Intrinsic value of Old Republic International - ORI

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$19.65

  Intrinsic Value

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  Value-price divergence*

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$19.65

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

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

We calculate the intrinsic value of ORI 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 5.1

 

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, %
  2.34
  4.70
  4.73
  4.76
  4.78
  4.80
  4.82
  4.84
  4.86
  4.87
  4.88
  4.90
  4.91
  4.92
  4.92
  4.93
  4.94
  4.94
  4.95
  4.95
  4.96
  4.96
  4.97
  4.97
  4.97
  4.98
  4.98
  4.98
  4.98
  4.98
  4.99
Revenue, $m
  0
  6,177
  6,469
  6,777
  7,101
  7,442
  7,801
  8,179
  8,576
  8,994
  9,433
  9,895
  10,380
  10,891
  11,427
  11,990
  12,582
  13,205
  13,858
  14,545
  15,266
  16,024
  16,820
  17,656
  18,534
  19,456
  20,425
  21,442
  22,510
  23,632
  24,811
Variable operating expenses, $m
 
  3,317
  3,474
  3,639
  3,813
  3,997
  4,189
  4,392
  4,605
  4,830
  5,066
  5,314
  5,574
  5,848
  6,136
  6,439
  6,757
  7,091
  7,442
  7,811
  8,198
  8,605
  9,032
  9,481
  9,953
  10,448
  10,968
  11,514
  12,088
  12,691
  13,323
Fixed operating expenses, $m
 
  2,095
  2,147
  2,201
  2,256
  2,313
  2,370
  2,430
  2,490
  2,553
  2,616
  2,682
  2,749
  2,818
  2,888
  2,960
  3,034
  3,110
  3,188
  3,268
  3,349
  3,433
  3,519
  3,607
  3,697
  3,789
  3,884
  3,981
  4,081
  4,183
  4,287
Total operating expenses, $m
  5,164
  5,412
  5,621
  5,840
  6,069
  6,310
  6,559
  6,822
  7,095
  7,383
  7,682
  7,996
  8,323
  8,666
  9,024
  9,399
  9,791
  10,201
  10,630
  11,079
  11,547
  12,038
  12,551
  13,088
  13,650
  14,237
  14,852
  15,495
  16,169
  16,874
  17,610
Operating income, $m
  736
  765
  848
  937
  1,032
  1,133
  1,242
  1,357
  1,480
  1,611
  1,751
  1,899
  2,057
  2,225
  2,402
  2,591
  2,791
  3,003
  3,228
  3,467
  3,719
  3,986
  4,269
  4,568
  4,884
  5,219
  5,572
  5,946
  6,341
  6,759
  7,200
EBITDA, $m
  736
  765
  848
  937
  1,032
  1,133
  1,242
  1,357
  1,480
  1,611
  1,751
  1,899
  2,057
  2,225
  2,402
  2,591
  2,791
  3,003
  3,228
  3,467
  3,719
  3,986
  4,269
  4,568
  4,884
  5,219
  5,572
  5,946
  6,341
  6,759
  7,200
Interest expense (income), $m
  41
  54
  77
  101
  127
  154
  183
  213
  245
  278
  313
  350
  389
  429
  472
  517
  564
  614
  666
  721
  778
  839
  902
  969
  1,039
  1,112
  1,190
  1,271
  1,356
  1,446
  1,540
Earnings before tax, $m
  686
  711
  771
  835
  904
  979
  1,059
  1,144
  1,236
  1,333
  1,438
  1,550
  1,669
  1,795
  1,931
  2,074
  2,227
  2,390
  2,562
  2,746
  2,941
  3,147
  3,367
  3,599
  3,845
  4,106
  4,383
  4,675
  4,985
  5,313
  5,660
Tax expense, $m
  219
  192
  208
  226
  244
  264
  286
  309
  334
  360
  388
  418
  451
  485
  521
  560
  601
  645
  692
  741
  794
  850
  909
  972
  1,038
  1,109
  1,183
  1,262
  1,346
  1,435
  1,528
Net income, $m
  467
  519
  563
  610
  660
  715
  773
  835
  902
  973
  1,050
  1,131
  1,218
  1,311
  1,409
  1,514
  1,626
  1,745
  1,871
  2,005
  2,147
  2,298
  2,458
  2,627
  2,807
  2,998
  3,199
  3,413
  3,639
  3,879
  4,132

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
  18,592
  19,487
  20,408
  21,379
  22,402
  23,477
  24,610
  25,801
  27,054
  28,372
  29,757
  31,214
  32,746
  34,355
  36,047
  37,824
  39,692
  41,655
  43,716
  45,883
  48,158
  50,548
  53,059
  55,697
  58,467
  61,376
  64,432
  67,641
  71,011
  74,550
  78,267
Adjusted assets (=assets-cash), $m
  18,592
  19,487
  20,408
  21,379
  22,402
  23,477
  24,610
  25,801
  27,054
  28,372
  29,757
  31,214
  32,746
  34,355
  36,047
  37,824
  39,692
  41,655
  43,716
  45,883
  48,158
  50,548
  53,059
  55,697
  58,467
  61,376
  64,432
  67,641
  71,011
  74,550
  78,267
Revenue / Adjusted assets
  0.000
  0.317
  0.317
  0.317
  0.317
  0.317
  0.317
  0.317
  0.317
  0.317
  0.317
  0.317
  0.317
  0.317
  0.317
  0.317
  0.317
  0.317
  0.317
  0.317
  0.317
  0.317
  0.317
  0.317
  0.317
  0.317
  0.317
  0.317
  0.317
  0.317
  0.317
Average production assets, $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
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
  1,529
  2,199
  2,899
  3,636
  4,412
  5,228
  6,088
  6,992
  7,943
  8,943
  9,995
  11,101
  12,263
  13,484
  14,768
  16,118
  17,535
  19,025
  20,590
  22,234
  23,961
  25,775
  27,681
  29,683
  31,785
  33,993
  36,313
  38,748
  41,306
  43,993
  46,814
Total liabilities, $m
  14,120
  14,790
  15,490
  16,227
  17,003
  17,819
  18,679
  19,583
  20,534
  21,534
  22,586
  23,692
  24,854
  26,075
  27,359
  28,709
  30,126
  31,616
  33,181
  34,825
  36,552
  38,366
  40,272
  42,274
  44,376
  46,584
  48,904
  51,339
  53,897
  56,584
  59,405
Total equity, $m
  4,472
  4,696
  4,918
  5,152
  5,399
  5,658
  5,931
  6,218
  6,520
  6,838
  7,172
  7,523
  7,892
  8,280
  8,687
  9,116
  9,566
  10,039
  10,536
  11,058
  11,606
  12,182
  12,787
  13,423
  14,090
  14,792
  15,528
  16,301
  17,114
  17,967
  18,862
Total liabilities and equity, $m
  18,592
  19,486
  20,408
  21,379
  22,402
  23,477
  24,610
  25,801
  27,054
  28,372
  29,758
  31,215
  32,746
  34,355
  36,046
  37,825
  39,692
  41,655
  43,717
  45,883
  48,158
  50,548
  53,059
  55,697
  58,466
  61,376
  64,432
  67,640
  71,011
  74,551
  78,267
Debt-to-equity ratio
  0.342
  0.470
  0.590
  0.710
  0.820
  0.920
  1.030
  1.120
  1.220
  1.310
  1.390
  1.480
  1.550
  1.630
  1.700
  1.770
  1.830
  1.900
  1.950
  2.010
  2.060
  2.120
  2.160
  2.210
  2.260
  2.300
  2.340
  2.380
  2.410
  2.450
  2.480
Adjusted equity ratio
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  467
  519
  563
  610
  660
  715
  773
  835
  902
  973
  1,050
  1,131
  1,218
  1,311
  1,409
  1,514
  1,626
  1,745
  1,871
  2,005
  2,147
  2,298
  2,458
  2,627
  2,807
  2,998
  3,199
  3,413
  3,639
  3,879
  4,132
Depreciation, amort., depletion, $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
Funds from operations, $m
  880
  519
  563
  610
  660
  715
  773
  835
  902
  973
  1,050
  1,131
  1,218
  1,311
  1,409
  1,514
  1,626
  1,745
  1,871
  2,005
  2,147
  2,298
  2,458
  2,627
  2,807
  2,998
  3,199
  3,413
  3,639
  3,879
  4,132
Change in working capital, $m
  243
  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
  637
  519
  563
  610
  660
  715
  773
  835
  902
  973
  1,050
  1,131
  1,218
  1,311
  1,409
  1,514
  1,626
  1,745
  1,871
  2,005
  2,147
  2,298
  2,458
  2,627
  2,807
  2,998
  3,199
  3,413
  3,639
  3,879
  4,132
Maintenance CAPEX, $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
New CAPEX, $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 investing activities, $m
  -1,036
  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
Free cash flow, $m
  -399
  519
  563
  610
  660
  715
  773
  835
  902
  973
  1,050
  1,131
  1,218
  1,311
  1,409
  1,514
  1,626
  1,745
  1,871
  2,005
  2,147
  2,298
  2,458
  2,627
  2,807
  2,998
  3,199
  3,413
  3,639
  3,879
  4,132
Issuance/(repayment) of debt, $m
  573
  670
  700
  737
  776
  817
  859
  904
  951
  1,000
  1,052
  1,106
  1,162
  1,222
  1,284
  1,349
  1,418
  1,490
  1,565
  1,644
  1,727
  1,814
  1,906
  2,002
  2,102
  2,208
  2,319
  2,436
  2,558
  2,686
  2,821
Issuance/(repurchase) of shares, $m
  8
  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  
  579
  670
  700
  737
  776
  817
  859
  904
  951
  1,000
  1,052
  1,106
  1,162
  1,222
  1,284
  1,349
  1,418
  1,490
  1,565
  1,644
  1,727
  1,814
  1,906
  2,002
  2,102
  2,208
  2,319
  2,436
  2,558
  2,686
  2,821
Total cash flow (excl. dividends), $m
  180
  1,190
  1,262
  1,347
  1,436
  1,531
  1,632
  1,739
  1,853
  1,974
  2,101
  2,237
  2,380
  2,532
  2,693
  2,863
  3,044
  3,234
  3,436
  3,649
  3,874
  4,112
  4,363
  4,629
  4,909
  5,206
  5,519
  5,849
  6,197
  6,565
  6,953
Retained Cash Flow (-), $m
  -591
  -224
  -222
  -234
  -246
  -259
  -273
  -287
  -302
  -318
  -334
  -351
  -369
  -388
  -408
  -428
  -450
  -473
  -497
  -522
  -548
  -576
  -605
  -636
  -668
  -701
  -736
  -773
  -812
  -853
  -896
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
 
  966
  1,040
  1,113
  1,190
  1,272
  1,359
  1,452
  1,551
  1,656
  1,768
  1,886
  2,011
  2,144
  2,286
  2,435
  2,593
  2,761
  2,939
  3,127
  3,325
  3,536
  3,758
  3,993
  4,242
  4,505
  4,782
  5,075
  5,385
  5,712
  6,057
Discount rate, %
 
  6.10
  6.41
  6.73
  7.06
  7.41
  7.79
  8.17
  8.58
  9.01
  9.46
  9.94
  10.43
  10.95
  11.50
  12.08
  12.68
  13.32
  13.98
  14.68
  15.41
  16.19
  16.99
  17.84
  18.74
  19.67
  20.66
  21.69
  22.77
  23.91
  25.11
PV of cash for distribution, $m
 
  910
  919
  915
  906
  889
  867
  838
  803
  762
  716
  665
  611
  555
  498
  440
  384
  330
  279
  232
  189
  151
  119
  91
  69
  51
  36
  25
  17
  11
  7
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

Old Republic International Corporation, through its subsidiaries, engages in the insurance underwriting and related services business primarily in the United States and Canada. The company operates through three segments: General Insurance Group, Title Insurance Group, and the Republic Financial Indemnity Group Run-off Business. The General Insurance Group segment offers automobile extended warranty, aviation, commercial automobile, commercial multi-peril, general liability, home warranty, inland marine, travel accident, and workers' compensation insurance products; and financial indemnity products for specialty coverages, including errors and omissions, directors and officers, fidelity, guaranteed asset protection, and surety. This segment offers its insurance products for businesses, government, and other institutions in transportation, commercial construction, healthcare, education, retail and wholesale, forest products, energy, general manufacturing, and financial services industries. The Title Insurance Group segment provides lenders' and owners' title insurance policies to real estate purchasers and investors based upon searches of the public records. This segment also offers escrow closing and construction disbursement services; and real estate information products, national default management services, and other services pertaining to real estate transfers and loan transactions. The Republic Financial Indemnity Group Run-off Business segment provides private mortgage insurance coverage that protects mortgage lenders and investors from default related losses on residential mortgage loans made primarily to homebuyers. This segment is also involved in the consumer credit indemnity run-off business. Old Republic International Corporation was founded in 1887 and is based in Chicago, Illinois.

FINANCIAL RATIOS  of  Old Republic International (ORI)

Valuation Ratios
P/E Ratio 11.1
Price to Sales 0.9
Price to Book 1.2
Price to Tangible Book
Price to Cash Flow 8.1
Price to Free Cash Flow 8.1
Growth Rates
Sales Growth Rate 2.3%
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 34.2%
Total Debt to Equity 34.2%
Interest Coverage 18
Management Effectiveness
Return On Assets 2.8%
Ret/ On Assets - 3 Yr. Avg. 2.6%
Return On Total Capital 8.6%
Ret/ On T. Cap. - 3 Yr. Avg. 8.7%
Return On Equity 11.2%
Return On Equity - 3 Yr. Avg. 10.9%
Asset Turnover 0.3
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 12.3%
EBITDA Margin - 3 Yr. Avg. 11.8%
Operating Margin 12.5%
Oper. Margin - 3 Yr. Avg. 11.9%
Pre-Tax Margin 11.6%
Pre-Tax Margin - 3 Yr. Avg. 11.2%
Net Profit Margin 7.9%
Net Profit Margin - 3 Yr. Avg. 7.5%
Effective Tax Rate 31.9%
Eff/ Tax Rate - 3 Yr. Avg. 32.6%
Payout Ratio 41.5%

ORI stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the ORI stock intrinsic value calculation we used $5900 million for the last fiscal year's total revenue generated by Old Republic International. The default revenue input number comes from 2016 income statement of Old Republic International. 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 ORI stock valuation model: a) initial revenue growth rate of 4.7% 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 6.1%, whose default value for ORI is calculated based on our internal credit rating of Old Republic International, 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 Old Republic International.
    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 ORI stock the variable cost ratio is equal to 53.7%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $2044 million in the base year in the intrinsic value calculation for ORI 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 Old Republic International.

Corporate tax rate of 27% is the nominal tax rate for Old Republic International. 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 ORI 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 ORI are equal to 0%.

Life of production assets of 10 years is the average useful life of capital assets used in Old Republic International 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 ORI 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 - $4472 million for Old Republic International - 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 260.766 million for Old Republic International 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 Old Republic International at the current share price and the inputted number of shares is $5.1 billion.


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COMPANY NEWS

▶ Old Republic posts 1Q profit   [Apr-27-17 09:22AM  Associated Press]
▶ Why Public Liability Insurance Is Ignored Among Insurers   [Mar-28-17 05:13PM  GuruFocus.com]
▶ Hedge Funds Like What Panera Bread Co (PNRA) Is Cooking Up   [Nov-23-16 09:14PM  at Insider Monkey]
▶ [$$] Starboard Values Stewart Information Services   [Aug-20-16 12:01AM  at Barrons.com]
▶ 3 Dividend Growers With 4%+ Yields   [10:37AM  at Forbes]
Stock chart of ORI Financial statements of ORI Annual reports of ORI
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