A full-service provider of outsourced receivables management and related services. The Company's primary business is the purchase, collection and management of portfolios of defaulted consumer receivables.
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More likely than not a buy it and forget it kind of stock. PRAA can perform well in an up market, when its 'clients' are marginally better able to pay and PRAA can outperform their paper pricing predictions. They can also perform well in a down market, when higher volumes of paper is available for purchase leading to more attractove pricing opportunities. PRAA is the undisputed quality management leader in the space, and they have proven their ability to execute on both the collections side, with high quality training and relatively stable collecton force, and on the paper purchase side, with disciplined and rational purchase decisions. Buffett would be proud to see their lumpy purchase volume. Only question in my mind is valuation at this point, but hopefully this high quality business can grow into it's multiple.