The newly announced CoreLogic (CLGX) committee and incoming advisers set to look at potential changes to the business will likely focus on restructuring and even shedding some operations, leaving a complete sale an unlikely possibility, one analyst said. Earlier in the week, CoreLogic announced its board formed a committee and hired Greenhill & Co. to pursue a list of possibilities to save costs and either combine or sell different businesses. By law, the company was required to notify investors of a possible sale of the entire company. Nathaniel Otis, who analyzes CoreLogic stock at investment bank Keefe, Bruyette & Woods, said the company has been troubled since it spun off of First American Financial Corp. (FAF) a year ago. Some of the difficulty stems from a fledgling economy and growing pains of a new company with a complex business model. “I’m not in the camp that they’re definitely not going to be sold, but they’re not only going to be a restructuring, either,” Otis said. CoreLogic’s core data and analytics product goes to an array of clients interested in tracking risk and fraud analysis to risk management and specialty financial data sets, like marketing and multiple listing real estate information. But it also has several subsidiaries under its business and information services segment. This includes REO management for servicers, origination technology for lenders, and even a tax monitoring business. There has already been movement. In July, CoreLogic sold its India-based operation to a business outsourcing firm Congizant (CTSH) for $50 million. In March, CoreLogic bought the cloud computing firm Dorado for $32 million. It formed a partnership with FICO to enhance its fraud detection capabilities and another with technology provider a la mode to gear up for the new GSE Uniform Appraisal Dataset that launched Thursday. “They have a bunch of things going on at the same time,” Otis said. “It’s a complicated business model which makes it tougher for investors.” Otis added executives obviously believe the stock is underpriced even after a boost after the announcement of the committee. But CoreLogic’s business is centered around the mortgage industry, which is still limping along. Otis said he would be shocked if some ancillary business weren’t shed, but a sale of the entire company, which is still generating revenue and profit, would come as a surprise. “You’re going to get some business lines that are sold but the question is how much you might be getting for that core data and analytics. It’s a valuable business that they wouldn’t just sell at a discounted multiple,” Otis said. “Still, from a company standpoint, you don’t bring Greenhill in if you’re not serious. They’re certainly a lot of options. They’re looking at all of them.” Write to Jon Prior. Follow him on Twitter @JonAPrior.

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