CoreLogic: The Bullish Case Holds On Mortgage Business, Low Rates [Seeking Alpha]
CORELOGIC (CLGX)
Last corelogic earnings: 4/30 04:15 pm
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US:NYSE Investor Relations:
investor.corelogic.com/node/668
Company Research
Source: Seeking Alpha
SummaryWe are taking down our target price from $56 to $43 and believe that solid data and mortgage businesses should support the BUY thesis.We are modeling EBITDA margin at 29.9% for 2020, approximately 30 bps contraction than before coronavirus.Buybacks remain safe in the foreseeable future.The very lastArticleCLGXIt was only fitting to end the year with CoreLogic, since the year 2019 was marked by three interest rate cuts from the Federal Reserve (a total of 75 bps), which foreshadowed a lot of new purchase and origination activity ahead of 2020. However, with the Federal Reserve taking bold rate-cutting action in March 2020, our thesis completely changed. The Federal Reserve, in two separate off-meeting steps, took the rates down another 150 bps, effectively to zero, which was to have twice the impact of the rate-cutting activity in 2019.ValuationWe believe that CoreLogic's solid Data & Analytics growth and improvements in the mortgage originations, complemented by tailwinds from
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