I Just BOUGHT More Fair Isaac

Hello everyone, and welcome back. In this video, I want to talk about Fair Isaac, FICO, because I just bought more shares. The stock is in a downtrend right now. As you can see, uh, at the left here, the stock is just dropping and dropping and dropping from $2,000 to $1,500 to $1,300 to $200. And we just broke $1,000 per share. And I bought, as I'm recording this video, the same day. So at $1,000, I bought more and I extended the position from a 3% allocation to 5 and a half percent of the portfolio, and I will be very happy to continue to buy.

In this video, I want to explain what is happening with FICO, why the stock is going down, uh, the reasons, uh, why people freak out right now, why FICO is misunderstood by the market, and, uh, at what price I am going to buy more. Okay? Because some things are happening, and this can be quite shocking because if you look at the year-to-date performance, FICO is down by a lot. Uh, it's down 40% since the beginning of the year. So 2026 is horrible for this stock. And I could totally understand people freaking out, panicking over FICO, saying that the monopoly is dead, saying that now FICO is becoming much more risky. Yeah, these are compelling arguments. But despite all the compelling arguments, I am buying more, and I want to buy more. So actually, I am hoping for a stock price to drop and drop and drop.

I made a video a couple of weeks ago saying at what price will I buy FICO when the stock price was trading at $1,450. And, yeah, I said it was a monopolistic position, very good business model, inflation hedge, almost infinite pricing power, beautiful margins, a pretty competent management team, buyback machine, and you just want to pay attention to the valuation, and now the valuation has dropped meaningfully. So I'm very happy to buy now. So I think we can start.

In case this is your first video from this channel, welcome. My name is Kristoff Null. I'm French. I've been investing in the stock market for almost a decade now, and I have achieved a performance of 25% per year. And, um, I've been following FICO for a while. Actually, I've been following FICO since 2021. And, uh, I want to mention the reasons why the stock went down in 2021. One, people said you had a slowdown in the economy, so you will have fewer applications for mortgages. Uh, does it remind you of today's situation? First question for you. Two, they said that the moat of FICO would change because of new scoring systems like the Vantage score that got some approvals back in the days. Does it remind you of a similar situation today? Three, you had some other companies, including Upstart, that were coming to the world, getting public, new IPO, new business to have an equivalent of a FICO score using AI. At the time, it was not called AI, it was called machine learning. Upstart stock went up a lot. You had a PE ratio of 200. The stock, the company was profitable, became profitable. They grew a lot at the time, double digits, triple digits. So, some competitive pressures. Does it remind you of today's situation? Four, people complain about the price increases of FICO, and they maybe pushed the price increases too far. So maybe the monopolistic position will no longer be here in the future. It was in 2021. Does it remind you of today's situation? Okay. You had some DOJ antitrust things going up in 2020. After nine months, it went nowhere, but regulators, uh, attacked FICO because of their, uh, behaviors of raising prices. Does it remind you of today's situation? Five elements that we are seeing today that I already saw in 2021. It's been five years. It's been a wonderful run for FICO. The stock price went from 400 to 2,400, and now it's getting cut. Now the stock price is down. You can see at the right of the screen, below highs, 58%. So we have a drawdown of 60% for one of the most profitable businesses on Earth.

By the way, if you want to become a better investor and improve your performance, I have a coaching program. It gives you the exact method I've used to generate 25% per year for almost a decade. More on that at the end of the video.

In case you don't know FICO, let me do a quick recap. It's a business that is doing the scores, the FICO scores, but they're also doing software, which means over the past decade, the revenue coming from scores has increased meaningfully. In the past, 10 years ago, 2015, 2016, the score revenues were only 25% of the total revenue of the business. But the pricing power got unlocked in 2018. So they just increased their prices from 60 cents a score to $1 to $2 to $5, and now they want to increase to $10. And as you have this, uh, additional revenue, you have better importance. The score segment is more important for FICO. So it went from 25% of the revenue to 35% to 45% to 55% to now 60% of the revenue. And I'm strongly forecasting it will get higher than this. Okay. Now they want to continue to increase their prices from $5 to $10. So that's a 100% price increase, and people start complaining, and, uh, for some reasons, some regulators want to attack FICO. The other part of FICO is software, and frankly, I couldn't care less about the software segment. I analyzed it. I'm not a fan at all about this new segment, and I'm very happy it's getting less and less important. So what is important for FICO is scores. That's the only thing that matters. They don't make stupid acquisitions. They don't diversify with new business lines. They actually cut their own legs. I would say one leg in 2021 when they sold one of their divisions to raise cash and do buybacks. So they are, uh, fans of doing buybacks. All the cash FICO generates is used to repurchase their own shares. They don't pay dividends. They have stopped a couple of years ago. They don't make acquisitions. They don't dilute shareholders. They don't plan to do small mergers opportunities. They don't plan to reinvest massively in-house. They don't have any capex. And I can show you this. You can look at the capital allocation decisions of the company, and you can go to the cash flow from operating activities for the business up and to the right. You can look at the capex, and you can look at the buybacks. Look at this. Look at this three colors. In green, you have the cash flows from operating activities. Am I doing it right? Yes. For the past 20 years, you can see that something improved since 2017-18. The cash flow from operating activities are up and to the right. The red is the capex. You see these small tiny lines. This is a business that doesn't need reinvestment opportunities. They don't need any capex. And in yellow, that's the buybacks. They're allocating more than 100% of their operating cash flows to do buybacks. And the difference between the yellow and the purple and the green is debt. They are issuing more debt. As I can show you here, they're taking on more debt to do more buybacks. A few days ago, March 11th, 2026, they again raised more debt, $1 billion more of debt at interest of 6% senior notes due in 2034. Okay. So they are continuing their strategy to take on more debt to do what? To do buybacks. In late February 2026, they announced a new $1.5 billion buyback program. The strategy has not changed at all since I first looked at FICO in 2021. They are not changing their business model. They are squeezing all the juice to use that to improve the per share metrics, to improve the earnings per share, the free cash flow per share, and they are using their pricing power to improve and improve. They did, they did improve. If you look at the margins for this business, we are talking about an extremely, extremely profitable business. You can look at the operating margins of this business for the past 20 years. You can see that before it was a software business, after all. So you had decent operating margins, roughly 15%. And these operating margins went to 15%, 20%, 30%, 40%, and now we're at 47%. So almost 50%. I'm strongly forecasting it will go higher in the future. And why is the operating margin going up? Because of the scores, the score segment that is disgustingly profitable. You have, if my memory is correct, 88% operating margins. This is what you have. These are the operating margins of the scores. The score segment, 88% operating margins. Maybe the most profitable business on Earth, maybe the most profitable segment on Earth, or one of the most profitable segments on Earth. And as I told you before, the importance of the score segment has increased from 25% of the revenue in the past to now 50-60% of the overall business. So, of course, margins are going up. Of course, cash flows are going up. Of course, they are using all their cash flows to do buybacks, and they are improving the level of buybacks with that. So let me do a quick, uh, recap here. Gross margins 80%. Operating margins 50%, like Visa or Mastercard. Net margins 30%. Free cash flow margin 35%. Everything is improving. Everything is reaccelerating. You can look at the revenue up and to the right and accelerating. Net income up and to the right and we're accelerating. Free cash flow up and to the right and we're accelerating. The debt also is up and to the right, is accelerating.

And this is where some people, um, dislike FICO. Some people may argue FICO has too much debt. Um, I disagree. You have what, $3 billion of debt? Something like this. The red line here is the debt. So you have, yeah, you have net debt of $3 billion. What is the cash flow this business can generate? Last year, they generated $700 million of free cash flow, and this year they are expected to do much more. So actually, in three or four years, they can pay off their debt, which doesn't sound ridiculous to me. I mean, for my investment style, it's completely okay. I don't see FICO as having a lot of debt that is not manageable. You are in front of a business that is growing 20% per year, growing their free cash flow 20% per year, so they can pay off their debt in only three years. This is my opinion. Maybe I'm wrong, right, guys? Don't follow me on this trade. Do your research. I'm just putting my video to share my thoughts and help some people start the analysis. But I am aware some people, uh, disagree with me. I am aware some people hate FICO because of disgusting behavior, because too much of a debt, because of negative equity. So be it. You are not forced to follow me at all.

And because of this debt and this, uh, cash flows, this massive buybacks, what is the amount of buybacks they have done? If you look at the income statement change, number of buybacks, this is what you have. This is the track record for the past 10 years, the amount of buybacks. In 2018, they bought back 3% of their shares. In 2022, they bought back 10% of their shares. And now they are accelerating the pace of buyback again. They just bought 3.5% of their shares. And as the stock price is crashing, this is a crash down 60%. I suppose they will increase meaningfully the pace of buybacks. So I think this chart will go from 3% to 5%, or even better, or even higher. Nobody knows. But I think they will maybe take on even more debt to do even more buybacks. So from a business point of view, nothing has changed since 2021. From a business point of view, everything has improved.

So why is the stock going down? Let me give you a straight answer, very simple, so everybody can understand. It's valuation. The valuation was just too high. You can look at the forward valuation. Anything can work. Forward price to free cash flow can work. Look at this. When we started the downtrend, the forward PE ratio was 80. Of course, it was too expensive, so you need to go down. It was the highest valuation ever. The expectations were sky-high for some reason. People fell in love with FICO, and you had the crazy high valuation. So, of course, the stock had to go down. And then it went from a forward PE ratio of 80 to 60 to 50. And I started to, uh, get some interest back in FICO here in May 2025 when it was around 40, and then went down again, 40, 30, and now we are 22. 22, taking into account the analyst estimates. For some people, if you calculate it based on the guidance, you may find, uh, roughly 30. So actually, don't think that the real forward PE ratio is 22. Fiscal AI, the website I'm using, is taking the estimates from analysts. Okay. So don't think too much of the valuation. You will have various valuation metrics for this one. My point is, this metric is below 30 right now. So you can get the chance to buy a monopoly with growing margins, growing revenue with the guidance of growth of 20% per year, uh, for a fair price. [snorts] Forward PE ratio less than 30. Now we are at 22. I first opened the position when it reached, I don't know, 28, and I opened the, I doubled down today at 22. But yeah, this is roughly 22. I'm not taking an, um, accurate valuation method. I don't like having a precise model for valuation. I prefer to be roughly correct than precisely wrong. But my point is the same. We reached a very high valuation. The stock had to go down. This is the first reason why the stock is down.

Second reason why the stock is down, you have some worries about regulations. Uh, but regulation, for some reason, you have bills from the government that are forcing the Vantage score. You have the bureaus that are attacking FICO. People arguing FICO is a monopoly, which is right. And FICO is increasing the prices per score from $1 to $5 to $10 right now. And in the meantime, you have some competitors like the Vantage score offering their score for free or for $1. So some people freak out and say now it's a duopoly and no longer monopoly. I have heard the exact same arguments for years and years and years. It has not changed anything for FICO. So I'm taking the other camp, saying FICO will not change, saying all these words that were written online, uh, will not move the needle for FICO. Okay. You have a few people in the Senate that don't like FICO. Two days ago, one day ago, two days ago, you had this article. FICO is dropping because of Senator Josh Hawley. Sorry for my accent, guys. I'm French. I don't know how to pronounce this. Sent a letter to FICO informing the company that he is investigating its pricing practices in the housing market. He also urged the chairman of the Federal Trade Commission to investigate FICO, arguing that the company's recent price increases, so from $5, $1, $5, $10 on its ubiquitous FICO score, have contributed to the housing affordability problem. Yeah, if you live in the US, you may understand this sentence. If not, well, if you want to have a mortgage, if you want to buy a new house, hundreds of thousands of dollars, you want a loan, you have to ask for the bank. You will have fees, brokerage fees, banking fees that will amount to thousands of dollars, right? Um, you have, for some formula, some estimations online on some websites. So the cost to have a new loan for a new house is in the thousands of dollars. And this person from the Senate is saying the FICO score is the cause for the problem of unaffordable affordability of housing. The fact that the scores are going from $1 to $10 is the cause for this. Well, uh, I strongly disagree on this. The cost of $5, $10 are not relevant at all. It can be $20. People would not care. The real cost of affordability, it's interest rates. It's a housing problem. You have a US market with fewer homes. Uh, you need to build much more homes. You have demography issues in the US. And the prices for homes is just sky-high. And, uh, it would not matter if the price per score is $1 or $5 or $10. I'm aware when you can have a new try merge scoring system, it's not $10. It can be up to $150, $200. But still, we are talking about peanuts here. The real cost if you want to buy a new house will not move a lot if the price for the FICO score is changing a lot. So I think this allegation, this attack is wrong. Uh, I think this is not the first time we have this. This senator has already attacked FICO in 2020, failed. Already attacked FICO in 2024, failed, and now back at it. So I am very happy to buy the dip because I think this is just FUD, fear in the market, that is working, uh, for, for sure, this is working. This senator is famous for attacking a company with a very low odds of succeeding, but then he is doing a pass, uh, to the FTC, the Federal Trade Commission, and sometimes it works. We have seen the same behavior for Google, for example. Google, the attack for Google didn't work, but the DOJ antitrust session or Google, uh, made the stock price go down, and then after a few months, they said, oh, we have found nothing, just pay a little fine, and so be it, and then the stock price of Google recovered. Same thing is true for Meta Platforms. I mean, you have videos of this senator online if you want to do some research online. This senator attacking Mark Zuckerberg, saying that Facebook was the cause of many problems in the world, and that was the fault of Mark Zuckerberg. Anyway, it did not result in anything relevant. Mark Zuckerberg, Meta Platforms are still in a very dominant position. Google is still in a dominant position. But at the time of the reporting, at the time of the attack, it was scary for shareholders, and the stock prices went down. We are seeing the exact same phenomenon for FICO, and this is why experience in the market helps because I am seeing this behavior, this pattern, and you have this pattern recognition thing. I am, uh, pretty confident in my trade. I mean, I will see if this video ages well. Maybe I'm completely wrong. I'm, I'm sharing my view, right? Don't follow me on this trade. Do your own due diligence. If you're following me on this trade and losing money, this is not my fault, guys. Please do the research. Don't, uh, borrow conviction from a YouTube video. This is just a first-level thinking analysis. Please start the research now. Okay? Don't follow me on this trade. But I am fairly confident that, um, this is just FUD. This is just fear, and FICO is okay. I am, I've seen the same allegations in the past, and it's too hard to change this monopoly. It's just too hard. You cannot implement a new scoring system. It's like a language. FICO has been here since what, the 50s? All the bankers are using the same language. All the individuals in the US have a FICO score, most people, I mean, 97% of the people, 97% of all the banks are using the same language. You know how hard it is, how high is the switching cost to change the language? Good luck. So I think you can attack them, you can change them, you can introduce a new scoring system. It would be very hard to dislodge FICO. FICO is used by 90% of lenders. Rather than competing on price, FICO has leveraged this market position to impose a pattern of extraordinary price increases. Yes, because for 15 years, they were stuck. Isn't I showed you the stat before, the margins, the margins for FICO did not move in 15 years, and then boom, suddenly you have this uptick, and the margins went up. So, of course, relatively speaking, percentage-wise, it's shocking to have this big uptrend. Uh, but it is just because the pricing was stuck, and they renegotiating their pricing power in 2018.

Furthermore, earlier this month, the big credit rating agencies, uh, introduced the Vantage score 4 and cut the pricing from the pricing to $1, so almost for free. Last summer, the federal agency, blah, blah, blah, you have more introduction of more scores. Vantage score is more present than ever. But this new score, the Vantage score, has been here since 2006, something like this. So it's been 20 years since the beginning of Vantage score, and I don't see any traction whatsoever. I am tracking all the interviews of all these companies. I am not seeing any traction whatsoever despite this heavy push. So I don't think this is true. And if you have two choices, either you want to use the FICO score or you want to use the Vantage score. The FICO score is more reliable. The FICO score is known to every bank. The Vantage score, we're not sure. It's okay, but it's, uh, we're not sure. Some studies were made. If you are using the Vantage score, your overall cost of debt when you are buying a new house in a new loan is higher. So yes, the score itself, it's cheaper. It's only $1, but the overall mortgage you will have to buy your new house will be higher because your Vantage score is less reliable than your FICO score. So we're talking about peanuts here. $1, $5, $10, but the overall mortgage cost is still in favor of FICO because bankers love FICO. This is the main language. I have read some great substacks on this topic, great equity research reports. If you use FICO scores, the overall package for your new loan is cheaper. [laughter] So the FICO score can go from $10 to $20 to $40. We don't care. Frankly, we don't care. And if you don't believe me, you can watch, uh, you can read what the, uh, great super investor Dave Conteseria is saying, saying that the pricing power can go way higher than this. People don't understand this, but FICO score can go to $40 and it would not matter whatsoever. So, as always, you have people from the political landscape that are attacking monopolies like this. It's okay. I'm very happy to take the other side of the bet. The pricing cuts, criticism for Hawley, and continued concern about potential actions, and some downgrades from JP Morgan, etc., Morgan Stanley. So you have additional pressures. In some, we think risks to FICO's pricing power in the mortgage credit scoring market have accumulated, and therefore we are lowering our estimates. Okay. So that was another reason why the stock is down. More regulation. Okay. Uh, another reason is this one. You have some letters. Bills from the government are also attacking FICO. Yeah. You have two influential individuals that are attacking FICO, and it is not the first time it happens.

Now, the third reason why the stock is down, it's because of, uh, interest rates going up. Of course, if, how can I check this? The 30-year, uh, 30-year United States 30 years, maybe it can work. If you want to buy a new house, you want to, uh, take into account the, uh, interest rates, right? In COVID, everything was zero, you could, you could borrow for free. Now it's no longer the case. As we have geopolitical conflicts, it is increasing the inflation rate, the estimate of the inflation rate, the forecast. So the interest rates are going up, the 30-year, the 10-year, everything is going up. So if you want to borrow for 30 years to buy a new house, you have to take into account this line. And as you saw at the beginning of this, uh, year in 2026, we went from 5% to 4.6%. It was declining. And as the geopolitical conflicts, uh, escalated, we went from 4.6 to 5 again. It is getting more, uh, costly to borrow to buy a new house. And if it is getting more costly, more expensive to borrow for a new house, you are less likely to borrow to buy a new house. And if you are less likely to borrow to buy a new house, you will be less likely to have a new score, a new FICO score. Okay? So you have less demand in this market, in this mortgage origination market. So I believe this is an additional pressure that makes FICO, FICO stock, uh, down. You have less demand because interest rates are going up because of the conflict. If this line is going down, if affordability is better, it will be a great tailwind for FICO. For the moment, because of the inflation, interest rates, it is not the case. Okay? And, um, I've seen some people argue that these people from the Senate should focus all their attention on this, on this interest rate to make affordability better or create new houses, etc., etc., instead of attacking the monopoly FICO. Anyway, that's not, I mean, it's not a political channel. You think whatever you want, especially since I'm not a US citizen. But, uh, yeah, it's another reason why the stock price is down. I believe you have affordability for houses that went down. The interest rate is going up. It's getting more expensive to borrow to buy a new house. So, yeah, you have it.

Now, what is the valuation? Valuation, if you take into account the analyst estimates, you have a forward P ratio of 22. It is not the first time we have such a valuation. We reached this low valuation back in the days in late 2021. Guess what? Thought it was a great time to buy. Now you have this valuation because analysts on Wall Street, if we estimate here, Wall Street thinks that the business will grow immensely in the future, and I agree with them. By the way, you see me navigating Fiscal, you can use Fiscal using my link in the description. Two weeks completely for free. Okay? So try it out. See if you like it. Okay, completely for free. Um, also for the free cash flow, analysts are expecting a free cash flow growth rate of 35% per year this year, 28% next year, and 16% in 2018. The fiscal year is ending in September, so it's a little bit of a mess. We are not ending in December. So you have some adjustments to make, but the point is the same. People are extremely bullish. If you look at the latest slides from FICO, the latest, uh, quarterly report, at the end, you have the guidance. Uh, where is the guidance? This is the guidance for 2026, their full year. They expect the revenue to grow 18% per year. They expect the GAAP earnings per share to grow 26% per year. And, uh, they just said publicly that they are being conservative and they are very likely to increase their guidance in the coming months. So the management is telling you 26% growth rate is too low. [laughter] [gasps] Um, yeah, of course, if you double your prices, you will grow more than this. And I think most of the growth of FICO will grow at the end will be at the end of 2026, in the second half of 2026. I am not expecting spectacular things for the Q2 of 2026. But I am expecting spectacular things in Q3 2026 and Q4 2026. Price increases that will take into action. Uh, the B2C segment, direct to sellers segment will take action in late 2026. So I think the guidance will be increased. So I think the earnings per share of this business can grow 30% per year. We are in front of a business that can grow 30% per year, and it is now trading at the forward PE ratio of 22, or roughly 22, or roughly 22. It can be 25, 26, be my guest. So it's not expensive in my opinion. I don't think FICO is expensive if you take into account the guidance that is about to, uh, get upgraded. I don't think that's expensive at all. We are fair value, a little bit cheap to some extent. I would not say we are extremely cheap at all. I think we are fair value. So it's a wonderful business that is getting attacked, and I don't think the description is here to stay. I think people panic. But for those who have done the work before, for those who have followed FICO since 2021, for those who have seen this pattern before, I think this is a great buying opportunity. So I am buying, and I would love for the stock price to continue to go down so I can buy more. I would love for the stock price to continue to go down. I'm not buying heavily right now because the trend is just horrible at the moment. I will buy as it drops a lot. But every year we are losing five, every day we are losing 5%. So, um, I can be patient. I can be very patient. I think, uh, if you don't see any catalyst at the moment, the downtrend can continue, especially since, uh, FICO is a software business, after all, so it's in the software B basket, and the IGV is going down, the software ETF is going down again. So you don't have many catalysts, and you don't, you have a lot of additional downward pressures. So I can be very patient, patient for FICO.

Now, what is the intrinsic value? I will use Stock Unlock. This is another website that you can use. You have a discount code in my description. Great, great, great website. And I can show you two things. First of all, I can show you the scores tab, the core segment, the scores tab on, um, Stock Unlock, because they have a new valuation tab. You can see here at the left, in green, it means buying opportunity, cheap, and in red, it means too expensive. In 2021, I told you before, you had a valuation that was pretty reasonable. It was at valuation model was at four. Look at this, at the green, 4.25, 3 and a half, four. Okay. So in green, buying opportunity. And then it became too expensive. It went red. It was at a score of one out of five. And as the stock price is dropping, we are seeing green again. And we reached a valuation model out of five. We reached 4.75. So almost a perfect buying score out of Stock Unlock. For some companies, I believe this chart is pretty accurate. For FICO, I believe this chart is accurate. And, uh, yeah, it makes sense. If in case you want to use this model, very easy to use. I just showed you how to use it. Use Stock Unlock. You have a code in my description. It will get cheaper for you.

Second thing I want to show you is the DCF. If you want to model DCF, the DCF and find an intrinsic value for FICO, what is the good price to pay? So if you think the free cash flow will grow at double digits, what will be the growth rate? I showed you before, they are expected to grow free cash flow at 30% per year this year, and then I believe they can continue to grow at 20% per year. Let's be conservative. Let's say they will not grow at 30%. Let's say they will grow free cash flow for the next five years at 15% per year. And then what is a good price to free cash flow for this business? Let's say we are being conservative. On average, this is a monopoly, so it deserves a premium like 30, 35. Let's be conservative. Let's say 25. So we are using conservative numbers here. I believe FICO will grow by much more than this. And I believe they deserve a higher multiple than 25. But let's be conservative. Let's use a discount rate of 10%. No dividends, and then buybacks will continue at the same range. So minus 4%. This is what we have said before. If you believe that for the next five years, the free cash flow will grow at 15% per year, and FICO deserves a price to free cash flow of 25, then the stock is 15% undervalued. The fair value is $1,550, and if you buy today, you have a CAGR, a compound annual growth rate of 13% per year. So taking conservative assumptions, you can beat the market.

Now, I don't think this is what will happen. I am more bullish than this on FICO. I believe FICO can grow free cash flow at 20% per year. They have done this in the past. If you think the valuation will stay the same, price to free cash flow of 25, then the stock is 40% undervalued. The fair value is $1,500, and if you buy today, you can generate 18% per year.

Now, something else can happen. What if the valuation goes back to a monopoly premium? So instead of having a pressure cash flow of 25, we have 30, which is not crazy because it's a monopoly, after all. If you think the business will grow free cash flow at 20% per year, which I think they can do, and if you think the price to free cash flow they deserve is 30, which I think is okay. Okay. Uh, then the stock is 70% undervalued. The fair value is $1,700. And if you buy today, you can generate 22% per year. I am buying FICO for this kind of returns. In case the price of cash flow is a 25, I can be very happy to make 18% per year. But I think given the growth, given the management team that is, uh, on offense, that is attacking, getting more aggressive, and all these, uh, fears in the stock price and the decline in stock price, we are in front of a very compelling risk-reward opportunity. I am not in a rush to make it a core huge position, as I don't see any catalyst in the short term. I think the downtrend can continue because of such a big amount of hate right now. But I will be very happy to buy more. These are very good estimates. The stock is undervalued in my opinion. A little bit undervalued. If you look at these estimates, look at this. We are not crazy undervalued. We are a little bit undervalued, and you can generate double digits if you buy now. Again, if you believe the monopoly is here to stay. Some people may argue FICO has lost its dominance because they increased their prices by too much. Okay, don't invest. But if you believe the monopoly is here to stay, I am very happy to buy the dip. This is a very good price, and I will continue to buy more in the future.

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