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Black Knight バランスシートの健全性
財務の健全性 基準チェック /26
Black Knightの総株主資本は$2.8B 、総負債は$2.4Bで、負債比率は86.5%となります。総資産と総負債はそれぞれ$5.8Bと$2.9Bです。 Black Knightの EBIT は$301.1Mで、利息カバレッジ比率2.5です。現金および短期投資は$15.9Mです。
主要情報
86.52%
負債資本比率
US$2.45b
負債
| インタレスト・カバレッジ・レシオ | 2.5x |
| 現金 | US$15.90m |
| エクイティ | US$2.83b |
| 負債合計 | US$2.94b |
| 総資産 | US$5.77b |
財務の健全性に関する最新情報
更新なし
Recent updates
Seeking Alpha • Aug 18
Black Knight: FTC Drops Lawsuit, A 30% Return Arbitrage Investment
Summary The Federal Trade Commission (FTC) has withdrawn its lawsuit against Black Knight and Intercontinental Exchange, increasing the chances of their merger being finalized. BKI shareholders may receive a premium and ICE shares if the deal goes through, but there is still uncertainty priced into the market. BKI's intrinsic value remains intact regardless of the deal outcome, and it has a solid track record of growth and shareholder emphasis. Read the full article on Seeking AlphaSeeking Alpha • May 30
An Update On How To Profit From The Black Knight-Intercontinental Exchange Merger With A Simple Arbitrage Strategy
Summary The FTC filed a complaint to block the BKI-ICE merger, alleging it would harm competition and innovation in the mortgage loan technology market. ICE pledged to strongly oppose the FTC's complaint and plans to take it to court, arguing that the merger would benefit customers and consumers. The BKI-ICE merger arbitrage opportunity is still alive but has become more complicated due to the FTC's intervention, and investors should adjust their strategies accordingly. Read the full article on Seeking AlphaSeeking Alpha • Feb 10
Black Knight: Why The Market Isn't More Excited About Divestiture News
Summary Black Knight is being acquired by Intercontinental Exchange for $68 + 0.144 share. The market is very skeptical about whether the deal will pass muster with regulators. Black Knight has announced a key divestiture that makes a closing much more likely. If the deal doesn't work, I'm not convinced the downside is disastrous. May 4, 2022, Intercontinental Exchange, Inc. (ICE) announced the acquisition of Black Knight, Inc. (BKI). Initially, BKI traded up on the deal, but it has given up on all those gains. The deal spread is very wide at $68 and 0.144 ICE shares. The consideration adds up to $83.48. Which leaves ~34% upside if the deal were to close. That's the catch, though. To realize the upside, the deal needs to close. Black Knight creates software, data, and analytics for the mortgage, home equity loans, and credit market. Market participants are skeptical this deal will ultimately close or at least believe it will take a very long time. There is essential news that Black Knight is looking to sell its Empower segment. Per Seeking Alpha: Black Knight (BKI) hired Truist to help explore a potential sale of Empower and has been soliciting interest from possible buyers, including private equity firms, according to a Reuters report, which cited people familiar. Empower may be valued at about $400 million. Seeking Alpha also said that a CTFN report said last month that bankers have been engaged about possible divestitures to try and get regulator approval for the acquisition. Also, per Seeking Alpha: Bank of America in a November upgrade of ICE said that the company would likely capitulate on divesting Empower to appease potential antitrust concerns. The original Reuters item (linked above) that set off the 2% surge included what I view as a key paragraph limiting the amount BKI appreciated (emphasis added): It is unclear whether a divestment of Empower would be sufficient to allay any FTC antitrust concerns. Holly Vedova, director of the FTC's Bureau of Competition, said in a speech last week, without addressing the Black Knight deal specifically, that the agency was not inclined to approve mergers on the basis of divestitures. "A review of academic research on the adequacy of proposed remedies reveals concern and skepticism over efforts to fix - rather than block - anticompetitive mergers," Vedova said.Seeking Alpha • Jan 20
Black Knight gains amid report about potential divestures in ICE sale
Black Knight (NYSE:BKI) rose 2.8% on a report that bankers have been engaged about possible divestitures as InterContinental Exchange (NYSE:ICE) tries to get regulator approval for acquisition. ICE rose 1.3%. The parties are said to be engaging with bankers on possible divestures, according to traders, who cited a CTFN report that's circulating. The item also reportedly says the asset divestiture wouldn't solve the antitrust concerns. The share climb comes after a Federal Trade Commission closed door meeting on Thursday, which some investors speculated might have been a vote on the ICE transaction. Analysts and investors have been skeptical if the deal would pass antitrust regulators since the $13 billion planned acquisition of Black Knight was announced in early May. ICE in November said it certified its compliance with the FTC in regards to Black Knight. Bank of America in a November upgrade of ICE and said that the company would likely capitulate on divesting Empower to appease potential antitrust concerns.Seeking Alpha • Oct 29
Black Knight: Merger Or No Merger, Buy
Summary A pivotal consideration is that once BKI's software is put into action, the software is indispensable to the operation of mortgage lenders. BKI has shown exemplary strength through COVID but has fallen victim to much of the restrictive inefficiencies that are the product of inflation. Relative to where BKI has historically traded over the last 5 years, it currently exhibits the characteristics of an underpriced stock. Much has been written about the merger (great article here: Black Knight: Merger Arbitrage With An Asymmetric Risk/Reward); however, this article will work on analysing the merits of Black Knight (BKI) as an individual business. Business Overview Residential real estate is the primary focus of BKI's business in the United States. Black Knight's ecosystem provides customers with different digital channels tailored to certain market niches via which they may have access to through a full suite of integrated software and workflow management solutions. The ecosystem, which is bolstered by large mortgage-specific datasets and powerful proprietary analytics, allows BKI to be a reliable partner to their customers by delivering cutting-edge solutions on a consistent basis. Mortgage servicers, mortgage banks, and home equity loan providers can all reap the benefits of the company's suite of eleven integrated software solutions for the mortgage industry. These systems provide the core data processing infrastructure that is required to handle all elements of a loan's life, including its origination, pricing, servicing, trading, and defaulting, among other things. Data and Analysis, sometimes known as a Business Intelligence ((BI)) department in its most basic form. BKI provides its customers with residential real estate data and analytics solutions, with the goal of assisting those customers in making informed business decisions. These solutions allow customers to obtain insight into their customers, their portfolios, and the market. BKI has competition mostly from a small number of other businesses in the market for software solutions. Mortgage Technology by Intercontinental Exchange (ICE), and the systems that lenders and servicers have developed on their own are some of its competitors. The Integration A pivotal consideration is that once BKI's software is put into action, the software is indispensable to the operation of mortgage lenders. The process of transitioning to a new system is typically extremely involved and might take anywhere from 12 to 18 months to complete. This provides BKI with a competitive advantage and helps to assure that its consumers will not leave the company unless there is an extremely compelling reason to do so. Due to the fact that BKI's software is mission-critical, mortgage lenders and servicers are not likely to switch to a solution that is less well-known and has not been tested. This is mostly because of the substantial switching expenses that are associated with making such a changeover. The mortgage lender or servicer that poses the most conceivable threat is one that has developed high-quality software in-house and is considering licensing it to other businesses in the industry. Even if we make this assumption, there would still be significant expenses associated with switching. Company Presentation Due to the SaaS nature of the software, there is a recurring nature to the revenue and therefore indicates that the income is consistent and not as susceptible to changes in market conditions. As a result of the fact that the Data business at BKI is based on licensing and subscriptions, it is able to bring in a consistent cash flow for the company. Author There is a clear distinction between the software market and the data market; each of these marketplaces has its own distinct set of competitors and a distinct set of products or services to offer customers. Company Presentation When it comes to data, BKI goes up against a variety of competitors, the likes of which include CoreLogic, First American Financial Corporation (FAF), and even BKI's very own in-house databases of mortgage loan market participants. BKI has a strong competitive advantage over its clients in the software business, which is one of the industries in which it operates. The market knowledge and statistics provided by BKI are beneficial, but they are not mission-critical for the majority of businesses. In addition, the cost of switching to a different service provider might range from being modest to inexpensive, depending on how important the service is and how well it connects with the various tools that are available. Creating a new database does take an investment of some time and money, but it is not a hurdle that cannot be overcome. This means that the entry barriers are not overly difficult to overcome. When compared to software, the reduced complexity and risk associated with such a project makes it more probable that people will convert, given that the pricing is comparable and the quality is equivalent. Financial State Of the Company BKI has shown exemplary strength through COVID but has fallen victim to much of the restrictive inefficiencies that are the product of inflation. This is evident in the 17% and 30% decline in Operating and FCF margin at the onset of inflation in 2021. FactSet Due to the nature of the software operating model, BKI's operating margin has enjoyed relatively high levels compared with different financial technology companies. This is effectively the reason that I have decided to source more 'software heavy' companies for the relative valuation.Seeking Alpha • Aug 02
Black Knight: Merger Arbitrage With An Asymmetric Risk/Reward
Stock exchange giant, Intercontinental Exchange, buying Black Knight is an interesting merger arbitrage setup. The spread has widened to 28% amid a broader market sell-off. Antitrust concerns over vertical integration are the main risk, however, I believe the probability of the deal passing through the regulators is higher than the market is pricing in. The downside seems to be protected by fundamentals. Moreover, BKI has reportedly received buyout interest from both PE and strategic buyers. This is a large merger between two leading mortgage software providers. The spread used to fluctuate in the 15%-20% range but widened to 30% during the general market sell-off. At the current spread of 28%, this appears to be an asymmetric risk/return opportunity. If the market continues its bounce back from June lows, I expect the spread to narrow to previous levels. Yahoo Finance. Note: Red dots represent June 17 - FTC's second request date Mortgage tech provider Black Knight (BKI) is getting acquired by financial exchange and clearing house giant, Intercontinental Exchange (ICE). The consideration is ~80% cash ($68/share) and ~20% stock (0.144 ICE shares for each one of BKI) - at current prices this equates to $82/share. The merger has attracted antitrust regulators’ attention - in June, the FTC issued a second request for the companies. Regulator’s inquiry followed a public letter sent by the Community Home Lenders Association (CHLA) who argued that the merger could lead to higher service prices for mid- and small-sized mortgage providers, including independent mortgage banks (IMBs) who are generally unable to build their own in-house software. FTC’s investigation is ongoing and the agency will have 30 days to decide once the companies submit required information. Merger is expected to close in H1’23. Overall, the transaction seems highly synergistic as mortgage software services provided by both companies align nicely. BKI's primary focus is on mortgage servicing software while ICE operates mortgage origination software (origination includes lead generation, application and loan underwriting processes). The combined company will be able to more efficiently onboard loans from origination to servicing systems - a benefit for both the software provider and its customers, i.e. lenders. Moreover, both ICE and BKI own other businesses involved in other steps of a mortgage process - for instance, ICE runs electronic signing software Simplifile. Given this, the combined company will be able to integrate numerous platforms that will cover the entire mortgage process (which includes mortgage origination, servicing, settlement and default). Another benefit for the buyer - the merger is expected to raise the recurring revenue share of ICE’s mortgage technology segment from ~50% to ~70%. ICE and Black Knight Investor Presentation, May 5, 2022 The transaction will require shareholder approval. This seems likely given the offer premium to current share price and the low-cost basis of several major institutional shareholders (a combined 35% stake) who by my estimation are already sitting on 50%+ returns. Shareholders have not voiced any opposition so far. Meeting date has not been set yet. From an antitrust perspective, horizontal overlap across the two segments (loan origination and servicing) between the companies is rather limited: In the mortgage origination software market, BKI is the third largest player in the segment with a 10% market share but is significantly behind ICE who controls ~50% of the market. In the mortgage servicing segment, BKI had a 56% market share as of 2021 while ICE does not offer any competing platform. For these reasons, the main risk here is how antitrust regulators will evaluate the degree of vertical integration and its impact on small- and mid-sized lenders. In my view, there are some arguments which suggest the currently priced-in regulatory risk is too high: BKI serves mostly large mortgage providers - reportedly, the company services loans for 23 out of 25 largest industry players. As of 2020, 25 largest lenders have originated ~40% of total home loans (in units). Taking into account BKI’s mortgage servicing software market share (56%) and the fact that the company’s large client base extends beyond the 25 largest companies, exposure to smaller IMBs does not appear to be significant. This suggests that acquiring BKI will not provide ICE a significant market power in the small/mid-mortgage servicing segment - one of the main concerns of CHLA. Likewise, BKI’s presence in the origination software market, despite the seemingly significant market share (10%), suggests the acquisition could have little impact on independent mortgage banks. Apparently, BKI’s origination service client base is limited to less than 2% of ~6500 lenders in the US. The reason for this is that the company’s offerings are very distinct from ICE’s - BKI’s software is customized for each client while ICE focuses on standardized products. Analysis of merger cases reviewed by the FTC since Jan’21 suggest that mergers were mostly blocked due to significant horizontal overlap. Only two transactions involving vertical integration were blocked - Lockheed Martin-Aerojet Rocketdyne and Illumina-Grail. However, both cases involved companies operating in monopolistic markets - this is hardly the case with BKI who has competitors in the mortgage servicing software space. Here it is important to note that the FTC recently withdrew previous vertical merger guidelines. New guidelines are in the making and are expected to be published before the end of 2022 which implies some uncertainty. Fundamentally, the merger will eliminate the so-called double marginalization, i.e. markups that separate entities would impose in the different stages of a mortgage process. Moreover, the transaction is focused on digitalization and process automation which could reduce software product prices. Cost synergies are estimated at $200m over 5 years compared to ~$2.6bn in 2021 pro-forma combined revenue from the mortgage technology segment. CHLA has also argued that the deal will hinder innovation, however, ICE actually operates open networks and gives access to its APIs. Moreover, the buyer has said that it is willing to expand this approach to Black Knight’s products. Given that ICE already runs non-exclusive marketing/distribution partnerships with numerous start-ups, I believe the merger could actually spur innovation in the mortgage tech space.Seeking Alpha • May 09
Merger Arbitrage Mondays: Black Knight To Be Acquired By Intercontinental
Two of the three new deals announced last week were potential deals in the works. Black Knight entered into a definitive agreement to be acquired by Intercontinental Exchange in a deal valued at $13.1 billion. Welltower made a nearly $5 billion all-cash bid for Healthcare Realty Trust.Seeking Alpha • Feb 14
Black Knight: Wide-Moat Software And Data Specialist On Sale
Black Knight is a software and data provider to residential real estate industry. The Company has built a wide moat around most of its business thanks to limited competition and critical nature of its products to clients' operations. Black Knight sports high margins and reinvests free cash flows to continue growing revenues (long-term target of 7-9%). At $67 per share, the Company is 9% undervalued, implying a 12% annual return prospect in the long-term.Seeking Alpha • Oct 27
Black Knight: Examining Recent Insider Buying
Today, we take a look at Black Knight, a solution provider to the mortgage and financial industry which recently picked up some insider buying. The company is also seeing revenue growth north of 20%, thanks both to organic sales gains and recent acquisitions. A full investment analysis follows in the paragraphs below.財務状況分析
短期負債: BKIの 短期資産 ( $369.0M ) が 短期負債 ( $257.3M ) を超えています。
長期負債: BKIの短期資産 ( $369.0M ) は 長期負債 ( $2.7B ) をカバーしていません。
デット・ツー・エクイティの歴史と分析
負債レベル: BKIの 純負債対資本比率 ( 86% ) は 高い と見なされます。
負債の削減: BKIの負債対資本比率は、過去 5 年間で87.1%から86.5%に減少しました。
債務返済能力: BKIの負債は 営業キャッシュフロー によって 十分にカバーされていません ( 8.4% )。
インタレストカバレッジ: BKIの負債に対する 利息支払い は EBIT ( 2.5 x coverage) によって 十分にカバーされていません。
貸借対照表
健全な企業の発掘
企業分析と財務データの現状
| データ | 最終更新日（UTC時間） |
|---|---|
| 企業分析 | 2023/09/06 20:42 |
| 終値 | 2023/09/01 00:00 |
| 収益 | 2023/06/30 |
| 年間収益 | 2022/12/31 |
データソース
企業分析に使用したデータはS&P Global Market Intelligence LLC のものです。本レポートを作成するための分析モデルでは、以下のデータを使用しています。データは正規化されているため、ソースが利用可能になるまでに時間がかかる場合があります。
| パッケージ | データ | タイムフレーム | 米国ソース例 |
|---|---|---|---|
| 会社財務 | 10年 |
| |
| アナリストのコンセンサス予想 | +プラス3年 |
|
|
| 市場価格 | 30年 |
| |
| 所有権 | 10年 |
| |
| マネジメント | 10年 |
| |
| 主な進展 | 10年 |
|
* 米国証券を対象とした例であり、非米国証券については、同等の規制書式および情報源を使用。
特に断りのない限り、すべての財務データは1年ごとの期間に基づいていますが、四半期ごとに更新されます。これは、TTM（Trailing Twelve Month）またはLTM（Last Twelve Month）データとして知られています。詳細はこちら。
分析モデルとスノーフレーク
本レポートを生成するために使用した分析モデルの詳細は当社のGithubページでご覧いただけます。また、レポートの使用方法に関するガイドやYoutubeのチュートリアルも掲載しています。
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業界およびセクターの指標
私たちの業界とセクションの指標は、Simply Wall Stによって6時間ごとに計算されます。
アナリスト筋
Black Knight, Inc. 5 これらのアナリストのうち、弊社レポートのインプットとして使用した売上高または利益の予想を提出したのは、 。アナリストの投稿は一日中更新されます。18
| アナリスト | 機関 |
|---|---|
| Manav Patnaik | Barclays |
| Mihir Bhatia | BofA Global Research |
| Matthew Gaudioso | Compass Point Research & Trading, LLC |