|Shares Out. (in M):||97||P/E||0.0x||0.0x|
|Market Cap (in $M):||2,714||P/FCF||0.0x||0.0x|
|Net Debt (in $M):||509||EBIT||0||0|
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CoreLogic is a misunderstood provider of mission critical data to participants in the mortgage industry and represents one of the few still cheap ways to play a recovery in the housing market. The Company should benefit in four ways that are not reflected in analyst estimates or the current valuation: i) top line growth driven by the continued healing of the housing market and a regulatory push towards more disclosure / transparency in the mortgage market; ii) margin improvement resulting from actions that have already been taken as well as the implementation of further already identified initiatives; iii) the continuation of capital returns to shareholders primarily in the form of stock buybacks; and iv) a re-rating of the stock that trades at a meaningful discount to comps. In a base case, we see 44% upside to the current share price, while in a more bullish scenario we believe the stock could nearly double.
CoreLogic provides data and analytics to mortgage originators, servicers, brokers, and investors, as well as other participants in the mortgage industry. The Company has the most comprehensive set of property databases covering 99% of US properties, and CLGX is notorious for the accuracy of its data. CoreLogic operates in three segments:
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