Intrinsic value of Black Knight Financial Services - BKFS

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$41.90

  Intrinsic Value

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  Rating & Target

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  Value-price divergence*

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Previous close

$41.90

 
Intrinsic value

$35.95

 
Up/down potential

-14%

 
Rating

hold

 
Value-price divergence* premium content

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*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

We calculate the intrinsic value of BKFS stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2016), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 6.5

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  10.20
  10.10
  9.59
  9.13
  8.72
  8.35
  8.01
  7.71
  7.44
  7.20
  6.98
  6.78
  6.60
  6.44
  6.30
  6.17
  6.05
  5.95
  5.85
  5.77
  5.69
  5.62
  5.56
  5.50
  5.45
  5.41
  5.37
  5.33
  5.30
  5.27
  5.24
Revenue, $m
  1,026
  1,130
  1,238
  1,351
  1,469
  1,591
  1,719
  1,851
  1,989
  2,132
  2,281
  2,436
  2,596
  2,764
  2,938
  3,119
  3,307
  3,504
  3,709
  3,923
  4,146
  4,379
  4,622
  4,877
  5,143
  5,421
  5,712
  6,016
  6,335
  6,668
  7,018
Variable operating expenses, $m
 
  596
  631
  667
  705
  745
  786
  829
  874
  920
  968
  788
  840
  894
  950
  1,009
  1,070
  1,133
  1,200
  1,269
  1,341
  1,416
  1,495
  1,577
  1,663
  1,753
  1,847
  1,946
  2,049
  2,157
  2,270
Fixed operating expenses, $m
 
  243
  249
  255
  262
  268
  275
  282
  289
  296
  303
  311
  319
  327
  335
  343
  352
  361
  370
  379
  388
  398
  408
  418
  429
  439
  450
  462
  473
  485
  497
Total operating expenses, $m
  793
  839
  880
  922
  967
  1,013
  1,061
  1,111
  1,163
  1,216
  1,271
  1,099
  1,159
  1,221
  1,285
  1,352
  1,422
  1,494
  1,570
  1,648
  1,729
  1,814
  1,903
  1,995
  2,092
  2,192
  2,297
  2,408
  2,522
  2,642
  2,767
Operating income, $m
  233
  291
  358
  428
  502
  578
  658
  740
  827
  916
  1,009
  1,337
  1,438
  1,543
  1,653
  1,767
  1,886
  2,010
  2,140
  2,275
  2,417
  2,565
  2,719
  2,881
  3,051
  3,228
  3,414
  3,609
  3,813
  4,026
  4,251
EBITDA, $m
  441
  588
  662
  739
  819
  903
  990
  1,080
  1,175
  1,273
  1,375
  1,481
  1,592
  1,707
  1,827
  1,951
  2,082
  2,218
  2,359
  2,507
  2,662
  2,824
  2,993
  3,170
  3,355
  3,549
  3,752
  3,965
  4,188
  4,421
  4,666
Interest expense (income), $m
  60
  56
  66
  77
  89
  101
  113
  126
  140
  154
  168
  183
  199
  215
  232
  250
  269
  288
  308
  329
  350
  373
  397
  421
  447
  474
  503
  532
  563
  596
  630
Earnings before tax, $m
  159
  235
  292
  351
  413
  477
  544
  614
  687
  763
  841
  1,154
  1,239
  1,328
  1,420
  1,517
  1,617
  1,722
  1,832
  1,947
  2,066
  2,192
  2,323
  2,460
  2,603
  2,754
  2,911
  3,076
  3,249
  3,431
  3,621
Tax expense, $m
  26
  63
  79
  95
  112
  129
  147
  166
  185
  206
  227
  311
  334
  358
  383
  409
  437
  465
  495
  526
  558
  592
  627
  664
  703
  743
  786
  831
  877
  926
  978
Net income, $m
  46
  172
  213
  256
  301
  349
  397
  448
  501
  557
  614
  842
  904
  969
  1,037
  1,107
  1,181
  1,257
  1,337
  1,421
  1,508
  1,600
  1,696
  1,796
  1,900
  2,010
  2,125
  2,246
  2,372
  2,505
  2,643

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  134
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  3,762
  3,992
  4,374
  4,774
  5,190
  5,623
  6,074
  6,542
  7,029
  7,534
  8,060
  8,606
  9,174
  9,765
  10,380
  11,020
  11,687
  12,382
  13,106
  13,862
  14,650
  15,474
  16,334
  17,232
  18,172
  19,154
  20,182
  21,258
  22,384
  23,563
  24,798
Adjusted assets (=assets-cash), $m
  3,628
  3,992
  4,374
  4,774
  5,190
  5,623
  6,074
  6,542
  7,029
  7,534
  8,060
  8,606
  9,174
  9,765
  10,380
  11,020
  11,687
  12,382
  13,106
  13,862
  14,650
  15,474
  16,334
  17,232
  18,172
  19,154
  20,182
  21,258
  22,384
  23,563
  24,798
Revenue / Adjusted assets
  0.283
  0.283
  0.283
  0.283
  0.283
  0.283
  0.283
  0.283
  0.283
  0.283
  0.283
  0.283
  0.283
  0.283
  0.283
  0.283
  0.283
  0.283
  0.283
  0.283
  0.283
  0.283
  0.283
  0.283
  0.283
  0.283
  0.283
  0.283
  0.283
  0.283
  0.283
Average production assets, $m
  936
  1,030
  1,129
  1,232
  1,340
  1,451
  1,568
  1,688
  1,814
  1,945
  2,080
  2,221
  2,368
  2,520
  2,679
  2,844
  3,016
  3,196
  3,383
  3,578
  3,781
  3,994
  4,216
  4,448
  4,690
  4,944
  5,209
  5,487
  5,777
  6,081
  6,400
Working capital, $m
  112
  45
  50
  54
  59
  64
  69
  74
  80
  85
  91
  97
  104
  111
  118
  125
  132
  140
  148
  157
  166
  175
  185
  195
  206
  217
  228
  241
  253
  267
  281
Total debt, $m
  1,570
  1,789
  2,087
  2,398
  2,722
  3,059
  3,409
  3,774
  4,152
  4,546
  4,955
  5,380
  5,822
  6,281
  6,760
  7,258
  7,776
  8,317
  8,881
  9,468
  10,082
  10,723
  11,392
  12,091
  12,822
  13,586
  14,386
  15,223
  16,099
  17,016
  17,976
Total liabilities, $m
  2,886
  3,105
  3,403
  3,714
  4,038
  4,375
  4,725
  5,090
  5,468
  5,862
  6,271
  6,696
  7,138
  7,597
  8,076
  8,574
  9,092
  9,633
  10,197
  10,784
  11,398
  12,039
  12,708
  13,407
  14,138
  14,902
  15,702
  16,539
  17,415
  18,332
  19,292
Total equity, $m
  876
  886
  971
  1,060
  1,152
  1,248
  1,348
  1,452
  1,560
  1,673
  1,789
  1,911
  2,037
  2,168
  2,304
  2,446
  2,594
  2,749
  2,910
  3,077
  3,252
  3,435
  3,626
  3,826
  4,034
  4,252
  4,480
  4,719
  4,969
  5,231
  5,505
Total liabilities and equity, $m
  3,762
  3,991
  4,374
  4,774
  5,190
  5,623
  6,073
  6,542
  7,028
  7,535
  8,060
  8,607
  9,175
  9,765
  10,380
  11,020
  11,686
  12,382
  13,107
  13,861
  14,650
  15,474
  16,334
  17,233
  18,172
  19,154
  20,182
  21,258
  22,384
  23,563
  24,797
Debt-to-equity ratio
  1.792
  2.020
  2.150
  2.260
  2.360
  2.450
  2.530
  2.600
  2.660
  2.720
  2.770
  2.820
  2.860
  2.900
  2.930
  2.970
  3.000
  3.030
  3.050
  3.080
  3.100
  3.120
  3.140
  3.160
  3.180
  3.200
  3.210
  3.230
  3.240
  3.250
  3.270
Adjusted equity ratio
  0.205
  0.222
  0.222
  0.222
  0.222
  0.222
  0.222
  0.222
  0.222
  0.222
  0.222
  0.222
  0.222
  0.222
  0.222
  0.222
  0.222
  0.222
  0.222
  0.222
  0.222
  0.222
  0.222
  0.222
  0.222
  0.222
  0.222
  0.222
  0.222
  0.222
  0.222

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  46
  172
  213
  256
  301
  349
  397
  448
  501
  557
  614
  842
  904
  969
  1,037
  1,107
  1,181
  1,257
  1,337
  1,421
  1,508
  1,600
  1,696
  1,796
  1,900
  2,010
  2,125
  2,246
  2,372
  2,505
  2,643
Depreciation, amort., depletion, $m
  208
  297
  304
  310
  317
  325
  332
  340
  348
  357
  365
  144
  154
  164
  174
  185
  196
  208
  220
  232
  246
  259
  274
  289
  305
  321
  338
  356
  375
  395
  416
Funds from operations, $m
  292
  469
  517
  567
  619
  673
  730
  788
  850
  913
  980
  986
  1,058
  1,133
  1,211
  1,292
  1,376
  1,465
  1,557
  1,653
  1,754
  1,859
  1,969
  2,084
  2,205
  2,331
  2,463
  2,602
  2,747
  2,899
  3,059
Change in working capital, $m
  -34
  4
  4
  5
  5
  5
  5
  5
  6
  6
  6
  6
  6
  7
  7
  7
  8
  8
  8
  9
  9
  9
  10
  10
  11
  11
  12
  12
  13
  13
  14
Cash from operations, $m
  326
  452
  512
  562
  614
  668
  725
  783
  844
  908
  974
  980
  1,052
  1,126
  1,204
  1,285
  1,369
  1,457
  1,549
  1,645
  1,745
  1,850
  1,960
  2,074
  2,194
  2,320
  2,452
  2,590
  2,734
  2,886
  3,045
Maintenance CAPEX, $m
  0
  -61
  -67
  -73
  -80
  -87
  -94
  -102
  -110
  -118
  -126
  -135
  -144
  -154
  -164
  -174
  -185
  -196
  -208
  -220
  -232
  -246
  -259
  -274
  -289
  -305
  -321
  -338
  -356
  -375
  -395
New CAPEX, $m
  -80
  -94
  -99
  -103
  -107
  -112
  -116
  -121
  -126
  -131
  -136
  -141
  -147
  -152
  -159
  -165
  -172
  -179
  -187
  -195
  -204
  -213
  -222
  -232
  -242
  -254
  -265
  -278
  -291
  -304
  -319
Cash from investing activities, $m
  -230
  -155
  -166
  -176
  -187
  -199
  -210
  -223
  -236
  -249
  -262
  -276
  -291
  -306
  -323
  -339
  -357
  -375
  -395
  -415
  -436
  -459
  -481
  -506
  -531
  -559
  -586
  -616
  -647
  -679
  -714
Free cash flow, $m
  96
  297
  347
  386
  427
  469
  514
  561
  609
  659
  712
  704
  761
  820
  881
  945
  1,012
  1,082
  1,154
  1,230
  1,309
  1,392
  1,478
  1,569
  1,663
  1,762
  1,865
  1,974
  2,088
  2,207
  2,332
Issuance/(repayment) of debt, $m
  -5
  282
  298
  311
  324
  337
  350
  364
  379
  393
  409
  425
  442
  460
  478
  498
  519
  541
  564
  588
  614
  641
  669
  699
  731
  764
  800
  837
  876
  917
  961
Issuance/(repurchase) of shares, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  -99
  282
  298
  311
  324
  337
  350
  364
  379
  393
  409
  425
  442
  460
  478
  498
  519
  541
  564
  588
  614
  641
  669
  699
  731
  764
  800
  837
  876
  917
  961
Total cash flow (excl. dividends), $m
  -3
  579
  645
  697
  751
  806
  865
  925
  988
  1,053
  1,121
  1,129
  1,203
  1,280
  1,360
  1,443
  1,531
  1,622
  1,718
  1,818
  1,923
  2,032
  2,147
  2,268
  2,394
  2,526
  2,665
  2,811
  2,964
  3,124
  3,292
Retained Cash Flow (-), $m
  -57
  -81
  -85
  -89
  -92
  -96
  -100
  -104
  -108
  -112
  -117
  -121
  -126
  -131
  -136
  -142
  -148
  -154
  -161
  -168
  -175
  -183
  -191
  -200
  -209
  -218
  -228
  -239
  -250
  -262
  -274
Prev. year cash balance distribution, $m
 
  71
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  569
  560
  608
  658
  710
  765
  821
  880
  940
  1,004
  1,008
  1,077
  1,148
  1,223
  1,301
  1,383
  1,468
  1,557
  1,650
  1,748
  1,850
  1,956
  2,068
  2,185
  2,308
  2,437
  2,572
  2,714
  2,862
  3,018
Discount rate, %
 
  8.30
  8.72
  9.15
  9.61
  10.09
  10.59
  11.12
  11.68
  12.26
  12.88
  13.52
  14.20
  14.91
  15.65
  16.43
  17.26
  18.12
  19.02
  19.97
  20.97
  22.02
  23.12
  24.28
  25.49
  26.77
  28.11
  29.51
  30.99
  32.54
  34.16
PV of cash for distribution, $m
 
  526
  474
  467
  456
  439
  418
  392
  363
  332
  299
  250
  219
  189
  160
  133
  108
  87
  68
  52
  39
  28
  20
  14
  9
  6
  4
  2
  1
  1
  0
Current shareholders' claim on cash, %
  100
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

Black Knight Financial Services, Inc. provides integrated technology, workflow automation, and data and analytics to mortgage and real estate industries primarily in the United States. The company operates through two segments, Technology; and Data and Analytics. It offers software and hosting solutions, such as mortgage origination and servicing, processing, and workflow management software applications, as well as related support and services. The company also provides mortgage servicing platform, a software as a service application that automates loan servicing to the secondary mortgage market, and investor reporting; and LoanSphere Bankruptcy and LoanSphere Foreclosure solutions, which are Web-based workflow information systems for managing and automating a range of workflow processes involving non-performing loans. In addition, it offers LoanSphere Invoicing to organize images of paper documents within a particular file, capture information from imaged documents, manage invoices, and provide various users access to data needed for monitoring and process management. Further, the company provides Empower, which supports retail and wholesale loan originations; LendingSpace that supports correspondent loan originations; Exchange, a platform, which provides interconnected network of originators, agents, settlement services providers, and investors; and Insight suite of solutions designed to help lenders meet loan quality and disclosure requirements established by the government-sponsored enterprises. Additionally, it offers data and analytics solutions consisting of property, mortgage performance data, and MLS; mortgage and real estate analytics services, such as automated valuation models, collateral risk scores, appraisal review services, and valuation reconciliation services; and enterprise business intelligence solutions, as well as eLending solutions. The company was founded in 2013 and is headquartered in Jacksonville, Florida.

FINANCIAL RATIOS  of  Black Knight Financial Services (BKFS)

Valuation Ratios
P/E Ratio 140.2
Price to Sales 6.3
Price to Book 7.4
Price to Tangible Book
Price to Cash Flow 19.8
Price to Free Cash Flow 26.2
Growth Rates
Sales Growth Rate 10.2%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -16.7%
Cap. Spend. - 3 Yr. Gr. Rate NaN%
Financial Strength
Quick Ratio 2
Current Ratio 0
LT Debt to Equity 172%
Total Debt to Equity 179.2%
Interest Coverage 4
Management Effectiveness
Return On Assets 2.6%
Ret/ On Assets - 3 Yr. Avg. 4.1%
Return On Total Capital 1.9%
Ret/ On T. Cap. - 3 Yr. Avg. 0.8%
Return On Equity 5.4%
Return On Equity - 3 Yr. Avg. 2.4%
Asset Turnover 0.3
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 41.6%
EBITDA Margin - 3 Yr. Avg. 35.6%
Operating Margin 22.7%
Oper. Margin - 3 Yr. Avg. 15.5%
Pre-Tax Margin 15.5%
Pre-Tax Margin - 3 Yr. Avg. 4.2%
Net Profit Margin 4.5%
Net Profit Margin - 3 Yr. Avg. 2.2%
Effective Tax Rate 16.4%
Eff/ Tax Rate - 3 Yr. Avg. 12.1%
Payout Ratio 106.5%

BKFS stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the BKFS stock intrinsic value calculation we used $1026 million for the last fiscal year's total revenue generated by Black Knight Financial Services. The default revenue input number comes from 2016 income statement of Black Knight Financial Services. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our BKFS stock valuation model: a) initial revenue growth rate of 10.1% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 8.3%, whose default value for BKFS is calculated based on our internal credit rating of Black Knight Financial Services, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Black Knight Financial Services.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of BKFS stock the variable cost ratio is equal to 54.8%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $237 million in the base year in the intrinsic value calculation for BKFS stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 3.7% for Black Knight Financial Services.

Corporate tax rate of 27% is the nominal tax rate for Black Knight Financial Services. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the BKFS stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for BKFS are equal to 91.2%.

Life of production assets of 15.4 years is the average useful life of capital assets used in Black Knight Financial Services operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for BKFS is equal to 4%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $876 million for Black Knight Financial Services - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 154.569 million for Black Knight Financial Services is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Black Knight Financial Services at the current share price and the inputted number of shares is $6.5 billion.


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COMPANY NEWS

▶ Denver, Colorado home price gains stay strong, reports show   [Apr-25-17 04:26PM  American City Business Journals]
▶ Housing demand may keep market afloat, even if rates rise   [Feb-06-17 03:03PM  at MarketWatch]
▶ Black Knight meets 3Q profit forecasts   [Nov-02-16 06:15PM  AP]
Stock chart of BKFS Financial statements of BKFS
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