Intrinsic value of First American Financial - FAF

Previous Close

$48.26

  Intrinsic Value

$110.51

stock screener

  Rating & Target

str. buy

+129%

  Value-price divergence*

+52%

Previous close

$48.26

 
Intrinsic value

$110.51

 
Up/down potential

+129%

 
Rating

str. buy

 
Value-price divergence*

+52%

Our model is not good at valuating stocks of financial companies, such as FAF.

*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

We calculate the intrinsic value of FAF stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2016), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 5.3

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  7.75
  9.60
  9.14
  8.73
  8.35
  8.02
  7.72
  7.44
  7.20
  6.98
  6.78
  6.60
  6.44
  6.30
  6.17
  6.05
  5.95
  5.85
  5.77
  5.69
  5.62
  5.56
  5.50
  5.45
  5.41
  5.37
  5.33
  5.30
  5.27
  5.24
  5.22
Revenue, $m
  0
  6,111
  6,670
  7,252
  7,858
  8,488
  9,143
  9,823
  10,531
  11,266
  12,030
  12,824
  13,650
  14,510
  15,405
  16,338
  17,309
  18,322
  19,379
  20,482
  21,633
  22,836
  24,093
  25,406
  26,780
  28,218
  29,722
  31,296
  32,945
  34,671
  36,480
Variable operating expenses, $m
 
  5,356
  5,836
  6,337
  6,857
  7,399
  7,962
  8,547
  9,155
  9,787
  10,444
  11,026
  11,736
  12,475
  13,245
  14,047
  14,882
  15,753
  16,661
  17,610
  18,599
  19,633
  20,714
  21,843
  23,025
  24,260
  25,554
  26,907
  28,324
  29,809
  31,364
Fixed operating expenses, $m
 
  179
  184
  188
  193
  198
  203
  208
  213
  219
  224
  230
  235
  241
  247
  253
  260
  266
  273
  280
  287
  294
  301
  309
  317
  324
  333
  341
  349
  358
  367
Total operating expenses, $m
  5,066
  5,535
  6,020
  6,525
  7,050
  7,597
  8,165
  8,755
  9,368
  10,006
  10,668
  11,256
  11,971
  12,716
  13,492
  14,300
  15,142
  16,019
  16,934
  17,890
  18,886
  19,927
  21,015
  22,152
  23,342
  24,584
  25,887
  27,248
  28,673
  30,167
  31,731
Operating income, $m
  510
  576
  650
  727
  807
  891
  978
  1,068
  1,162
  1,260
  1,361
  1,569
  1,679
  1,794
  1,913
  2,038
  2,168
  2,303
  2,445
  2,593
  2,747
  2,909
  3,077
  3,254
  3,439
  3,633
  3,836
  4,048
  4,271
  4,504
  4,749
EBITDA, $m
  609
  713
  790
  871
  955
  1,042
  1,133
  1,227
  1,325
  1,427
  1,533
  1,644
  1,759
  1,878
  2,003
  2,133
  2,269
  2,410
  2,558
  2,712
  2,873
  3,042
  3,218
  3,403
  3,595
  3,798
  4,009
  4,231
  4,463
  4,707
  4,962
Interest expense (income), $m
  30
  34
  60
  86
  114
  143
  174
  205
  238
  272
  307
  344
  382
  422
  463
  506
  551
  598
  646
  697
  750
  805
  863
  923
  987
  1,053
  1,122
  1,194
  1,270
  1,349
  1,432
Earnings before tax, $m
  478
  542
  590
  640
  693
  747
  804
  863
  924
  988
  1,054
  1,225
  1,297
  1,372
  1,450
  1,532
  1,617
  1,706
  1,799
  1,896
  1,997
  2,103
  2,214
  2,331
  2,453
  2,580
  2,714
  2,854
  3,001
  3,155
  3,317
Tax expense, $m
  135
  146
  159
  173
  187
  202
  217
  233
  249
  267
  285
  331
  350
  370
  392
  414
  437
  461
  486
  512
  539
  568
  598
  629
  662
  697
  733
  771
  810
  852
  896
Net income, $m
  343
  396
  431
  468
  506
  545
  587
  630
  674
  721
  769
  894
  947
  1,001
  1,059
  1,118
  1,180
  1,245
  1,313
  1,384
  1,458
  1,535
  1,617
  1,701
  1,790
  1,884
  1,981
  2,084
  2,191
  2,303
  2,422

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  8,832
  9,685
  10,570
  11,493
  12,453
  13,451
  14,489
  15,568
  16,689
  17,854
  19,064
  20,323
  21,633
  22,996
  24,414
  25,892
  27,432
  29,037
  30,712
  32,459
  34,284
  36,190
  38,182
  40,264
  42,441
  44,719
  47,102
  49,598
  52,210
  54,946
  57,813
Adjusted assets (=assets-cash), $m
  8,832
  9,685
  10,570
  11,493
  12,453
  13,451
  14,489
  15,568
  16,689
  17,854
  19,064
  20,323
  21,633
  22,996
  24,414
  25,892
  27,432
  29,037
  30,712
  32,459
  34,284
  36,190
  38,182
  40,264
  42,441
  44,719
  47,102
  49,598
  52,210
  54,946
  57,813
Revenue / Adjusted assets
  0.000
  0.631
  0.631
  0.631
  0.631
  0.631
  0.631
  0.631
  0.631
  0.631
  0.631
  0.631
  0.631
  0.631
  0.631
  0.631
  0.631
  0.631
  0.631
  0.631
  0.631
  0.631
  0.631
  0.631
  0.631
  0.631
  0.631
  0.631
  0.631
  0.631
  0.631
Average production assets, $m
  486
  532
  580
  631
  684
  738
  795
  855
  916
  980
  1,047
  1,116
  1,188
  1,262
  1,340
  1,421
  1,506
  1,594
  1,686
  1,782
  1,882
  1,987
  2,096
  2,210
  2,330
  2,455
  2,586
  2,723
  2,866
  3,016
  3,174
Working capital, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total debt, $m
  737
  1,295
  1,879
  2,487
  3,119
  3,777
  4,461
  5,172
  5,911
  6,678
  7,476
  8,306
  9,169
  10,067
  11,002
  11,976
  12,991
  14,049
  15,152
  16,304
  17,506
  18,762
  20,075
  21,447
  22,882
  24,383
  25,954
  27,598
  29,319
  31,123
  33,012
Total liabilities, $m
  5,824
  6,382
  6,966
  7,574
  8,206
  8,864
  9,548
  10,259
  10,998
  11,765
  12,563
  13,393
  14,256
  15,154
  16,089
  17,063
  18,078
  19,136
  20,239
  21,391
  22,593
  23,849
  25,162
  26,534
  27,969
  29,470
  31,041
  32,685
  34,406
  36,210
  38,099
Total equity, $m
  3,008
  3,303
  3,604
  3,919
  4,246
  4,587
  4,941
  5,309
  5,691
  6,088
  6,501
  6,930
  7,377
  7,842
  8,325
  8,829
  9,354
  9,902
  10,473
  11,069
  11,691
  12,341
  13,020
  13,730
  14,472
  15,249
  16,062
  16,913
  17,804
  18,737
  19,714
Total liabilities and equity, $m
  8,832
  9,685
  10,570
  11,493
  12,452
  13,451
  14,489
  15,568
  16,689
  17,853
  19,064
  20,323
  21,633
  22,996
  24,414
  25,892
  27,432
  29,038
  30,712
  32,460
  34,284
  36,190
  38,182
  40,264
  42,441
  44,719
  47,103
  49,598
  52,210
  54,947
  57,813
Debt-to-equity ratio
  0.245
  0.390
  0.520
  0.630
  0.730
  0.820
  0.900
  0.970
  1.040
  1.100
  1.150
  1.200
  1.240
  1.280
  1.320
  1.360
  1.390
  1.420
  1.450
  1.470
  1.500
  1.520
  1.540
  1.560
  1.580
  1.600
  1.620
  1.630
  1.650
  1.660
  1.670
Adjusted equity ratio
  0.341
  0.341
  0.341
  0.341
  0.341
  0.341
  0.341
  0.341
  0.341
  0.341
  0.341
  0.341
  0.341
  0.341
  0.341
  0.341
  0.341
  0.341
  0.341
  0.341
  0.341
  0.341
  0.341
  0.341
  0.341
  0.341
  0.341
  0.341
  0.341
  0.341
  0.341

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  343
  396
  431
  468
  506
  545
  587
  630
  674
  721
  769
  894
  947
  1,001
  1,059
  1,118
  1,180
  1,245
  1,313
  1,384
  1,458
  1,535
  1,617
  1,701
  1,790
  1,884
  1,981
  2,084
  2,191
  2,303
  2,422
Depreciation, amort., depletion, $m
  99
  137
  141
  144
  148
  151
  155
  159
  163
  167
  172
  75
  80
  85
  90
  95
  101
  107
  113
  120
  126
  133
  141
  148
  156
  165
  174
  183
  192
  202
  213
Funds from operations, $m
  449
  533
  572
  612
  653
  697
  742
  789
  838
  889
  941
  969
  1,026
  1,086
  1,149
  1,214
  1,281
  1,352
  1,426
  1,503
  1,584
  1,669
  1,757
  1,850
  1,947
  2,048
  2,155
  2,266
  2,383
  2,506
  2,635
Change in working capital, $m
  -40
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from operations, $m
  489
  533
  572
  612
  653
  697
  742
  789
  838
  889
  941
  969
  1,026
  1,086
  1,149
  1,214
  1,281
  1,352
  1,426
  1,503
  1,584
  1,669
  1,757
  1,850
  1,947
  2,048
  2,155
  2,266
  2,383
  2,506
  2,635
Maintenance CAPEX, $m
  0
  -33
  -36
  -39
  -42
  -46
  -50
  -53
  -57
  -61
  -66
  -70
  -75
  -80
  -85
  -90
  -95
  -101
  -107
  -113
  -120
  -126
  -133
  -141
  -148
  -156
  -165
  -174
  -183
  -192
  -202
New CAPEX, $m
  -132
  -46
  -49
  -51
  -53
  -55
  -57
  -59
  -62
  -64
  -66
  -69
  -72
  -75
  -78
  -81
  -85
  -88
  -92
  -96
  -100
  -105
  -109
  -114
  -120
  -125
  -131
  -137
  -143
  -150
  -157
Cash from investing activities, $m
  -610
  -79
  -85
  -90
  -95
  -101
  -107
  -112
  -119
  -125
  -132
  -139
  -147
  -155
  -163
  -171
  -180
  -189
  -199
  -209
  -220
  -231
  -242
  -255
  -268
  -281
  -296
  -311
  -326
  -342
  -359
Free cash flow, $m
  -121
  454
  487
  522
  558
  596
  635
  676
  719
  763
  809
  830
  880
  932
  986
  1,042
  1,101
  1,163
  1,227
  1,294
  1,364
  1,438
  1,515
  1,595
  1,679
  1,767
  1,859
  1,956
  2,057
  2,163
  2,275
Issuance/(repayment) of debt, $m
  155
  558
  583
  608
  633
  658
  684
  711
  739
  768
  798
  830
  863
  898
  935
  974
  1,015
  1,058
  1,104
  1,152
  1,202
  1,256
  1,313
  1,372
  1,435
  1,501
  1,571
  1,644
  1,722
  1,803
  1,889
Issuance/(repurchase) of shares, $m
  3
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  239
  558
  583
  608
  633
  658
  684
  711
  739
  768
  798
  830
  863
  898
  935
  974
  1,015
  1,058
  1,104
  1,152
  1,202
  1,256
  1,313
  1,372
  1,435
  1,501
  1,571
  1,644
  1,722
  1,803
  1,889
Total cash flow (excl. dividends), $m
  111
  1,013
  1,071
  1,130
  1,191
  1,254
  1,319
  1,387
  1,457
  1,531
  1,607
  1,659
  1,743
  1,830
  1,921
  2,016
  2,116
  2,221
  2,331
  2,446
  2,567
  2,694
  2,827
  2,967
  3,114
  3,268
  3,430
  3,600
  3,779
  3,966
  4,164
Retained Cash Flow (-), $m
  -258
  -295
  -302
  -315
  -327
  -340
  -354
  -368
  -382
  -397
  -413
  -429
  -447
  -465
  -484
  -504
  -525
  -547
  -571
  -596
  -622
  -650
  -679
  -710
  -742
  -777
  -813
  -851
  -891
  -933
  -977
Prev. year cash balance distribution, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  718
  769
  815
  863
  913
  965
  1,019
  1,075
  1,134
  1,194
  1,230
  1,296
  1,365
  1,437
  1,512
  1,591
  1,673
  1,760
  1,850
  1,945
  2,044
  2,148
  2,257
  2,371
  2,491
  2,617
  2,749
  2,888
  3,033
  3,186
Discount rate, %
 
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
 
  689
  704
  710
  711
  708
  701
  689
  672
  651
  626
  584
  553
  519
  482
  444
  404
  364
  324
  285
  247
  211
  178
  148
  121
  97
  76
  59
  45
  33
  24
Current shareholders' claim on cash, %
  100
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

First American Financial Corporation, through its subsidiaries, provides financial services. It operates through Title Insurance and Services, and Specialty Insurance segments. The Title Insurance and Services segment issues title insurance policies on residential and commercial property, as well as offers related products and services. This segment also provides closing and/or escrow services; accommodates tax-deferred exchanges of real estate; maintains, manages, and provides access to title plant records and images; evidence of title; and offers banking, trust, document custodial, and investment advisory services, as well as provides products, services, and solutions for the use of real property related data designed to mitigate risk or otherwise facilitate real estate transactions. It offers its products through a network of direct operations and agents in 49 states and in the District of Columbia, as well as in Canada, the United Kingdom, Australia, South Korea, and internationally. The Specialty Insurance segment provides property and casualty insurance, including coverage to residential homeowners and renters for liability losses and typical hazards, such as fire, theft, vandalism, and other types of property damage in 47 states. It also sells home warranty products comprising residential service contracts that cover residential systems, such as heating and air conditioning systems, and appliances against failures that occur as the result of normal usage during the coverage period in 39 states and the District of Columbia; and offers auto insurance products. This segment markets its property and casualty insurance products through direct distribution channels, including cross-selling through its existing closing-service activities, as well as through a network of independent brokers. First American Financial Corporation was incorporated in 2008 and is based in Santa Ana, California.

FINANCIAL RATIOS  of  First American Financial (FAF)

Valuation Ratios
P/E Ratio 15.5
Price to Sales 1
Price to Book 1.8
Price to Tangible Book
Price to Cash Flow 10.9
Price to Free Cash Flow 14.9
Growth Rates
Sales Growth Rate 7.7%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 6.5%
Cap. Spend. - 3 Yr. Gr. Rate 8.7%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 24.5%
Total Debt to Equity 24.5%
Interest Coverage 17
Management Effectiveness
Return On Assets 4.3%
Ret/ On Assets - 3 Yr. Avg. 3.9%
Return On Total Capital 9.7%
Ret/ On T. Cap. - 3 Yr. Avg. 8.8%
Return On Equity 11.9%
Return On Equity - 3 Yr. Avg. 10.7%
Asset Turnover 0.7
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 10.9%
EBITDA Margin - 3 Yr. Avg. 10.4%
Operating Margin 9.1%
Oper. Margin - 3 Yr. Avg. 8.7%
Pre-Tax Margin 8.6%
Pre-Tax Margin - 3 Yr. Avg. 8.1%
Net Profit Margin 6.2%
Net Profit Margin - 3 Yr. Avg. 5.6%
Effective Tax Rate 28.2%
Eff/ Tax Rate - 3 Yr. Avg. 31.6%
Payout Ratio 38.5%

FAF stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the FAF stock intrinsic value calculation we used $5576 million for the last fiscal year's total revenue generated by First American Financial. The default revenue input number comes from 2016 income statement of First American Financial. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our FAF stock valuation model: a) initial revenue growth rate of 9.6% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 4.3%, whose default value for FAF is calculated based on our internal credit rating of First American Financial, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of First American Financial.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of FAF stock the variable cost ratio is equal to 87.8%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $175 million in the base year in the intrinsic value calculation for FAF stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 4.6% for First American Financial.

Corporate tax rate of 27% is the nominal tax rate for First American Financial. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the FAF stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for FAF are equal to 8.7%.

Life of production assets of 14.9 years is the average useful life of capital assets used in First American Financial operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for FAF is equal to 0%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $3008 million for First American Financial - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 109.571 million for First American Financial is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of First American Financial at the current share price and the inputted number of shares is $5.3 billion.

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COMPANY NEWS

▶ First American Financial posts 2Q profit   [Jul-28-17 01:39AM  Associated Press]
▶ Top Ranked Income Stocks to Buy for May 30th   [May-30-17 11:25AM  Zacks]
▶ Top Ranked Income Stocks to Buy for May 25th   [May-25-17 11:55AM  Zacks]
▶ Top Ranked Income Stocks to Buy for May 5th   [May-05-17 05:56AM  Zacks]
▶ RedVision Names Tim Padgett to Key Operations Position   [May-04-17 10:00AM  Business Wire]
▶ First American Financial posts 1Q profit   [08:20AM  Associated Press]
▶ RedVision and Qualia Announce Service Integration   [Mar-07-17 05:00AM  Business Wire]
▶ These 5 Stocks Could Double Your Retirement Nest Egg   [Jan-07-17 08:12AM  at Forbes]
Stock chart of FAF Financial statements of FAF Annual reports of FAF
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

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