This content is from: Research

The 2013 All-America Research Team: Consumer Finance, No. 2: Moshe Orenbuch

For a fourth consecutive year, Moshe Orenbuch finishes at No. 2.

Moshe Orenbuch
Credit Suisse
First-place appearances: 0

Total appearances: 9

Team debut: 2005

For a fourth consecutive year, Moshe Orenbuch finishes at No. 2. The Credit Suisse researcher “adds value in a consistent way,” touts one supporter. Orenbuch says he isn’t “massively bulled up about this space,” mostly owing to valuations that are relatively high. However, he does recommend several names in the credit card arena, particularly Discover Financial Services. The Riverwoods, Illinois–based provider possesses the best revenue escalation, lowest multiple and best receivables growth in the group, he says, and is buying back the most stock. He maintains buy ratings on MasterCard of Purchase, New York, and Foster City, California–based Visa, preferring the latter because “it’s got the better partnerships and growth opportunities in the U.S. and the opportunity to consolidate Visa Europe at some future point.” Finally, SLM Corp., commonly known as Sallie Mae, is an Orenbuch favorite because the Newark, Delaware–based education finance company is restructuring to divest its private student loan business, which he dubs its best part from a quality standpoint. Sallie’s stock jumped 40 percent this year through August, “and we think it can continue to do well through the spin-off,” he adds. — Carolyn Koo

Related Content