FAIR ISAAC CORP. $38 (New York symbol FIC; Aggressive Growth Portfolio, Manufacturing & Industry sector; Shares outstanding: 55.4 million; Market cap: $2.1 billion; WSSF Rating: Average) makes software that helps banks and businesses calculate the likelihood that a borrower will pay back a loan. Its FICO credit scoring system is now an industry standard. The company also makes software that help businesses detect fraudulent transactions.
In the fiscal year ended September 30, 2007, Fair Isaac’s revenue fell 0.4%, to $822.2 million from $825.4 million. Earnings grew 1.2%, to $104.7 million from $103.5 million in the prior year.
However, per-share earnings jumped 14.5%, to $1.82 from $1.59. That’s because the company repurchased $451.1 million of its stock. Fair Isaac spent 8.6% of its revenue on research in fiscal 2007.
Fair Isaac faces competition from a new credit scoring system developed by three leading credit bureaus. The drop in housing sales has also hurt demand for its FICO scores.
However, the company is now streamlining its product offerings and attracting larger customers. It’s cutting administrative staff and adding revenue-generating sales and client support employees. It also expanding its overseas operations. It recently opened an office in China, and is working with some of that country’s largest financial institutions.
Fair Isaac’s stock trades at a reasonable 19.0 times the $2.00 a share it should earn in 2008. The $0.08 dividend yields 0.2%.
Fair Isaac is a buy.
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