Description
Investment Thesis
We are long Blucora (“BCOR” or the “Company”) and see compelling upside (>50%) over the next 6-12 months given cheap valuation and significant activist pressure on the current board and management team to create value prior to next year’s proxy window. The current iteration of BCOR is a financial services provider of tax-focused wealth management services and tax prep software through two disparate businesses: 1) TaxAct (#3 player in DIY online tax prep) and 2) Avantax (#1 tax-focused wealth management/RIA provider). In our view, either management executes in 2H21 and the stock works or they formally explore strategic alternatives resulting in a sale of the entire Company or one or both of the two segments within the next 12 months. Significant NOLs would likely offset any gain on sale impact under the scenario of selling the individual businesses separately.
Current Capitalization
Diluted shares: 49.4M
Market cap: $795M
Net debt: $320M
EV: $1,115M
Current Situation
Blucora was targeted by an activist investor earlier this year in a contested proxy fight that was focused on limited if any synergies between the two businesses and a call to explore strategic alternatives as a result. See the following link for details around the activist campaign (https://www.businesswire.com/news/home/20210225005645/en/).
While the activist was unsuccessful in winning board seats during the proxy fight, it appears that they are not going away and remain engaged with the Company given the recent public letter issued following BCOR’s 2Q21 results after which the stock declined another 6%. See the following link for recent letter (https://www.businesswire.com/news/home/20210809005404/en/).
Given the Company’s stock price is flat on the year (after being down nearly 40% in 2020) and at the same levels as during the proxy fight, we think the writing is on the wall for management and they need to create value in the near-term to avoid another proxy fight again in 2022.
Private equity firms Golden Gate (~1.5%) and P2 Capital Partners (~4.8%) each own stakes in Blucora currently with Golden Gate having already put in a bid to acquire the wealth management/RIA business in April of this year (https://news.bloomberglaw.com/mergers-and-acquisitions/golden-gate-said-to-propose-deal-for-blucoras-wealth-business?utm_source=rss&utm_medium=MRNW&utm_campaign=00000178-f123-d83a-a77f-f97fcb460000).
Finally, CEO Chris Walters is highly incentivized to sell the Company given a ~$8.5M change of control as well as ~$6M of equity grants that vest over the next two years. He also is likely concerned around potentially losing his job in another proxy fight given the sequence of events that allowed him to assume the BCOR CEO role in the first place.
Valuation
Blucora is trading at a severely discounted multiple across all valuation measures. When compared to wealth management/RIA peers or other software assets it is apparent that BCOR trading at ~8.4x and ~7.7x FY21/22 EBITDA is an attractive opportunity particularly given the potential for a take-out in the near-term.
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)
While one can argue various multiple ranges, the peer trading comps (let alone private market valuation multiples) support the multiples used in the below SOTP analysis. Our base case is a mid-$20s stock in a take-out but there is a non-zero change that the actual number could be materially higher given the massive corporate infrastructure drag would just go away in a take-out as both PE and strategics would rip out that cost. Further, the Company has ~$250M of NOLs that would likely offset any gain on sale if they chose to sell the individual businesses separately.
![](data:image/png;base64,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)
Conclusion
BCOR is an attractive asset given its cheap valuation and substantial activist pressure that should result in a likely value creating event over the next 6-12 months. A sale of the entire company at a significant premium to the current share price represents the best risk-adjusted outcome for shareholders. While BCOR is a near universally hated stock given its history, we believe this is the opportunity particularly with current valuation / activist setup limiting downside risk.
Risks
- Management/board refuse to explore strategic alternatives
- Management does another large RIA acquisition
- Avantax advisor attrition accelerates
I do not hold a position with the issuer such as employment, directorship, or consultancy.
I and/or others I advise hold a material investment in the issuer's securities.
Catalyst
- Formal strategic alternatives announcement
- Sale of Company or one and/or both segments
- Large buyback given attractive valuation that would probably quell some of the activist pressure