Both Western Union and the rest of First Data are two well-run franchises that one should consider at the right price.

First Data (FDC), an electronic payment processor, spun Western Union (WU) off on Friday so it could concentrate on business customers while the one-time telegraph company focused on consumer operations.

First Data distributed one share of Western Union common stock for each common share of First Data to shareholders of record as of Sept. 22. About 765 million shares were distributed.

Western Union expects to generate $4.4 billion to $4.5 billion in revenue this year, which would be about 11% more than 2005. It forecasts operating income of about $1.3 billion, excluding spinoff-related expenses.

But the company still expects earnings to be affected by slower growth in its U.S.-to-Mexico businesses because of the debate over immigration policy. Other international markets should remain strong, Western Union said. "The geographic diversity of our business, which is a key strength for Western Union, should enable us to generate solid results despite the temporary issues we are addressing in the U.S. and U.S.-to-Mexico markets," CEO Christina Gold said in a statement this month.

First Data acquired Western Union in 1995 as part of a $7 billion merger with First Financial Management.