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Blackbaud Inc BLKB

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Stock XNAS Rating as of
$78.52 −0.49 (0.62%)
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As of Delayed Price Closed
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Company Report

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Blackbaud Rejects Clearlake’s $80 per Share Acquisition Offer; Our Fair Value Estimate Unchanged

Dan Romanoff, Verushka Shetty

On May 16, Blackbaud rejected a buyout offer from Clearlake Capital (received on April 14) for $80 per share, representing a 4% premium to the closing price at that time. In a statement, narrow-moat Blackbaud said that its board unanimously agreed that the offer significantly undervalues the company. Prior to the most recent offer, Clearlake made a buyout offer early in 2023 at $71 per share, which represented a 23% premium to the closing price at the time. Clearlake Capital currently holds an 18% stake in Blackbaud. We did not change our $77 per share fair value estimate after the $80 offer, and we are once again maintaining our $77 valuation.

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Price vs Fair Value

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BLKB is trading at a 619% premium.
Price
$78.52
Fair Value
$94.00
Uncertainty
High
1-Star Price
$495.26
5-Star Price
$21.50
Economic Moat
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Capital Allocation
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Bulls Say, Bears Say

Bulls

Blackbaud is a clear leader in the niche fundraising and nonprofit market, with gold standard CRM, financial management, and numerous other modules that create a comprehensive suite of offerings.

Bears

Blackbaud has structurally lower margins compared with other software peers and is more susceptible to cyclical downturns, given its nonprofit customer base.

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Trading Information

Previous Close Price
$79.01
Day Range
$77.60–78.78
52-Week Range
$64.32–88.56
Bid/Ask
$76.89 / $79.95
Market Cap
$4.05 Bil
Volume/Avg
577,820 / 303,941

Key Statistics

Price/Earnings (Normalized)
18.83
Price/Sales
3.78
Dividend Yield (Trailing)
—
Dividend Yield (Forward)
—
Total Yield
0.47%

Company Profile

Founded in 1981, Blackbaud provides software solutions designed to serve the “social good” community, including nonprofits, foundations, corporations, educational institutions, healthcare institutions, and individual change agents. Through M&A and organic product development efforts, the company has also moved into related areas outside core fundraising, notably into K-12 schools. The firm enables more than $100 billion in donations annually across a customer base in excess of 40,000 customers in over 100 countries.
Sector
Technology
Industry
Software - Application
Stock Style Box
Small Core
Total Number of Employees
3,000
Website
https://www.blackbaud.com

Competitors

Valuation

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Metric
BLKB
CRM
SAP
Price/Earnings (Normalized)
 18.8334.5533.04
Price/Book Value
 7.594.634.78
Price/Sales
 3.788.046.52
Price/Cash Flow
 18.3421.4144.96
Price/Earnings
BLKB
CRM
SAP

Financial Strength

Metric
BLKB
CRM
SAP
Quick Ratio
 0.150.961.12
Current Ratio
 0.671.091.25
Interest Coverage
 1.7718.874.75
Quick Ratio
BLKB
CRM
SAP

Profitability

Metric
BLKB
CRM
SAP
Return on Assets (Normalized)
 8.15%8.50%11.27%
Return on Equity (Normalized)
 31.01%13.87%18.79%
Return on Invested Capital (Normalized)
 15.24%11.66%15.28%
Return on Assets
BLKB
CRM
SAP
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