FNF data - Initial Home Price Drop Time to Housing bottom...

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Initial Home Price Drop 15.0% NOTE: 100bps increase in interest rates would increase Time to Housing bottom 2 fair value of fixed income portfolio holdings by $111 million. subsequent annual Housing Growth 2.0% Investment Income Growth 2.0% Commercial Price Growth 2.0% Old Agent/total rev mix 57.2% Current Price 17.05 New Agent/total rev mix 57.2% Est. Share Price 18.16029 Time to new mix 2.0 Projected upside 6.5% Current Agent Payout 77.8% New Agent Payout 77.8% Time to new Agent Payout 3.0 Loss Claim Provision 6.81% New Loss Claim Provision 7.00% Flood Insurance Cash: 154.56 Time to new loss claim prov 0.0 Non-agent personnel costs 52.4% Other op costs/rev 20.5% Tax Rate 36.0% Years till Cash payout=expense 5.0 Terminal Growth Rate 2.0% WACC 9.01% wacc is from bloomberg Home Prices 100 92.19544457 85 86.7 88.434 90.20268 Purchase Rate 100 90 90 90 90 95 Refi Rate 100 100 60 50 50 50 Comm Purch rate 100 90 90 90 90 90 1h2011 2011 2012 2013 2014 2015 TV Revenues 2310.7 3972.6 3416.9 3401.5 3469.5 3660.7 1.00 1 Agency Title Ins. 908 1596.2 1323.1 1301.7 1327.8 1391.7 Direct Title Ins 680 1195.4 990.9 974.9 994.4 1042.2 0.571788 Commercial 381.12 699.7 713.7 728.0 742.6 757.4 Res Purch 724.128 1201.7 1107.9 1130.1 1152.7 1241.0 1588 Res Refi 482.752 890.2 492.4 418.5 426.9 435.5 Escrow/title fees 625.6 1038.2 957.2 976.3 995.8 1072.2
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