Intrinsic value of Fidelity National Financial - FNF

Previous Close

$40.14

  Intrinsic Value

$3.59

stock screener

  Rating & Target

str. sell

-91%

Previous close

$40.14

 
Intrinsic value

$3.59

 
Up/down potential

-91%

 
Rating

str. sell

We calculate the intrinsic value of FNF 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

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
(a)
   1
   2
   3
   4
   5
   6
   7
   8
   9
   10
   11
   12
   13
   14
   15
   16
   17
   18
   19
   20
   21
   22
   23
   24
   25
   26
   27
   28
   29
   30

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  -100.00
  5.60
  5.54
  5.49
  5.44
  5.39
  5.35
  5.32
  5.29
  5.26
  5.23
  5.21
  5.19
  5.17
  5.15
  5.14
  5.12
  5.11
  5.10
  5.09
  5.08
  5.07
  5.07
  5.06
  5.05
  5.05
  5.04
  5.04
  5.03
  5.03
  5.03
Revenue, $m
  0
  8,092
  8,540
  9,009
  9,499
  10,011
  10,547
  11,108
  11,695
  12,310
  12,955
  13,629
  14,337
  15,078
  15,855
  16,669
  17,523
  18,419
  19,358
  20,343
  21,377
  22,461
  23,599
  24,793
  26,046
  27,361
  28,741
  30,189
  31,709
  33,304
  34,979
Variable operating expenses, $m
 
  6,954
  7,334
  7,731
  8,146
  8,580
  9,035
  9,510
  10,008
  10,529
  11,075
  11,551
  12,151
  12,779
  13,437
  14,128
  14,851
  15,611
  16,407
  17,242
  18,118
  19,037
  20,001
  21,013
  22,075
  23,189
  24,359
  25,586
  26,874
  28,227
  29,646
Fixed operating expenses, $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
Total operating expenses, $m
  0
  6,954
  7,334
  7,731
  8,146
  8,580
  9,035
  9,510
  10,008
  10,529
  11,075
  11,551
  12,151
  12,779
  13,437
  14,128
  14,851
  15,611
  16,407
  17,242
  18,118
  19,037
  20,001
  21,013
  22,075
  23,189
  24,359
  25,586
  26,874
  28,227
  29,646
Operating income, $m
  0
  1,138
  1,207
  1,278
  1,353
  1,431
  1,513
  1,598
  1,688
  1,781
  1,880
  2,078
  2,186
  2,299
  2,417
  2,541
  2,672
  2,808
  2,951
  3,102
  3,259
  3,425
  3,598
  3,780
  3,971
  4,172
  4,382
  4,603
  4,834
  5,078
  5,333
EBITDA, $m
  0
  2,584
  2,727
  2,876
  3,033
  3,196
  3,367
  3,546
  3,734
  3,930
  4,136
  4,351
  4,577
  4,814
  5,062
  5,322
  5,594
  5,880
  6,180
  6,495
  6,825
  7,171
  7,534
  7,916
  8,316
  8,735
  9,176
  9,638
  10,123
  10,633
  11,167
Interest expense (income), $m
  0
  182
  180
  182
  185
  187
  190
  193
  196
  199
  202
  205
  209
  213
  217
  221
  225
  229
  234
  239
  244
  250
  255
  261
  268
  274
  281
  288
  296
  304
  313
Earnings before tax, $m
  0
  956
  1,027
  1,096
  1,168
  1,244
  1,323
  1,405
  1,492
  1,583
  1,678
  1,873
  1,977
  2,086
  2,201
  2,321
  2,447
  2,579
  2,717
  2,862
  3,015
  3,175
  3,343
  3,519
  3,703
  3,897
  4,101
  4,314
  4,538
  4,774
  5,020
Tax expense, $m
  0
  258
  277
  296
  315
  336
  357
  379
  403
  427
  453
  506
  534
  563
  594
  627
  661
  696
  734
  773
  814
  857
  902
  950
  1,000
  1,052
  1,107
  1,165
  1,225
  1,289
  1,356
Net income, $m
  0
  698
  750
  800
  853
  908
  966
  1,026
  1,089
  1,155
  1,225
  1,367
  1,443
  1,523
  1,606
  1,694
  1,786
  1,882
  1,984
  2,090
  2,201
  2,318
  2,440
  2,569
  2,703
  2,845
  2,993
  3,149
  3,313
  3,485
  3,665

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
  0
  876
  925
  976
  1,029
  1,084
  1,142
  1,203
  1,267
  1,333
  1,403
  1,476
  1,553
  1,633
  1,717
  1,805
  1,898
  1,995
  2,097
  2,203
  2,315
  2,433
  2,556
  2,685
  2,821
  2,963
  3,113
  3,270
  3,434
  3,607
  3,788
Adjusted assets (=assets-cash), $m
  0
  876
  925
  976
  1,029
  1,084
  1,142
  1,203
  1,267
  1,333
  1,403
  1,476
  1,553
  1,633
  1,717
  1,805
  1,898
  1,995
  2,097
  2,203
  2,315
  2,433
  2,556
  2,685
  2,821
  2,963
  3,113
  3,270
  3,434
  3,607
  3,788
Revenue / Adjusted assets
  0.000
  9.237
  9.232
  9.231
  9.231
  9.235
  9.236
  9.234
  9.230
  9.235
  9.234
  9.234
  9.232
  9.233
  9.234
  9.235
  9.232
  9.233
  9.231
  9.234
  9.234
  9.232
  9.233
  9.234
  9.233
  9.234
  9.233
  9.232
  9.234
  9.233
  9.234
Average production assets, $m
  0
  13,498
  14,245
  15,027
  15,844
  16,699
  17,593
  18,528
  19,508
  20,534
  21,608
  22,734
  23,913
  25,150
  26,445
  27,804
  29,228
  30,722
  32,289
  33,933
  35,657
  37,466
  39,364
  41,355
  43,445
  45,638
  47,939
  50,355
  52,890
  55,551
  58,345
Working capital, $m
  0
  -607
  -641
  -676
  -712
  -751
  -791
  -833
  -877
  -923
  -972
  -1,022
  -1,075
  -1,131
  -1,189
  -1,250
  -1,314
  -1,381
  -1,452
  -1,526
  -1,603
  -1,685
  -1,770
  -1,859
  -1,953
  -2,052
  -2,156
  -2,264
  -2,378
  -2,498
  -2,623
Total debt, $m
  0
  3,330
  3,373
  3,419
  3,467
  3,517
  3,569
  3,624
  3,681
  3,741
  3,804
  3,870
  3,938
  4,011
  4,086
  4,166
  4,249
  4,336
  4,428
  4,524
  4,625
  4,730
  4,841
  4,958
  5,080
  5,208
  5,343
  5,484
  5,632
  5,787
  5,951
Total liabilities, $m
  0
  789
  832
  878
  926
  976
  1,028
  1,083
  1,140
  1,200
  1,263
  1,329
  1,397
  1,470
  1,545
  1,625
  1,708
  1,795
  1,887
  1,983
  2,084
  2,189
  2,300
  2,417
  2,539
  2,667
  2,802
  2,943
  3,091
  3,246
  3,410
Total equity, $m
  0
  88
  92
  98
  103
  108
  114
  120
  127
  133
  140
  148
  155
  163
  172
  181
  190
  199
  210
  220
  232
  243
  256
  269
  282
  296
  311
  327
  343
  361
  379
Total liabilities and equity, $m
  0
  877
  924
  976
  1,029
  1,084
  1,142
  1,203
  1,267
  1,333
  1,403
  1,477
  1,552
  1,633
  1,717
  1,806
  1,898
  1,994
  2,097
  2,203
  2,316
  2,432
  2,556
  2,686
  2,821
  2,963
  3,113
  3,270
  3,434
  3,607
  3,789
Debt-to-equity ratio
  0.000
  37.990
  36.470
  35.040
  33.700
  32.430
  31.240
  30.120
  29.060
  28.060
  27.110
  26.210
  25.360
  24.560
  23.800
  23.070
  22.390
  21.740
  21.120
  20.530
  19.970
  19.450
  18.940
  18.460
  18.010
  17.570
  17.160
  16.770
  16.400
  16.040
  15.710
Adjusted equity ratio
  0.000
  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
  0.100

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  0
  698
  750
  800
  853
  908
  966
  1,026
  1,089
  1,155
  1,225
  1,367
  1,443
  1,523
  1,606
  1,694
  1,786
  1,882
  1,984
  2,090
  2,201
  2,318
  2,440
  2,569
  2,703
  2,845
  2,993
  3,149
  3,313
  3,485
  3,665
Depreciation, amort., depletion, $m
  0
  1,445
  1,520
  1,598
  1,680
  1,765
  1,855
  1,948
  2,046
  2,149
  2,256
  2,273
  2,391
  2,515
  2,645
  2,780
  2,923
  3,072
  3,229
  3,393
  3,566
  3,747
  3,936
  4,136
  4,344
  4,564
  4,794
  5,035
  5,289
  5,555
  5,834
Funds from operations, $m
  0
  2,143
  2,270
  2,398
  2,533
  2,673
  2,820
  2,974
  3,135
  3,304
  3,481
  3,640
  3,834
  4,038
  4,251
  4,475
  4,709
  4,955
  5,212
  5,483
  5,767
  6,064
  6,376
  6,704
  7,048
  7,409
  7,787
  8,185
  8,602
  9,040
  9,499
Change in working capital, $m
  0
  -32
  -34
  -35
  -37
  -38
  -40
  -42
  -44
  -46
  -48
  -51
  -53
  -56
  -58
  -61
  -64
  -67
  -70
  -74
  -78
  -81
  -85
  -90
  -94
  -99
  -103
  -109
  -114
  -120
  -126
Cash from operations, $m
  0
  2,175
  2,303
  2,433
  2,569
  2,712
  2,860
  3,016
  3,179
  3,350
  3,529
  3,691
  3,887
  4,093
  4,309
  4,536
  4,773
  5,022
  5,283
  5,557
  5,844
  6,146
  6,462
  6,794
  7,142
  7,507
  7,891
  8,293
  8,716
  9,159
  9,625
Maintenance CAPEX, $m
  0
  -1,278
  -1,350
  -1,425
  -1,503
  -1,584
  -1,670
  -1,759
  -1,853
  -1,951
  -2,053
  -2,161
  -2,273
  -2,391
  -2,515
  -2,645
  -2,780
  -2,923
  -3,072
  -3,229
  -3,393
  -3,566
  -3,747
  -3,936
  -4,136
  -4,344
  -4,564
  -4,794
  -5,035
  -5,289
  -5,555
New CAPEX, $m
  0
  -718
  -748
  -782
  -817
  -855
  -894
  -936
  -980
  -1,026
  -1,074
  -1,126
  -1,179
  -1,236
  -1,296
  -1,359
  -1,425
  -1,494
  -1,567
  -1,644
  -1,724
  -1,809
  -1,898
  -1,991
  -2,090
  -2,193
  -2,302
  -2,416
  -2,535
  -2,661
  -2,793
Cash from investing activities, $m
  0
  -1,996
  -2,098
  -2,207
  -2,320
  -2,439
  -2,564
  -2,695
  -2,833
  -2,977
  -3,127
  -3,287
  -3,452
  -3,627
  -3,811
  -4,004
  -4,205
  -4,417
  -4,639
  -4,873
  -5,117
  -5,375
  -5,645
  -5,927
  -6,226
  -6,537
  -6,866
  -7,210
  -7,570
  -7,950
  -8,348
Free cash flow, $m
  0
  180
  206
  227
  250
  273
  297
  321
  347
  374
  401
  405
  435
  466
  498
  533
  568
  605
  644
  684
  727
  771
  817
  866
  917
  970
  1,026
  1,084
  1,145
  1,209
  1,277
Issuance/(repayment) of debt, $m
  0
  -41
  44
  46
  48
  50
  52
  55
  57
  60
  63
  66
  69
  72
  76
  79
  83
  87
  92
  96
  101
  106
  111
  116
  122
  128
  135
  141
  148
  156
  163
Issuance/(repurchase) of shares, $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
Cash from financing (excl. dividends), $m  
  0
  -41
  44
  46
  48
  50
  52
  55
  57
  60
  63
  66
  69
  72
  76
  79
  83
  87
  92
  96
  101
  106
  111
  116
  122
  128
  135
  141
  148
  156
  163
Total cash flow (excl. dividends), $m
  0
  139
  249
  273
  297
  323
  349
  376
  404
  434
  464
  470
  504
  538
  574
  612
  651
  692
  735
  780
  827
  877
  928
  982
  1,039
  1,098
  1,160
  1,225
  1,293
  1,365
  1,440
Retained Cash Flow (-), $m
  0
  -88
  -5
  -5
  -5
  -6
  -6
  -6
  -6
  -7
  -7
  -7
  -8
  -8
  -8
  -9
  -9
  -10
  -10
  -11
  -11
  -12
  -12
  -13
  -14
  -14
  -15
  -16
  -16
  -17
  -18
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
 
  46
  49
  51
  54
  57
  60
  63
  67
  70
  74
  78
  82
  86
  90
  95
  100
  105
  111
  116
  122
  128
  135
  142
  149
  156
  164
  172
  181
  190
  200
Cash available for distribution, $m
 
  51
  245
  268
  292
  317
  343
  370
  398
  427
  457
  463
  496
  530
  566
  603
  642
  683
  725
  770
  816
  865
  916
  969
  1,025
  1,084
  1,145
  1,209
  1,277
  1,348
  1,422
Discount rate, %
 
  15.80
  16.59
  17.42
  18.29
  19.20
  20.17
  21.17
  22.23
  23.34
  24.51
  25.74
  27.02
  28.37
  29.79
  31.28
  32.85
  34.49
  36.21
  38.02
  39.93
  41.92
  44.02
  46.22
  48.53
  50.96
  53.50
  56.18
  58.99
  61.94
  65.03
PV of cash for distribution, $m
 
  44
  180
  165
  149
  132
  114
  96
  80
  65
  51
  37
  28
  21
  15
  10
  7
  4
  3
  2
  1
  1
  0
  0
  0
  0
  0
  0
  0
  0
  0
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

Fidelity National Financial, Inc., together with its subsidiaries, provides title insurance, and technology and transaction services to the real estate and mortgage industries in the United States. Its Title segment offers title insurance, escrow, and other title related services, including collection and trust activities, trustee sales guarantees, recordings and reconveyances, and home warranty insurance. The company’s Black Knight segment provides software systems and information solutions comprising mission critical technology and data and analytics services that facilitate and automate various business processes across the life cycle of a mortgage. Its Restaurant Group segment owns, operates, and franchises restaurants comprising O'Charley's, Ninety Nine Restaurants, Village Inn, Bakers Square, and Legendary Baking concepts. The company also offers information used by title insurance underwriters, title agents, and closing attorneys to underwrite title insurance policies for real property sales and transfer. Fidelity National Financial, Inc. was founded in 1847 and is headquartered in Jacksonville, Florida.

FINANCIAL RATIOS  of  Fidelity National Financial (FNF)

Valuation Ratios
P/E Ratio 0
Price to Sales 0
Price to Book 0
Price to Tangible Book
Price to Cash Flow 0
Price to Free Cash Flow 0
Growth Rates
Sales Growth Rate -100%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate NaN%
Cap. Spend. - 3 Yr. Gr. Rate NaN%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 0%
Total Debt to Equity 0%
Interest Coverage 0
Management Effectiveness
Return On Assets 0%
Ret/ On Assets - 3 Yr. Avg. 0%
Return On Total Capital 0%
Ret/ On T. Cap. - 3 Yr. Avg. 0%
Return On Equity 0%
Return On Equity - 3 Yr. Avg. 0%
Asset Turnover 0
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 0%
EBITDA Margin - 3 Yr. Avg. 0%
Operating Margin 0%
Oper. Margin - 3 Yr. Avg. 0%
Pre-Tax Margin 0%
Pre-Tax Margin - 3 Yr. Avg. 0%
Net Profit Margin 0%
Net Profit Margin - 3 Yr. Avg. 0%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0%
Payout Ratio 0%

FNF stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the FNF stock intrinsic value calculation we used $7663 million for the last fiscal year's total revenue generated by Fidelity National Financial. The default revenue input number comes from income statement of Fidelity National 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 FNF stock valuation model: a) initial revenue growth rate of 5.6% 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 15.8%, whose default value for FNF is calculated based on our internal credit rating of Fidelity National 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 Fidelity National 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 FNF stock the variable cost ratio is equal to 86%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for FNF 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 5.4% for Fidelity National Financial.

Corporate tax rate of 27% is the nominal tax rate for Fidelity National 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 FNF stock is equal to 0.6%.

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 FNF are equal to 166.8%.

Life of production assets of 10 years is the average useful life of capital assets used in Fidelity National 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 FNF is equal to -7.5%. 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 - $0 million for Fidelity National 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 336 million for Fidelity National 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 Fidelity National Financial at the current share price and the inputted number of shares is $13.5 billion.

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COMPANY NEWS

▶ FNF Group: 2Q Earnings Snapshot   [Jul-17-18 04:26PM  Associated Press]
▶ FNF Group: 1Q Earnings Snapshot   [May-02-18 07:52PM  Associated Press]
▶ Why Cannae Holdings Could Rise 47%   [Apr-26-18 10:53AM  Barrons.com]
▶ Major St. Pete tech employer plans to go public   [Mar-30-18 02:00PM  American City Business Journals]
▶ Houston-based real estate services co. to be acquired for $1.2B   [10:10AM  American City Business Journals]
▶ Fidelity National Financial posts 4Q loss   [Mar-14-18 05:55PM  Associated Press]
▶ Americans donate more than $1 billion a day. Here's how   [Feb-14-18 04:59PM  MarketWatch]
▶ FNF Group posts 4Q profit   [05:48PM  Associated Press]
▶ New Strong Sell Stocks for October 30th   [Oct-30-17 09:23AM  Zacks]
▶ FNF Group beats 3Q profit forecasts   [Oct-25-17 07:37PM  Associated Press]
▶ Fidelity National Financial posts 3Q loss   [07:07PM  Associated Press]
▶ Fidelity National acquires 'majority position' in Sacramento-based SkySlope   [Oct-04-17 08:56PM  American City Business Journals]
▶ Still Bullish On Real Estate Services Financials   [Sep-27-17 09:47AM  Barrons.com]
▶ Tech Coast Conference draws a crowd   [Aug-24-17 08:55AM  American City Business Journals]
▶ Fidelity National Financial Attracting Top Talent   [Aug-21-17 11:05AM  Business Wire]
Financial statements of FNF
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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