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#	AUTHOR DATE SUBJECT
14	member 10/28/08 2:17PM permanently impaired?
We are approaching 2000 IPO levels here. Amazing. Is MCO permanently impaired? view available tags
12	member 3/25/08 9:54AM Wells Fargo CEO
Interesting comment, what do you make of it? http://sanfrancisco.bizjournals.com/sanfrancisco/stories/2008/03/24/daily1.html Surprisingly, Stumpf said Wells Fargo's top brass is willing to lose the bank's prized triple-A rating from Moody's Investors Service and Standard & Poor's Ratings Services if that's... login to read the rest view available tags
11	member 2/06/08 8:31PM RE: question on different rati
Thank you for your interest in MCO. We think the most compelling argument against Ackman is that the muni’s are the ones who don’t want to be rated on the corporate scale, so why would... login to read the rest view available tags
10	member 2/05/08 1:31PM question on different rating s
Thank you for the well-done writeup. I will preface this by saying that my understanding of this area is superficial. I have a general question about the different ratings scales for corporates and munis. One of... login to read the rest view available tags
9	member 12/21/07 10:55AM re: buyback
MCO does pay a dividend, albeit small (currently $0.08 per quarter), but increasing every year. Yes, your calculation is correct, the average buyback price since 2000 is slightly above where the stock trades today... login to read the rest view available tags
8	member 12/20/07 7:23PM buyback
thanks for the write-up. i am probably nitpicking here, but I have a problem with mgmt's deployment of FCF. Using your number, the buyback was at an average price of almost $40, higher than current... login to read the rest view available tags
7	member 12/20/07 3:09PM re: buybacks
Thanks for your questions! Regarding stock repurchases, since its’ spin out in late 2000, Moody’s has spent $4.3B to repurchase 108 million shares, but 42.1 million shares have been re-issued under stock option/grant programs. The... login to read the rest view available tags
6	member 12/20/07 11:50AM buybacks
You mentioned that Moody's is aggressively buying back shares at these levels. If I recall correctly, Moody's has a policy of using all their free cash flow to buy back stock, plus they have... login to read the rest view available tags
5	member 12/19/07 9:59AM Re: Trough
You've asked the $1 million question. What is a "reasonable" worst case scenario? We don't believe that structured finance is dead. But we don't know how long the credit crunch will last... login to read the rest view available tags
4	member 12/18/07 12:02AM Trough in CMBS and RMBS and CM
A global credit crunch and issues related to these "fancy" structures will cause many investors to not want to invest in these strcutured finance issuances. I think the idea of structured finance will not... login to read the rest view available tags
3	member 12/17/07 12:57PM Re: thoughts
Thanks for your questions and interest in MCO! True, there is some talent movement between the rating agencies and Wall Street. Management indicated that at the beginning of the “crisis” they saw movement, but it... login to read the rest view available tags
2	member 12/15/07 4:56PM moat and random thoughts
I guess what you're getting at Carbone is the question of just how wide is their moat. Personally, I like reading about companies and figuring out the margin of safety on my own when it... login to read the rest view available tags
1	member 12/14/07 9:19PM thoughts
Nice write-up. I think the regulatory issues are potentially overwhelming. If I were in power I'd deregulate the whole thing. My basic question is: what is Moody's sustainable competitive advantage? Here are my specific comments/questions: -... login to read the rest view available tags

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			2011	2012
Price:	26.07	EPS	$0.90	$1.25
Shares Out. (in M):	155	P/E	29.0x	21.0x
Market Cap (in $M):	4,041	P/FCF	22.0x	16.0x
Net Debt (in $M):	-475	EBIT	240	337
TEV (in $M):	3,565	TEV/EBIT	15.0x	10.0x

Description

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Sign up for free guest access to view investment ideas with a 45-day delay and read the full report. Log in to read the full report.

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