Portfolio Recovery Associates, Inc. (NASDAQ:PRAA)

Strong and steady wins the race.

Greater regulation spurring consolidation in the industry should provide plenty of opportunities for this disciplined operator.

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As long as there is bad debt, someone or company has to pick over the pieces for whatever value can be recovered.

I'm slow to find this one. But, it should do well as assets need recovery. Look at all the shows on History/Discovery channels.

lots of people owe credit

I loathe this industry. Can't stand it. Wish there wasn't a need for it. But as long as there are people who can't or won't pay there bills and manage their debt, there will be a need for companies like PRAA. All of them chomping at the bit for the chance to make a tidy profit by trolling for dollars. Call it a necessary evil. –– I still don't like 'em. But they are profitable. And you know what "they" say: If can't beat 'em with a giant stick, you might as well follow them around and pick up the change that's spilling out of their pockets. Ok, fine, "they" never said that, but the logic is sound.

easy expansion and past history

Passes screens for PE vs. both expected and projected EPS growth, as well as those based on Warren Buffett's EPS growth and Return-on-Equity metrics. Also, in this cruddy economy, debt collection is sadly going to be a good bet for some time to come!

2nd Q 2012 income from contines operations of $ 1.87 per share results exceeded prior yr income $ 32.0 compared tto $ 25.6 last yr

Fool screen with ROE high, ltDepbt=zero, earnings up for 3 years 10%, etc.Market is around 1300 - I see support at 1200 although we are in downtrend and Europe is scary. It's a game - hope for the best.

Unemployment high, jobs scarce... many people who can't even afford to file for bankruptcy.... this is a no brainer

Unemployment is leveling off and perhaps even improving, and debt is not as easy to discharge as it used to be, due to tightening of bankruptcy laws. So historical models may be skewed and a comparison to similar times in the past, with looser bankruptcy laws, may not be valid. On top of these trends, the stock seems undervalued right now at 66.50.

15% projected growth, forward p/e 10, dominant in industry

Nasty business but making money. Huge shorts make this an easy pick.

Fast growth, cheap, underfollowed

HG

Management with great experience/knowledge in debt collection biz, decent growth expectations, stock unfairly pummeled over last few months. Great combination for market-beating.

PRAA got taken out behind the woodshed and shot. Repeatedly. On no news. At this level, the company could pretty much shutter its doors, run off existing collections, and still be worth every penny of the share price. Debt collection isn't going away, no matter how much we may dislike those who do it. This is a long-term cash machine on sale.