Science Applications International Corp. (SAIC, Financial), a federal information technology contractor, declinedduring the year. The company which derives 98% of its revenue from the federal government,7 is a slow-growing, consistently profitable IT provider that supplements organic growth with add-on acquisitions. It operates in a competitive, low-margin business, but given the company’s visibility, entrenched position, and low valuation, we remain positive on the company’s outlook.
From Steven Scruggs (Trades, Portfolio)' FPA Queens Road Small Cap Value Fund fourth-quarter 2021 commentary.
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