Intrinsic value of Investors Title - ITIC

Previous Close

$177.35

  Intrinsic Value

$7,901

stock screener

  Rating & Target

str. buy

+999%

  Value-price divergence*

+2527%

Previous close

$177.35

 
Intrinsic value

$7,901

 
Up/down potential

+999%

 
Rating

str. buy

 
Value-price divergence*

+2527%

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

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

We calculate the intrinsic value of ITIC 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 0.3

 

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, %
  8.66
  52.00
  47.30
  43.07
  39.26
  35.84
  32.75
  29.98
  27.48
  25.23
  23.21
  21.39
  19.75
  18.27
  16.95
  15.75
  14.68
  13.71
  12.84
  12.05
  11.35
  10.71
  10.14
  9.63
  9.17
  8.75
  8.37
  8.04
  7.73
  7.46
  7.21
Revenue, $m
  0
  210
  309
  442
  616
  836
  1,110
  1,443
  1,839
  2,304
  2,838
  3,445
  4,126
  4,880
  5,706
  6,605
  7,575
  8,613
  9,719
  10,891
  12,127
  13,426
  14,788
  16,211
  17,697
  19,246
  20,857
  22,533
  24,276
  26,087
  27,969
Variable operating expenses, $m
 
  36
  54
  77
  107
  146
  193
  251
  320
  401
  494
  599
  718
  849
  993
  1,149
  1,318
  1,499
  1,691
  1,895
  2,110
  2,336
  2,573
  2,821
  3,079
  3,349
  3,629
  3,921
  4,224
  4,539
  4,867
Fixed operating expenses, $m
 
  91
  94
  96
  98
  101
  103
  106
  108
  111
  114
  117
  120
  123
  126
  129
  132
  135
  139
  142
  146
  149
  153
  157
  161
  165
  169
  173
  178
  182
  187
Total operating expenses, $m
  110
  127
  148
  173
  205
  247
  296
  357
  428
  512
  608
  716
  838
  972
  1,119
  1,278
  1,450
  1,634
  1,830
  2,037
  2,256
  2,485
  2,726
  2,978
  3,240
  3,514
  3,798
  4,094
  4,402
  4,721
  5,054
Operating income, $m
  28
  82
  162
  269
  410
  590
  814
  1,086
  1,411
  1,792
  2,230
  2,729
  3,288
  3,908
  4,588
  5,327
  6,125
  6,979
  7,889
  8,853
  9,871
  10,940
  12,061
  13,234
  14,457
  15,732
  17,059
  18,439
  19,874
  21,366
  22,915
EBITDA, $m
  30
  84
  165
  274
  417
  599
  825
  1,101
  1,430
  1,816
  2,260
  2,765
  3,331
  3,959
  4,648
  5,396
  6,204
  7,070
  7,991
  8,968
  9,998
  11,081
  12,217
  13,404
  14,643
  15,934
  17,278
  18,676
  20,129
  21,640
  23,209
Interest expense (income), $m
  0
  0
  1
  3
  6
  9
  13
  18
  24
  32
  41
  51
  62
  75
  89
  104
  121
  139
  159
  180
  202
  225
  249
  275
  301
  329
  358
  388
  420
  453
  486
Earnings before tax, $m
  28
  82
  160
  266
  405
  581
  801
  1,068
  1,386
  1,760
  2,190
  2,678
  3,226
  3,833
  4,499
  5,223
  6,003
  6,840
  7,730
  8,674
  9,669
  10,715
  11,812
  12,959
  14,156
  15,403
  16,701
  18,051
  19,454
  20,913
  22,429
Tax expense, $m
  8
  22
  43
  72
  109
  157
  216
  288
  374
  475
  591
  723
  871
  1,035
  1,215
  1,410
  1,621
  1,847
  2,087
  2,342
  2,611
  2,893
  3,189
  3,499
  3,822
  4,159
  4,509
  4,874
  5,253
  5,647
  6,056
Net income, $m
  20
  60
  117
  194
  295
  424
  584
  780
  1,012
  1,285
  1,599
  1,955
  2,355
  2,798
  3,284
  3,813
  4,382
  4,993
  5,643
  6,332
  7,058
  7,822
  8,623
  9,460
  10,334
  11,244
  12,191
  13,177
  14,202
  15,267
  16,373

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
  229
  348
  512
  733
  1,021
  1,387
  1,841
  2,393
  3,050
  3,820
  4,707
  5,713
  6,842
  8,092
  9,463
  10,954
  12,562
  14,284
  16,118
  18,061
  20,110
  22,265
  24,523
  26,884
  29,349
  31,916
  34,589
  37,369
  40,259
  43,262
  46,383
Adjusted assets (=assets-cash), $m
  229
  348
  512
  733
  1,021
  1,387
  1,841
  2,393
  3,050
  3,820
  4,707
  5,713
  6,842
  8,092
  9,463
  10,954
  12,562
  14,284
  16,118
  18,061
  20,110
  22,265
  24,523
  26,884
  29,349
  31,916
  34,589
  37,369
  40,259
  43,262
  46,383
Revenue / Adjusted assets
  0.000
  0.603
  0.604
  0.603
  0.603
  0.603
  0.603
  0.603
  0.603
  0.603
  0.603
  0.603
  0.603
  0.603
  0.603
  0.603
  0.603
  0.603
  0.603
  0.603
  0.603
  0.603
  0.603
  0.603
  0.603
  0.603
  0.603
  0.603
  0.603
  0.603
  0.603
Average production assets, $m
  15
  22
  32
  46
  65
  88
  117
  152
  193
  242
  298
  362
  433
  512
  599
  694
  795
  904
  1,020
  1,144
  1,273
  1,410
  1,553
  1,702
  1,858
  2,021
  2,190
  2,366
  2,549
  2,739
  2,937
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
  0
  38
  92
  163
  256
  374
  521
  699
  911
  1,160
  1,446
  1,771
  2,136
  2,540
  2,983
  3,464
  3,983
  4,540
  5,132
  5,760
  6,422
  7,118
  7,847
  8,610
  9,406
  10,235
  11,098
  11,996
  12,930
  13,900
  14,908
Total liabilities, $m
  74
  112
  166
  237
  330
  448
  595
  773
  985
  1,234
  1,520
  1,845
  2,210
  2,614
  3,057
  3,538
  4,057
  4,614
  5,206
  5,834
  6,496
  7,192
  7,921
  8,684
  9,480
  10,309
  11,172
  12,070
  13,004
  13,974
  14,982
Total equity, $m
  155
  236
  347
  496
  691
  939
  1,246
  1,620
  2,065
  2,586
  3,186
  3,868
  4,632
  5,478
  6,407
  7,416
  8,504
  9,670
  10,912
  12,227
  13,615
  15,073
  16,602
  18,201
  19,869
  21,607
  23,417
  25,299
  27,255
  29,288
  31,401
Total liabilities and equity, $m
  229
  348
  513
  733
  1,021
  1,387
  1,841
  2,393
  3,050
  3,820
  4,706
  5,713
  6,842
  8,092
  9,464
  10,954
  12,561
  14,284
  16,118
  18,061
  20,111
  22,265
  24,523
  26,885
  29,349
  31,916
  34,589
  37,369
  40,259
  43,262
  46,383
Debt-to-equity ratio
  0.000
  0.160
  0.260
  0.330
  0.370
  0.400
  0.420
  0.430
  0.440
  0.450
  0.450
  0.460
  0.460
  0.460
  0.470
  0.470
  0.470
  0.470
  0.470
  0.470
  0.470
  0.470
  0.470
  0.470
  0.470
  0.470
  0.470
  0.470
  0.470
  0.470
  0.470
Adjusted equity ratio
  0.677
  0.677
  0.677
  0.677
  0.677
  0.677
  0.677
  0.677
  0.677
  0.677
  0.677
  0.677
  0.677
  0.677
  0.677
  0.677
  0.677
  0.677
  0.677
  0.677
  0.677
  0.677
  0.677
  0.677
  0.677
  0.677
  0.677
  0.677
  0.677
  0.677
  0.677

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  20
  60
  117
  194
  295
  424
  584
  780
  1,012
  1,285
  1,599
  1,955
  2,355
  2,798
  3,284
  3,813
  4,382
  4,993
  5,643
  6,332
  7,058
  7,822
  8,623
  9,460
  10,334
  11,244
  12,191
  13,177
  14,202
  15,267
  16,373
Depreciation, amort., depletion, $m
  2
  2
  3
  5
  6
  9
  12
  15
  19
  24
  30
  36
  43
  51
  60
  69
  80
  90
  102
  114
  127
  141
  155
  170
  186
  202
  219
  237
  255
  274
  294
Funds from operations, $m
  21
  62
  120
  199
  302
  433
  596
  795
  1,031
  1,309
  1,628
  1,991
  2,398
  2,849
  3,344
  3,882
  4,462
  5,083
  5,745
  6,446
  7,186
  7,963
  8,778
  9,630
  10,519
  11,446
  12,410
  13,414
  14,457
  15,540
  16,667
Change in working capital, $m
  -2
  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
  23
  62
  120
  199
  302
  433
  596
  795
  1,031
  1,309
  1,628
  1,991
  2,398
  2,849
  3,344
  3,882
  4,462
  5,083
  5,745
  6,446
  7,186
  7,963
  8,778
  9,630
  10,519
  11,446
  12,410
  13,414
  14,457
  15,540
  16,667
Maintenance CAPEX, $m
  0
  -1
  -2
  -3
  -5
  -6
  -9
  -12
  -15
  -19
  -24
  -30
  -36
  -43
  -51
  -60
  -69
  -80
  -90
  -102
  -114
  -127
  -141
  -155
  -170
  -186
  -202
  -219
  -237
  -255
  -274
New CAPEX, $m
  -2
  -8
  -10
  -14
  -18
  -23
  -29
  -35
  -42
  -49
  -56
  -64
  -71
  -79
  -87
  -94
  -102
  -109
  -116
  -123
  -130
  -136
  -143
  -149
  -156
  -163
  -169
  -176
  -183
  -190
  -198
Cash from investing activities, $m
  -9
  -9
  -12
  -17
  -23
  -29
  -38
  -47
  -57
  -68
  -80
  -94
  -107
  -122
  -138
  -154
  -171
  -189
  -206
  -225
  -244
  -263
  -284
  -304
  -326
  -349
  -371
  -395
  -420
  -445
  -472
Free cash flow, $m
  14
  53
  108
  182
  279
  403
  559
  748
  975
  1,241
  1,548
  1,898
  2,291
  2,727
  3,206
  3,728
  4,291
  4,895
  5,539
  6,221
  6,942
  7,700
  8,494
  9,325
  10,193
  11,098
  12,039
  13,019
  14,037
  15,095
  16,195
Issuance/(repayment) of debt, $m
  0
  38
  53
  71
  93
  118
  147
  178
  212
  249
  286
  325
  364
  404
  443
  481
  519
  556
  592
  628
  662
  696
  729
  763
  796
  829
  863
  898
  933
  970
  1,008
Issuance/(repurchase) of shares, $m
  -6
  21
  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  
  -7
  59
  53
  71
  93
  118
  147
  178
  212
  249
  286
  325
  364
  404
  443
  481
  519
  556
  592
  628
  662
  696
  729
  763
  796
  829
  863
  898
  933
  970
  1,008
Total cash flow (excl. dividends), $m
  7
  112
  161
  253
  372
  522
  705
  926
  1,187
  1,489
  1,834
  2,223
  2,655
  3,131
  3,649
  4,209
  4,810
  5,451
  6,131
  6,849
  7,604
  8,395
  9,224
  10,088
  10,989
  11,927
  12,902
  13,917
  14,970
  16,065
  17,203
Retained Cash Flow (-), $m
  -12
  -81
  -111
  -149
  -195
  -248
  -308
  -374
  -445
  -521
  -600
  -682
  -764
  -846
  -928
  -1,009
  -1,088
  -1,166
  -1,241
  -1,315
  -1,388
  -1,459
  -1,529
  -1,599
  -1,668
  -1,738
  -1,809
  -1,882
  -1,956
  -2,033
  -2,113
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
 
  32
  49
  104
  177
  274
  398
  553
  742
  968
  1,234
  1,541
  1,891
  2,284
  2,721
  3,200
  3,722
  4,285
  4,889
  5,533
  6,216
  6,937
  7,695
  8,490
  9,321
  10,189
  11,093
  12,035
  13,014
  14,032
  15,091
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
 
  30
  45
  90
  146
  212
  289
  373
  464
  556
  647
  732
  807
  869
  913
  939
  946
  932
  900
  852
  790
  717
  638
  556
  475
  396
  324
  258
  201
  153
  114
Current shareholders' claim on cash, %
  100
  94.1
  94.1
  94.1
  94.1
  94.1
  94.1
  94.1
  94.1
  94.1
  94.1
  94.1
  94.1
  94.1
  94.1
  94.1
  94.1
  94.1
  94.1
  94.1
  94.1
  94.1
  94.1
  94.1
  94.1
  94.1
  94.1
  94.1
  94.1
  94.1
  94.1

Investors Title Company, through its subsidiaries, provides title insurance for residential, institutional, commercial, and industrial properties. It underwrites land title insurance for owners and mortgagees as a primary insurer; and assumes the reinsurance of title insurance risks from other title insurance companies. The company also provides services in connection with tax-deferred real property exchange; serves as a qualified intermediary in like-kind exchanges of real or personal property; coordinates the exchange aspects of the real estate transaction; and performs duties, including drafting standard exchange documents, holding the exchange funds between the sale of the old property and the purchase of the new property, and accepting the formal identification of the replacement property. In addition, it serves as an exchange accommodation titleholder in reverse exchanges when the taxpayer must acquire replacement property before selling the relinquished property. Further, the company offers investment management and trust services to individuals, companies, banks, and trusts; and provides consulting services to clients to start and operate a title insurance agency. It issues title insurance policies primarily through approved attorneys from underwriting offices, as well as through independent issuing agents in 21 states and the District of Columbia, primarily in the eastern half of the United States. Investors Title Company was founded in 1972 and is headquartered in Chapel Hill, North Carolina.

FINANCIAL RATIOS  of  Investors Title (ITIC)

Valuation Ratios
P/E Ratio 16.7
Price to Sales 2.4
Price to Book 2.2
Price to Tangible Book
Price to Cash Flow 14.5
Price to Free Cash Flow 15.9
Growth Rates
Sales Growth Rate 8.7%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -33.3%
Cap. Spend. - 3 Yr. Gr. Rate 14.9%
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 9.1%
Ret/ On Assets - 3 Yr. Avg. 6.9%
Return On Total Capital 13.4%
Ret/ On T. Cap. - 3 Yr. Avg. 10.1%
Return On Equity 13.4%
Return On Equity - 3 Yr. Avg. 10.1%
Asset Turnover 0.6
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 21.7%
EBITDA Margin - 3 Yr. Avg. 16.6%
Operating Margin 20.3%
Oper. Margin - 3 Yr. Avg. 15%
Pre-Tax Margin 20.3%
Pre-Tax Margin - 3 Yr. Avg. 15%
Net Profit Margin 14.5%
Net Profit Margin - 3 Yr. Avg. 11%
Effective Tax Rate 28.6%
Eff/ Tax Rate - 3 Yr. Avg. 26.5%
Payout Ratio 5%

ITIC stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the ITIC stock intrinsic value calculation we used $138 million for the last fiscal year's total revenue generated by Investors Title. The default revenue input number comes from 2016 income statement of Investors Title. 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 ITIC stock valuation model: a) initial revenue growth rate of 52% 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 ITIC is calculated based on our internal credit rating of Investors Title, 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 Investors Title.
    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 ITIC stock the variable cost ratio is equal to 17.4%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $89 million in the base year in the intrinsic value calculation for ITIC 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 3.5% for Investors Title.

Corporate tax rate of 27% is the nominal tax rate for Investors Title. 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 ITIC 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 ITIC are equal to 10.5%.

Life of production assets of 10 years is the average useful life of capital assets used in Investors Title 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 ITIC 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 - $155 million for Investors Title - 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 1.86 million for Investors Title 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 Investors Title at the current share price and the inputted number of shares is $0.3 billion.

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COMPANY NEWS

▶ Investors Title Company Board Increases Quarterly Dividend   [Aug-16-17 12:01PM  Business Wire]
▶ Investors Title posts 2Q profit   [Aug-04-17 11:37PM  Associated Press]
▶ Under-The-Radar IPO Stock Clears New Buy Zone   [May-25-17 12:20PM  Investor's Business Daily]
▶ ETFs with exposure to Investors Title Co. : May 22, 2017   [May-22-17 01:47PM  Capital Cube]
▶ Investors Title Company Board Increases Quarterly Dividend   [May-17-17 05:02PM  Business Wire]
▶ Investors Title posts 1Q profit   [May-04-17 08:33AM  Associated Press]
▶ Investors Title Company Declares Quarterly Dividend   [Feb-28-17 04:30PM  Business Wire]
▶ Investors Title posts 4Q profit   [Feb-09-17 08:49AM  Associated Press]
▶ Is Northern Dynasty Minerals Ltd (USA) (NAK) A Good Stock To Buy?   [Dec-17-16 04:35PM  at Insider Monkey]
▶ Investors Title Company Declares Quarterly Dividend   [Nov-15-16 04:35PM  Business Wire]
▶ Investors Title Company Board Increases Quarterly Dividend   [Aug-10-16 10:00AM  Business Wire]
▶ Investors Title Company Declares Quarterly Dividend   [May-18-16 04:50PM  Business Wire]
▶ The best-run public companies in the Research Triangle area   [Apr-15-16 03:10PM  at bizjournals.com]
▶ Investors Title Company Declares Quarterly Dividend   [Feb-29-16 04:31PM  Business Wire]
▶ Investors Title Company Declares Quarterly Dividend   [Aug-12  09:18AM  Business Wire]
▶ 10-Q for Investors Title Co.   [Aug-09  08:13PM  at Company Spotlight]
▶ 10-Q for Investors Title Co.   [May-09  08:09PM  at Company Spotlight]
▶ 10-K for Investors Title Co.   [May-05  08:12PM  at Company Spotlight]
▶ Investors Title Company Declares Quarterly Dividend   [Mar-09  05:32PM  Business Wire]
▶ Press Release - Quarterly Dividends   [Dec-02  12:00PM  at noodls]
▶ Investors Title Company Declares Quarterly Dividend   [Nov-11  10:00AM  Business Wire]
Stock chart of ITIC Financial statements of ITIC
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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