) is the world’s largest provider of credit reports on individual companies. Businesses use these reports to make buying decisions and protect themselves from credit losses.
Dun & Bradstreet has built up its international operations over the past few years. For example, in August 2010 it bought full control of its Australian credit-rating business for $207.9 million. The purchase is helping Dun & Bradstreet profit from rising demand for reliable credit ratings in the fast-growing Asia-Pacific region.
The company’s growing overseas operations are also helping it offset slower growth in North America, which still supplies 75% of its revenue. In 2010, Dun & Bradstreet’s revenue rose 3.1%, to $1.64 billion from $1.59 billion. International revenue rose 17%. That more than offset a 1% decline in North American revenue.
Earnings fell 0.5% in 2010, to $285.2 million from $286.7 million in 2009. The company bought back $134.8 million of its shares during the year. Due to fewer shares outstanding, earnings per share rose 4.4%, to $5.66 from $5.42. These figures exclude gains on sales of businesses and writedowns of intangible assets.
Dun & Bradstreet’s long-term debt of $972.0 million is a moderate 24% of its market cap. It also holds cash of $78.5 million, or $1.58 a share. That gives the company plenty of room to make more acquisitions and develop new products.
Earnings should rise to $6.10 a share in 2011. The stock trades at 13.3 times that estimate. The company also recently raised its quarterly dividend by 2.9%, to $0.36 a share from $0.35. The new annual rate of $1.44 yields 1.8%.
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