Intrinsic value of Old Republic International - ORI

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$20.68

  Intrinsic Value

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  Rating & Target

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  Value-price divergence*

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$20.68

 
Intrinsic value

$52.25

 
Up/down potential

+153%

 
Rating

str. buy

 
Value-price divergence* premium content

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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 5.4

 

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
  6,178
  6,471
  6,778
  7,102
  7,444
  7,803
  8,180
  8,578
  8,995
  9,435
  9,897
  10,382
  10,892
  11,429
  11,992
  12,585
  13,207
  13,860
  14,547
  15,269
  16,027
  16,823
  17,659
  18,537
  19,459
  20,428
  21,446
  22,514
  23,636
  24,815
Variable operating expenses, $m
 
  3,293
  3,449
  3,613
  3,786
  3,967
  4,159
  4,360
  4,572
  4,795
  5,029
  5,275
  5,534
  5,806
  6,092
  6,392
  6,708
  7,039
  7,388
  7,754
  8,138
  8,542
  8,966
  9,412
  9,880
  10,372
  10,888
  11,431
  12,000
  12,598
  13,226
Fixed operating expenses, $m
 
  2,119
  2,172
  2,226
  2,282
  2,339
  2,397
  2,457
  2,518
  2,581
  2,646
  2,712
  2,780
  2,849
  2,921
  2,994
  3,068
  3,145
  3,224
  3,304
  3,387
  3,472
  3,558
  3,647
  3,739
  3,832
  3,928
  4,026
  4,127
  4,230
  4,336
Total operating expenses, $m
  5,164
  5,412
  5,621
  5,839
  6,068
  6,306
  6,556
  6,817
  7,090
  7,376
  7,675
  7,987
  8,314
  8,655
  9,013
  9,386
  9,776
  10,184
  10,612
  11,058
  11,525
  12,014
  12,524
  13,059
  13,619
  14,204
  14,816
  15,457
  16,127
  16,828
  17,562
Operating income, $m
  736
  767
  850
  940
  1,035
  1,138
  1,247
  1,363
  1,487
  1,619
  1,760
  1,910
  2,069
  2,237
  2,417
  2,607
  2,808
  3,022
  3,249
  3,489
  3,743
  4,013
  4,298
  4,599
  4,918
  5,255
  5,612
  5,989
  6,387
  6,808
  7,253
EBITDA, $m
  736
  767
  850
  940
  1,035
  1,138
  1,247
  1,363
  1,487
  1,619
  1,760
  1,910
  2,069
  2,237
  2,417
  2,607
  2,808
  3,022
  3,249
  3,489
  3,743
  4,013
  4,298
  4,599
  4,918
  5,255
  5,612
  5,989
  6,387
  6,808
  7,253
Interest expense (income), $m
  41
  54
  77
  102
  127
  155
  183
  213
  245
  278
  313
  350
  389
  429
  472
  517
  564
  614
  666
  721
  778
  839
  902
  969
  1,039
  1,113
  1,190
  1,271
  1,356
  1,446
  1,540
Earnings before tax, $m
  686
  713
  773
  838
  908
  983
  1,064
  1,150
  1,242
  1,341
  1,447
  1,560
  1,680
  1,808
  1,944
  2,090
  2,244
  2,408
  2,583
  2,768
  2,965
  3,174
  3,395
  3,630
  3,879
  4,143
  4,422
  4,718
  5,031
  5,362
  5,713
Tax expense, $m
  219
  193
  209
  226
  245
  265
  287
  311
  335
  362
  391
  421
  454
  488
  525
  564
  606
  650
  697
  747
  801
  857
  917
  980
  1,047
  1,119
  1,194
  1,274
  1,358
  1,448
  1,542
Net income, $m
  467
  521
  564
  612
  663
  718
  776
  840
  907
  979
  1,056
  1,139
  1,226
  1,320
  1,419
  1,525
  1,638
  1,758
  1,886
  2,021
  2,165
  2,317
  2,479
  2,650
  2,832
  3,024
  3,228
  3,444
  3,673
  3,914
  4,170

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
  19,490
  20,412
  21,383
  22,405
  23,481
  24,614
  25,805
  27,059
  28,377
  29,762
  31,219
  32,751
  34,361
  36,053
  37,831
  39,699
  41,662
  43,724
  45,890
  48,166
  50,557
  53,068
  55,706
  58,477
  61,386
  64,442
  67,652
  71,023
  74,563
  78,281
Adjusted assets (=assets-cash), $m
  18,592
  19,490
  20,412
  21,383
  22,405
  23,481
  24,614
  25,805
  27,059
  28,377
  29,762
  31,219
  32,751
  34,361
  36,053
  37,831
  39,699
  41,662
  43,724
  45,890
  48,166
  50,557
  53,068
  55,706
  58,477
  61,386
  64,442
  67,652
  71,023
  74,563
  78,281
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
  2,202
  2,902
  3,639
  4,415
  5,231
  6,091
  6,995
  7,947
  8,947
  9,999
  11,105
  12,267
  13,489
  14,773
  16,122
  17,540
  19,030
  20,595
  22,240
  23,967
  25,782
  27,688
  29,690
  31,793
  34,001
  36,321
  38,757
  41,315
  44,002
  46,824
Total liabilities, $m
  14,120
  14,793
  15,493
  16,230
  17,006
  17,822
  18,682
  19,586
  20,538
  21,538
  22,590
  23,696
  24,858
  26,080
  27,364
  28,713
  30,131
  31,621
  33,186
  34,831
  36,558
  38,373
  40,279
  42,281
  44,384
  46,592
  48,912
  51,348
  53,906
  56,593
  59,415
Total equity, $m
  4,472
  4,697
  4,919
  5,153
  5,400
  5,659
  5,932
  6,219
  6,521
  6,839
  7,173
  7,524
  7,893
  8,281
  8,689
  9,117
  9,567
  10,040
  10,537
  11,060
  11,608
  12,184
  12,789
  13,425
  14,093
  14,794
  15,531
  16,304
  17,117
  17,970
  18,866
Total liabilities and equity, $m
  18,592
  19,490
  20,412
  21,383
  22,406
  23,481
  24,614
  25,805
  27,059
  28,377
  29,763
  31,220
  32,751
  34,361
  36,053
  37,830
  39,698
  41,661
  43,723
  45,891
  48,166
  50,557
  53,068
  55,706
  58,477
  61,386
  64,443
  67,652
  71,023
  74,563
  78,281
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
  521
  564
  612
  663
  718
  776
  840
  907
  979
  1,056
  1,139
  1,226
  1,320
  1,419
  1,525
  1,638
  1,758
  1,886
  2,021
  2,165
  2,317
  2,479
  2,650
  2,832
  3,024
  3,228
  3,444
  3,673
  3,914
  4,170
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
  521
  564
  612
  663
  718
  776
  840
  907
  979
  1,056
  1,139
  1,226
  1,320
  1,419
  1,525
  1,638
  1,758
  1,886
  2,021
  2,165
  2,317
  2,479
  2,650
  2,832
  3,024
  3,228
  3,444
  3,673
  3,914
  4,170
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
  521
  564
  612
  663
  718
  776
  840
  907
  979
  1,056
  1,139
  1,226
  1,320
  1,419
  1,525
  1,638
  1,758
  1,886
  2,021
  2,165
  2,317
  2,479
  2,650
  2,832
  3,024
  3,228
  3,444
  3,673
  3,914
  4,170
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
  521
  564
  612
  663
  718
  776
  840
  907
  979
  1,056
  1,139
  1,226
  1,320
  1,419
  1,525
  1,638
  1,758
  1,886
  2,021
  2,165
  2,317
  2,479
  2,650
  2,832
  3,024
  3,228
  3,444
  3,673
  3,914
  4,170
Issuance/(repayment) of debt, $m
  573
  673
  700
  737
  776
  817
  860
  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
  1,815
  1,906
  2,002
  2,103
  2,209
  2,320
  2,436
  2,558
  2,687
  2,822
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
  673
  700
  737
  776
  817
  860
  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
  1,815
  1,906
  2,002
  2,103
  2,209
  2,320
  2,436
  2,558
  2,687
  2,822
Total cash flow (excl. dividends), $m
  180
  1,194
  1,264
  1,349
  1,439
  1,534
  1,636
  1,744
  1,858
  1,980
  2,108
  2,244
  2,389
  2,542
  2,704
  2,875
  3,056
  3,248
  3,451
  3,665
  3,892
  4,131
  4,385
  4,652
  4,934
  5,233
  5,548
  5,880
  6,231
  6,601
  6,992
Retained Cash Flow (-), $m
  -591
  -225
  -222
  -234
  -246
  -259
  -273
  -287
  -302
  -318
  -334
  -351
  -369
  -388
  -408
  -428
  -450
  -473
  -497
  -522
  -548
  -576
  -605
  -636
  -668
  -701
  -737
  -774
  -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
 
  968
  1,042
  1,115
  1,192
  1,275
  1,363
  1,457
  1,556
  1,662
  1,774
  1,893
  2,020
  2,154
  2,296
  2,446
  2,606
  2,775
  2,954
  3,143
  3,343
  3,555
  3,779
  4,016
  4,267
  4,531
  4,811
  5,107
  5,419
  5,748
  6,096
Discount rate, %
 
  5.90
  6.20
  6.50
  6.83
  7.17
  7.53
  7.91
  8.30
  8.72
  9.15
  9.61
  10.09
  10.60
  11.13
  11.68
  12.27
  12.88
  13.52
  14.20
  14.91
  15.65
  16.44
  17.26
  18.12
  19.03
  19.98
  20.98
  22.03
  23.13
  24.29
PV of cash for distribution, $m
 
  914
  924
  923
  915
  902
  882
  855
  822
  783
  739
  690
  637
  582
  524
  466
  409
  354
  301
  252
  208
  168
  133
  103
  78
  58
  42
  30
  21
  14
  9
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 11.6
Price to Sales 0.9
Price to Book 1.2
Price to Tangible Book
Price to Cash Flow 8.5
Price to Free Cash Flow 8.5
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 $5901 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 5.9%, 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 53.3%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $2067 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 263.184 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 $5.4 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
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