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Stock Strategist

No-Moat BlackBerry Has Some Stickiness

A fresh look yielded a lowered fair value estimate, but we still see a margin of safety.


We have taken a fresh look into BlackBerry (BB) and assign the company with a no-moat and stable moat trend rating. We are lowering our fair value estimate for BlackBerry to $7.60 per U.S. share (CAD 10 per Canadian share) from $9.50 (CAD 12.50) but still foresee a margin of safety for investors today.

BlackBerry is a software provider selling primarily into applications of the Internet of Things. The firm’s flagship product is the Enterprise Mobility Suite, which is a unified endpoint management, or UEM, solution giving enterprises a simple interface to see and control access to applications and devices on their networks. The firm is also a leading embedded software provider, focused on the automotive industry. Its QNX software powers infotainment systems, where it leads the market, as well as electronic control units and advanced driver-assistance systems, or ADAS. Overall, we think BlackBerry has positioned itself in rapidly growing markets that should help sustain a return to top line growth.

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