DDM Analysis: FNF

Valuation Snapshot

Stable Growth	$116.48 - $386.16	$189.78
Multi-Stage	$77.18 - $84.26	$80.66
Blended Fair Value	$135.22
Current Price	$60.49
Upside	123.54%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	9.11%	10.11%	1.95	1.83	1.79	1.63	1.42	1.26	1.20	1.02	0.88	0.81
YoY Growth	-	-	6.40%	2.25%	9.64%	14.65%	13.08%	4.88%	17.99%	16.32%	8.64%	8.37%
Dividend Yield	-	-	2.99%	3.46%	5.13%	3.48%	3.65%	5.27%	3.28%	2.65%	3.17%	3.35%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,169.00
(-) Cash Dividends Paid (M)	547.00
(=) Cash Retained (M)	622.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	233.80	146.13	87.68
Cash Retained (M)	622.00	622.00	622.00
(-) Cash Required (M)	-233.80	-146.13	-87.68
(=) Excess Retained (M)	388.20	475.88	534.33
(/) Shares Outstanding (M)	273.00	273.00	273.00
(=) Excess Retained per Share	1.42	1.74	1.96
LTM Dividend per Share	2.00	2.00	2.00
(+) Excess Retained per Share	1.42	1.74	1.96
(=) Adjusted Dividend	3.43	3.75	3.96
WACC / Discount Rate	8.60%	8.60%	8.60%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$116.48	$189.78	$386.16
Upside / Downside	92.57%	213.73%	538.39%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,169.00	1,244.99	1,325.91	1,412.09	1,503.88	1,601.63	1,649.68
Payout Ratio	46.79%	55.43%	64.08%	72.72%	81.36%	90.00%	92.50%
Projected Dividends (M)	547.00	690.14	849.58	1,026.83	1,223.53	1,441.47	1,525.95

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.60%	8.60%	8.60%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	629.51	635.47	641.44
Year 2 PV (M)	706.85	720.32	733.91
Year 3 PV (M)	779.27	801.64	824.43
Year 4 PV (M)	846.97	879.54	913.04
Year 5 PV (M)	910.16	954.12	999.76
PV of Terminal Value (M)	17,197.37	18,028.01	18,890.44
Equity Value (M)	21,070.12	22,019.09	23,003.02
Shares Outstanding (M)	273.00	273.00	273.00
Fair Value	$77.18	$80.66	$84.26
Upside / Downside	27.59%	33.34%	39.30%

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Fidelity National Financial, Inc. (FNF)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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