H&R BLOCK INC. $19 (New York symbol HRB; Conservative Growth Portfolio, Finance sector; Shares outstanding: 325.0 million; Market cap: $6.2 billion; WSSF Rating: Above average) prepares income tax returns through offices in the United States, Canada, Australia and the UK. Other services include investment planning and insurance.
In December 2007, the company canceled a deal to sell its Option One mortgage business due to the problems in the mortgage securities market and slumping home prices. Instead, H&R Block will now wind down its mortgage operations.
While competition from do-it-yourself software programs have hurt demand for H&R Block’s tax services in the past few years, increasingly complex tax rules should help it attract new clients. The company’s own TaxCut software has also helped it take advantage of growing interest in electronic filing. Washington’s new stimulus plan should also spur demand for tax advice. Most citizens will need to file a 2007 tax return to qualify for a rebate.
The stock now trades at 15.2 times the $1.25 a share that the company will probably earn in fiscal 2008. The costs to wind down the mortgage business will hurt H&R Block’s ability to buy back shares. However, the $0.57 dividend still seems safe, and yields 3.0%.
H&R Block is a buy.
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