Intrinsic value of Blackbaud - BLKB

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$82.91

  Intrinsic Value

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  Rating & Target

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  Value-price divergence*

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Previous close

$82.91

 
Intrinsic value

$38.87

 
Up/down potential

-53%

 
Rating

str. sell

 
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 BLKB 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 4.0

 

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, %
  14.58
  8.90
  8.51
  8.16
  7.84
  7.56
  7.30
  7.07
  6.87
  6.68
  6.51
  6.36
  6.22
  6.10
  5.99
  5.89
  5.80
  5.72
  5.65
  5.59
  5.53
  5.47
  5.43
  5.38
  5.35
  5.31
  5.28
  5.25
  5.23
  5.20
  5.18
Revenue, $m
  731
  796
  864
  934
  1,008
  1,084
  1,163
  1,245
  1,331
  1,419
  1,512
  1,608
  1,708
  1,812
  1,921
  2,034
  2,152
  2,275
  2,404
  2,538
  2,678
  2,825
  2,978
  3,139
  3,306
  3,482
  3,666
  3,858
  4,060
  4,271
  4,493
Variable operating expenses, $m
 
  664
  717
  772
  829
  888
  950
  1,014
  1,080
  1,150
  1,222
  1,253
  1,331
  1,412
  1,497
  1,585
  1,677
  1,773
  1,873
  1,977
  2,087
  2,201
  2,320
  2,445
  2,576
  2,713
  2,856
  3,006
  3,163
  3,328
  3,500
Fixed operating expenses, $m
 
  58
  60
  61
  63
  64
  66
  68
  69
  71
  73
  75
  77
  79
  81
  83
  85
  87
  89
  91
  93
  96
  98
  101
  103
  106
  108
  111
  114
  117
  120
Total operating expenses, $m
  669
  722
  777
  833
  892
  952
  1,016
  1,082
  1,149
  1,221
  1,295
  1,328
  1,408
  1,491
  1,578
  1,668
  1,762
  1,860
  1,962
  2,068
  2,180
  2,297
  2,418
  2,546
  2,679
  2,819
  2,964
  3,117
  3,277
  3,445
  3,620
Operating income, $m
  62
  74
  87
  101
  116
  131
  147
  164
  181
  199
  217
  280
  301
  322
  344
  367
  391
  416
  442
  470
  498
  528
  560
  593
  627
  664
  702
  741
  783
  827
  873
EBITDA, $m
  132
  150
  166
  183
  201
  219
  239
  258
  279
  301
  323
  347
  371
  396
  423
  450
  479
  509
  541
  574
  608
  644
  682
  722
  763
  807
  852
  900
  950
  1,003
  1,058
Interest expense (income), $m
  10
  12
  15
  19
  22
  26
  30
  34
  38
  42
  47
  51
  56
  61
  67
  72
  78
  84
  90
  97
  103
  111
  118
  126
  134
  142
  151
  161
  170
  181
  191
Earnings before tax, $m
  51
  62
  72
  83
  94
  105
  117
  130
  143
  156
  171
  229
  244
  260
  277
  295
  313
  332
  352
  373
  395
  418
  442
  467
  494
  521
  550
  581
  613
  646
  682
Tax expense, $m
  9
  17
  19
  22
  25
  28
  32
  35
  39
  42
  46
  62
  66
  70
  75
  80
  84
  90
  95
  101
  107
  113
  119
  126
  133
  141
  149
  157
  165
  175
  184
Net income, $m
  42
  45
  53
  60
  68
  77
  86
  95
  104
  114
  124
  167
  178
  190
  202
  215
  228
  242
  257
  272
  288
  305
  323
  341
  360
  380
  402
  424
  447
  472
  498

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  17
  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
  1,310
  1,409
  1,529
  1,654
  1,783
  1,918
  2,058
  2,204
  2,355
  2,512
  2,676
  2,846
  3,023
  3,208
  3,400
  3,600
  3,809
  4,027
  4,255
  4,492
  4,741
  5,000
  5,271
  5,555
  5,852
  6,163
  6,488
  6,829
  7,186
  7,560
  7,952
Adjusted assets (=assets-cash), $m
  1,293
  1,409
  1,529
  1,654
  1,783
  1,918
  2,058
  2,204
  2,355
  2,512
  2,676
  2,846
  3,023
  3,208
  3,400
  3,600
  3,809
  4,027
  4,255
  4,492
  4,741
  5,000
  5,271
  5,555
  5,852
  6,163
  6,488
  6,829
  7,186
  7,560
  7,952
Revenue / Adjusted assets
  0.565
  0.565
  0.565
  0.565
  0.565
  0.565
  0.565
  0.565
  0.565
  0.565
  0.565
  0.565
  0.565
  0.565
  0.565
  0.565
  0.565
  0.565
  0.565
  0.565
  0.565
  0.565
  0.565
  0.565
  0.565
  0.565
  0.565
  0.565
  0.565
  0.565
  0.565
Average production assets, $m
  328
  357
  387
  419
  451
  486
  521
  558
  596
  636
  677
  720
  765
  812
  861
  911
  964
  1,019
  1,077
  1,137
  1,200
  1,266
  1,334
  1,406
  1,481
  1,560
  1,642
  1,729
  1,819
  1,914
  2,013
Working capital, $m
  -172
  -201
  -219
  -236
  -255
  -274
  -294
  -315
  -337
  -359
  -383
  -407
  -432
  -459
  -486
  -515
  -544
  -576
  -608
  -642
  -678
  -715
  -754
  -794
  -837
  -881
  -927
  -976
  -1,027
  -1,081
  -1,137
Total debt, $m
  342
  433
  531
  633
  739
  849
  964
  1,083
  1,206
  1,335
  1,469
  1,608
  1,753
  1,904
  2,061
  2,225
  2,396
  2,574
  2,760
  2,955
  3,158
  3,370
  3,592
  3,824
  4,067
  4,321
  4,587
  4,866
  5,158
  5,464
  5,785
Total liabilities, $m
  1,063
  1,153
  1,251
  1,353
  1,459
  1,569
  1,684
  1,803
  1,926
  2,055
  2,189
  2,328
  2,473
  2,624
  2,781
  2,945
  3,116
  3,294
  3,480
  3,675
  3,878
  4,090
  4,312
  4,544
  4,787
  5,041
  5,307
  5,586
  5,878
  6,184
  6,505
Total equity, $m
  248
  256
  278
  301
  325
  349
  375
  401
  429
  457
  487
  518
  550
  584
  619
  655
  693
  733
  774
  818
  863
  910
  959
  1,011
  1,065
  1,122
  1,181
  1,243
  1,308
  1,376
  1,447
Total liabilities and equity, $m
  1,311
  1,409
  1,529
  1,654
  1,784
  1,918
  2,059
  2,204
  2,355
  2,512
  2,676
  2,846
  3,023
  3,208
  3,400
  3,600
  3,809
  4,027
  4,254
  4,493
  4,741
  5,000
  5,271
  5,555
  5,852
  6,163
  6,488
  6,829
  7,186
  7,560
  7,952
Debt-to-equity ratio
  1.379
  1.690
  1.910
  2.100
  2.280
  2.430
  2.570
  2.700
  2.810
  2.920
  3.020
  3.100
  3.190
  3.260
  3.330
  3.400
  3.460
  3.510
  3.560
  3.610
  3.660
  3.700
  3.740
  3.780
  3.820
  3.850
  3.880
  3.920
  3.940
  3.970
  4.000
Adjusted equity ratio
  0.179
  0.182
  0.182
  0.182
  0.182
  0.182
  0.182
  0.182
  0.182
  0.182
  0.182
  0.182
  0.182
  0.182
  0.182
  0.182
  0.182
  0.182
  0.182
  0.182
  0.182
  0.182
  0.182
  0.182
  0.182
  0.182
  0.182
  0.182
  0.182
  0.182
  0.182

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  42
  45
  53
  60
  68
  77
  86
  95
  104
  114
  124
  167
  178
  190
  202
  215
  228
  242
  257
  272
  288
  305
  323
  341
  360
  380
  402
  424
  447
  472
  498
Depreciation, amort., depletion, $m
  70
  77
  79
  82
  85
  88
  92
  95
  98
  102
  106
  66
  70
  74
  79
  84
  88
  94
  99
  104
  110
  116
  122
  129
  136
  143
  151
  159
  167
  176
  185
Funds from operations, $m
  156
  122
  132
  143
  154
  165
  177
  190
  203
  216
  230
  233
  249
  265
  281
  299
  317
  336
  356
  377
  398
  421
  445
  470
  496
  524
  552
  583
  614
  647
  682
Change in working capital, $m
  2
  -16
  -17
  -18
  -19
  -19
  -20
  -21
  -22
  -22
  -23
  -24
  -25
  -26
  -27
  -29
  -30
  -31
  -33
  -34
  -35
  -37
  -39
  -41
  -42
  -44
  -47
  -49
  -51
  -53
  -56
Cash from operations, $m
  154
  152
  149
  160
  172
  184
  197
  211
  224
  239
  254
  258
  274
  291
  309
  327
  347
  367
  388
  411
  434
  458
  484
  511
  539
  568
  599
  631
  665
  701
  738
Maintenance CAPEX, $m
  0
  -30
  -33
  -36
  -38
  -41
  -45
  -48
  -51
  -55
  -58
  -62
  -66
  -70
  -74
  -79
  -84
  -88
  -94
  -99
  -104
  -110
  -116
  -122
  -129
  -136
  -143
  -151
  -159
  -167
  -176
New CAPEX, $m
  -44
  -29
  -30
  -32
  -33
  -34
  -35
  -37
  -38
  -40
  -41
  -43
  -45
  -47
  -49
  -51
  -53
  -55
  -58
  -60
  -63
  -66
  -69
  -72
  -75
  -79
  -82
  -86
  -90
  -95
  -99
Cash from investing activities, $m
  -47
  -59
  -63
  -68
  -71
  -75
  -80
  -85
  -89
  -95
  -99
  -105
  -111
  -117
  -123
  -130
  -137
  -143
  -152
  -159
  -167
  -176
  -185
  -194
  -204
  -215
  -225
  -237
  -249
  -262
  -275
Free cash flow, $m
  107
  92
  86
  93
  101
  109
  117
  126
  135
  144
  154
  152
  163
  174
  186
  198
  210
  223
  237
  252
  267
  282
  299
  316
  334
  353
  373
  394
  416
  439
  464
Issuance/(repayment) of debt, $m
  -66
  95
  98
  102
  106
  110
  115
  119
  124
  129
  134
  139
  145
  151
  157
  164
  171
  178
  186
  194
  203
  212
  222
  232
  243
  254
  266
  279
  292
  306
  321
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  
  -82
  95
  98
  102
  106
  110
  115
  119
  124
  129
  134
  139
  145
  151
  157
  164
  171
  178
  186
  194
  203
  212
  222
  232
  243
  254
  266
  279
  292
  306
  321
Total cash flow (excl. dividends), $m
  25
  187
  184
  195
  207
  219
  232
  245
  259
  273
  288
  292
  308
  325
  343
  362
  381
  402
  423
  446
  470
  495
  521
  548
  577
  608
  640
  673
  708
  745
  784
Retained Cash Flow (-), $m
  -37
  -21
  -22
  -23
  -24
  -25
  -25
  -26
  -28
  -29
  -30
  -31
  -32
  -34
  -35
  -36
  -38
  -40
  -41
  -43
  -45
  -47
  -49
  -52
  -54
  -57
  -59
  -62
  -65
  -68
  -71
Prev. year cash balance distribution, $m
 
  13
  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
 
  179
  162
  173
  183
  195
  206
  218
  231
  244
  258
  261
  276
  291
  308
  325
  343
  362
  382
  403
  425
  448
  472
  497
  523
  551
  580
  611
  643
  677
  713
Discount rate, %
 
  6.40
  6.72
  7.06
  7.41
  7.78
  8.17
  8.58
  9.01
  9.46
  9.93
  10.42
  10.95
  11.49
  12.07
  12.67
  13.31
  13.97
  14.67
  15.40
  16.17
  16.98
  17.83
  18.72
  19.66
  20.64
  21.67
  22.76
  23.89
  25.09
  26.34
PV of cash for distribution, $m
 
  168
  142
  141
  138
  134
  129
  123
  116
  108
  100
  88
  79
  71
  62
  54
  47
  39
  33
  26
  21
  17
  13
  10
  7
  5
  4
  2
  2
  1
  1
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

Blackbaud, Inc. provides cloud software solutions to nonprofits, foundations, corporations, education institutions, healthcare organizations, and other charitable giving entities in the United States, Canada, Europe, and Australia. It operates in three segments: General Markets Business Unit, Enterprise Customer Business Unit, and International Business Unit. The company offers Raiser's Edge NXT and Blackbaud CRM (customer relationship management), which are fundraising and relationship management solutions; Luminate CRM for campaign management, constituent relations, business intelligence, and analytics; eTapestry, a cloud fundraising and donor management solution; and everydayhero, a cloud crowdfundraising solution. It also provides solutions for donor acquisition, prospect research, data enrichment, and performance management; Luminate Online that builds online fundraising campaigns; Blackbaud Online Express, a cloud fundraising and marketing tool; and Blackbaud NetCommunity, an online marketing and communications tool. In addition, the company offers Financial Edge NXT, a cloud accounting solution; GIFTS Online, a cloud solution; FIMS, an on-premise foundation management system; and Blackbaud Outcomes that empowers funders and nonprofits. Further, it provides onMessage, a content management system; onRecord, a new student information system; onCampus, a learning management system; onboard, an enrollment management system; Smart Tuition, a solution that helps administrative staff; Smart Aid, a proprietary hobbies, interest, and lifestyles profile; and Altru, a cloud solution that helps arts and cultural organizations, as well as customer support and maintenance, payment processing, professional, and training services. Additionally, the company offers AngelPoints, an integrated corporate social responsibility solution. Blackbaud, Inc. was founded in 1981 and is headquartered in Charleston, South Carolina.

FINANCIAL RATIOS  of  Blackbaud (BLKB)

Valuation Ratios
P/E Ratio 93.8
Price to Sales 5.4
Price to Book 15.9
Price to Tangible Book
Price to Cash Flow 25.6
Price to Free Cash Flow 35.8
Growth Rates
Sales Growth Rate 14.6%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 29.4%
Cap. Spend. - 3 Yr. Gr. Rate 13.9%
Financial Strength
Quick Ratio 4
Current Ratio 0.6
LT Debt to Equity 136.3%
Total Debt to Equity 137.9%
Interest Coverage 6
Management Effectiveness
Return On Assets 4%
Ret/ On Assets - 3 Yr. Avg. 3.6%
Return On Total Capital 6.9%
Ret/ On T. Cap. - 3 Yr. Avg. 6.3%
Return On Equity 18.3%
Return On Equity - 3 Yr. Avg. 15.8%
Asset Turnover 0.6
Profitability Ratios
Gross Margin 53.6%
Gross Margin - 3 Yr. Avg. 52.5%
EBITDA Margin 17.9%
EBITDA Margin - 3 Yr. Avg. 16.5%
Operating Margin 8.5%
Oper. Margin - 3 Yr. Avg. 7.9%
Pre-Tax Margin 7%
Pre-Tax Margin - 3 Yr. Avg. 6.6%
Net Profit Margin 5.7%
Net Profit Margin - 3 Yr. Avg. 4.9%
Effective Tax Rate 17.6%
Eff/ Tax Rate - 3 Yr. Avg. 25.2%
Payout Ratio 54.8%

BLKB stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the BLKB stock intrinsic value calculation we used $731 million for the last fiscal year's total revenue generated by Blackbaud. The default revenue input number comes from 2016 income statement of Blackbaud. 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 BLKB stock valuation model: a) initial revenue growth rate of 8.9% 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 6.4%, whose default value for BLKB is calculated based on our internal credit rating of Blackbaud, 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 Blackbaud.
    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 BLKB stock the variable cost ratio is equal to 83.9%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $57 million in the base year in the intrinsic value calculation for BLKB 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 3.5% for Blackbaud.

Corporate tax rate of 27% is the nominal tax rate for Blackbaud. 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 BLKB 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 BLKB are equal to 44.8%.

Life of production assets of 10.9 years is the average useful life of capital assets used in Blackbaud 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 BLKB is equal to -25.3%. 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 - $248 million for Blackbaud - 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 48.366 million for Blackbaud 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 Blackbaud at the current share price and the inputted number of shares is $4.0 billion.


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COMPANY NEWS

▶ Blackbaud misses Street 1Q forecasts   [May-01-17 05:30PM  Associated Press]
▶ 9 Small-Cap Stocks With Wide Moats   [Apr-12-17 06:00AM  Morningstar]
▶ St. Pete tech firm joins others to take on market leader Blackbaud   [Apr-07-17 02:41PM  American City Business Journals]
▶ AcademicWorks Acquired by Blackbaud   [04:15PM  PR Newswire]
▶ /C O R R E C T I O N -- AppZocial/   [Feb-23-17 04:07PM  PR Newswire]
▶ ETFs with exposure to Blackbaud, Inc. : February 14, 2017   [Feb-14-17 02:50PM  Capital Cube]
▶ Blackbaud tops Street 4Q forecasts   [Feb-08-17 07:12PM  AP]
▶ Is Education Realty Trust, Inc. (EDR) A Good Stock to Buy?   [Dec-13-16 04:24AM  at Insider Monkey]
▶ Blackbaud Announces General Availability of SKY API   [Dec-08-16 09:44AM  PR Newswire]
▶ #GivingTuesday 2016 Online Giving up 20%   [Nov-30-16 10:47AM  PR Newswire]
▶ Blackbaud's Big Data #GivingTuesday Update   [Nov-29-16 03:09PM  PR Newswire]
▶ Blackbaud Speeds the Pace of Giving with Apple Pay   [Nov-14-16 01:00PM  PR Newswire]
▶ Blackbaud misses Street 3Q forecasts   [Nov-01-16 07:02PM  AP]
▶ Blackbaud Steps Up Commitment to Strategic Markets   [Oct-13-16 10:28AM  PR Newswire]
▶ Blackbaud Announces Date of 2016 Third Quarter Results   [Sep-30-16 09:00AM  PR Newswire]
▶ Blackbaud Announces 2016 Partner Award Winners   [Sep-13-16 12:57PM  PR Newswire]
▶ Blackbaud Announces Date of 2016 Investor Day   [Sep-06-16 11:25AM  PR Newswire]
▶ [$$] Investing From the Ground Up   [Sep-03-16 12:01AM  at Barrons.com]
▶ Blackbaud misses Street 2Q forecasts   [Aug-01-16 05:04PM  AP]
Stock chart of BLKB Financial statements of BLKB Annual reports of BLKB
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

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