MOODY’S CORP. $37 (New York symbol MCO; Conservative Growth Portfolio, Finance sector; Shares outstanding: 246.4 million; Market cap: $9.1 billion; WSSF Rating: Average) provides independent credit ratings and other information on bonds and other securities. The company also provides credit assessment services and software to banks and other lenders. Moody’s gets 40% of its revenue from outside the United States.
Moody’s stock is down 51% from its all-time high of $76 in February 2007. The slowdown in the housing market has hurt demand for credit reports on securities backed by mortgages and other assets. These securities account for 40% of Moody’s rating business.
Despite the credit market slowdown, Moody’s earnings in 2007 rose 3.1% to $677.8 million from $657.6 million in 2006. These figures exclude restructuring costs. Earnings per share rose 11.1%, to $2.50 from $2.25 on fewer shares outstanding. Revenue grew 15%, to $2.3 billion in 2007 from $2.0 billion in 2006, partly due to the fall in the U.S. dollar.
However, Moody’s earnings in the fourth quarter of 2007 fell 6.3%, to $0.60 a share from $0.64 a year earlier. Revenue dropped 14.4%, to $504.9 million from $590.0 million.
Moody’s had $441.0 million or $1.75 a share in cash at the end of 2007. Long-term debt of $600 million is 7% of its market cap.
Moody’s revenue growth is still slowing, and earnings in 2008 will probably fall to $1.88 a share. The $0.40 dividend yields 1.1%.
Moody’s is a hold.
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