US-Chance: FIDELITY NATIONAL Financial - 500 Beiträge pro Seite

[mattb2]

Aktuelle MK liegt bei ca. 6,5 Mrd. Wer sich aber die Umsatz-/Gewinnentwicklung anschaut, wird sich darüber wundern:

Umsatz:
1999: 1,3 Mrd
2000: 2,7 Mrd
2001: 3,9 Mrd
2002: 5,1 Mrd
2003 nach 9 Monaten schon 5,63 Mio!

Dabei wurde nichtmal Geld verbraten, man schrieb immer auch Gewinne:
1999: 70 Mio
2000: 108 Mio
2001: 305 Mio
2002: 531 Mio
2003 nach 9 Monaten: 665 Mio!
Morgen werden die Zahlen des letzten Quartals veröffentlicht. Für`s gesamte Jahr dürften mindestens 7,5 Mio Umsatz und rund 900 Mio Gewinn rausspringen.

Das KGV liegt damit bei etwa 7; das KUV angesichts toller Margen ist mit 0,87 auch absolut ok.

Ich kann auch nur dazu raten sich mal eine Info-Seite (z.B.: http://finance.yahoo.com/q?d=t&s=FNF) anzuschauen: Der Newsflow im Dezember war sensationell.

[mattb2]

FNF Reports Fourth Quarter 2003 EPS of $1.28 and Full-Year 2003 EPS of $6.19
Tuesday January 27, 5:18 pm ET


JACKSONVILLE, Fla., Jan. 27 /PRNewswire-FirstCall/ -- Fidelity National Financial, Inc. (NYSE: FNF - News), a Fortune 500 provider of products and outsourced services and solutions to financial institutions and the real estate industry, today reported operating results for the three and twelve-month periods ended December 31, 2003.
4th Quarter 2003 4th Quarter 2002
Net Earnings Net Earnings
$196.2 million $174.9 million
$1.28 per diluted share $1.41 per diluted share


Twelve Months Ended Twelve Months Ended
December 31, 2003 December 31, 2002
Net Earnings Net Earnings
$861.8 million $531.7 million
$6.19 per diluted share $4.30 per diluted share

* Revenue for the fourth quarter of 2003 was $2.0 billion, compared with
$1.6 billion for the fourth quarter of 2002; full-year 2003 revenue was
$7.7 billion compared to $5.1 billion for full-year 2002

* The Company has expanded the disclosure in revenue line items on the
income statement to better reflect both the existing operational
structure and future strategic direction of the company; the Direct and
Agency premiums and Escrow and other title-related fees line item
descriptions have not changed; the new line item Financial institution
processing and outsourcing (FIPO) includes the results of Fidelity
Information Services (FIS), default management services, Eastern
Software (loan origination system) and SoftPro (title production
system); Real estate information services (REIS) consists of mortgage
data products and services and other specialized real estate services
such as 1031 exchange services, relocation services and mortgage
aggregation; Specialty insurance includes flood insurance, home
warranty and homeowners insurance; the Interest and investment income,
Realized gains, net and Other income line item descriptions have not
changed

* Revenue from Financial institution processing and outsourcing was
$290 million for the fourth quarter of 2003 versus $38 million for the
fourth quarter of 2002 and $267 million (8.4 percent sequential
quarterly growth) for the third quarter of 2003

* Fidelity Information Services generated $237 million in revenue for the
fourth quarter of 2003, a sequential increase of 9 percent over the
third quarter 2003 FIS revenue of $217 million

* Fidelity Information Services sequential organic revenue growth was 6.5
percent for the fourth quarter 2003 over the third quarter 2003

* Real estate information services revenue was $137 million for the fourth
quarter of 2003 compared with $105 million for the fourth quarter of
2002 and $162 million for the third quarter of 2003

* Specialty insurance contributed $44 million for the fourth quarter of
2003 versus $14 million in the fourth quarter of 2002 and $33 million
for the third quarter of 2003

* Cash flow from operations was $297 million for the fourth quarter of
2003 and nearly $1.3 billion for full-year 2003


The following table provides segment financial information for the three months ended December 31, 2003:

$ amounts
in thousands Title Specialty Corporate
and Escrow FIPO REIS Insurance and Other Total
Operating
Revenue $1,535,326 $289,783 $136,887 $44,188 $3,003 $2,009,187
Interest and
Investment
Income
and Realized
Gains/
(Losses) $29,919 ($46) $579 $306 $1,682 $32,440
Pre-Tax Income
(Loss) $262,297 $48,119* $23,741 $2,387 ($18,677) $317,867
Pre-Tax Margin 17.1% 16.6% 17.3% 5.4% -- 15.8%


Includes purchase price amortization of $6.6 million; Pre-Tax Income before the amortization was $54.8 million and Pre-Tax Margin was 18.9%
"This quarter capped the most successful year in the history of Fidelity National Financial," said Chairman and Chief Executive Officer William P. Foley, II. "Revenue grew to $7.7 billion, net earnings were more than $860 million and cash flow from operations was nearly $1.3 billion. We also made significant progress on our strategy to diversify into financial institution processing and outsourcing, thereby increasing the recurring revenue and earnings streams of the Company and providing a more balanced financial profile in 2004 and beyond. Nearly twenty-five percent of our fourth quarter revenue came from non-title related operations or investment activity, with our goal to reach fifty percent over the next three years. Fidelity Information Services has performed beyond our expectations since the April acquisition, exceeding our annualized 10 percent organic revenue growth target in each of the third and fourth quarters of 2003."

The following table depicts monthly direct title and escrow orders opened and closed for the fourth quarter of both 2003 and 2002:

Month Direct Orders Direct Orders Closing %
Opened Closed

October 2003 298,900 289,200 97%
November 2003 230,400 206,600 90%

Month Direct Orders Direct Orders Closing %
Opened Closed

December 2003 238,300 230,800 97%
Fourth Quarter 2003 767,600 726,600 95%
Full Year 2003 4,820,700 3,694,000 77%

October 2002 385,000 258,000 67%
November 2002 318,700 229,300 72%
December 2002 290,100 265,200 91%
Fourth Quarter 2002 993,800 752,500 76%
Full Year 2002 3,228,300 2,290,300 71%


"Order volumes during the fourth quarter remained strong," said President Randy Quirk. "While we have clearly fallen from the refinance driven peak of the summer, we still opened roughly 12,000 orders per day. That order level, combined with our continued aggressive efforts to manage our cost structure, provides an attractive market where we can generate significant profits."

Fidelity National Financial, Inc., number 326 on the Fortune 500, is a provider of products and outsourced services and solutions to financial institutions and the real estate industry. The Company had total revenue of more than $7.7 billion and earned more than $860 million in 2003, with cash flow from operations of nearly $1.3 billion for that same period. FNF is one of the world`s largest providers of information-based technology solutions and processing services to financial institutions and the mortgage and financial services industries through its subsidiary Fidelity Information Services, Inc. Fidelity Information Services processes nearly 50 percent of all U. S. residential mortgages, with balances exceeding $2.5 trillion, has processing and technology relationships with 46 of the top 50 U. S. banks and has clients in more than 50 countries who rely on its processing and outsourcing products and services. Additionally, FNF is the nation`s largest title insurance company and also provides other real estate-related services such as escrow, flood and tax certifications with life of loan monitoring, merged credit reporting, property valuations and appraisals, default management, relocation services, flood, homeowners and home warranty insurance, exchange intermediary services, mortgage loan aggregation and fulfillment, multiple listing services software, mortgage loan origination software, collateral scoring analytics and real property data. More information about the FNF family of companies can be found at www.fnf.com and www.fidelityinfoservices.com.

This press release contains statements related to future events and expectations and, as such, constitutes forward-looking statements. These forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements of the Company to be different from those expressed or implied above. The Company expressly disclaims any duty to update or revise forward- looking statements. The risks and uncertainties which forward-looking statements are subject to include, but are not limited to, the effect of governmental regulations, the economy, competition and other risks detailed from time to time in the "Management`s Discussion and Analysis" section of the Company`s Form 10-K and other reports and filings with the Securities and Exchange Commission.

FIDELITY NATIONAL FINANCIAL, INC.
SUMMARY OF EARNINGS
(In thousands, except per share amounts and order information)


Three months ended Twelve months ended
December 31, December 31,
2003 2002 2003 2002

(Unaudited) (Unaudited)
Direct title
premiums $526,493 $502,537 $2,400,870 $1,610,792
Agency title
premiums 727,628 636,776 2,337,381 1,936,937
Total title
premiums 1,254,121 1,139,313 4,738,251 3,547,729
Escrow and other
title-related fees 281,205 266,946 1,247,869 884,862
Total title and
escrow 1,535,326 1,406,259 5,986,120 4,432,591

Financial institution
processing and
outsourcing 289,783 38,344 852,685 118,103
Real estate
information services 136,887 104,923 559,984 371,956
Specialty insurance 44,188 13,568 135,231 46,061
Interest and
investment income 14,965 18,307 60,345 74,577
Realized gains, net 17,475 3,511 106,385 15,459
Other income 3,003 5,057 14,465 23,893
Total revenue 2,041,627 1,589,969 7,715,215 5,082,640

Personnel costs 635,052 438,708 2,465,026 1,476,430
Other operating
expenses 436,418 304,847 1,707,512 1,021,893
Agent commissions 570,410 500,637 1,823,241 1,521,573
Claim loss expense 68,976 56,970 255,694 177,391
Interest expense 12,904 8,054 43,103 34,053
Total expenses 1,723,760 1,309,216 6,294,576 4,231,340

Earnings before
income taxes 317,867 280,753 1,420,639 851,300
Income tax expense 120,789 101,071 539,843 306,468
Minority interest 862 4,747 18,976 13,115

Net earnings $196,216 $174,935 $861,820 $531,717

Net earnings
per share - basic $1.32 $1.46 $6.39 $4.46
Net earnings
per share - diluted $1.28 $1.41 $6.19 $4.30

Weighted average
shares - basic 148,608 119,566 134,795 119,214
Weighted average
shares - diluted 153,627 123,714 139,246 123,519

Direct orders opened 767,600 993,800 4,820,700 3,228,300
Direct orders closed 726,600 752,500 3,694,000 2,290,300

Fee Per File $1,094 $1,007 $980 $1,064



SUMMARY BALANCE SHEET INFORMATION
(In thousands, except per share amounts)

December 31, December 31,
2003 2002
(Unaudited)

Cash and investment portfolio $3,198,256 $3,048,415
Goodwill 1,926,478 996,613
Capitalized software 290,108 98,034
Other intangible assets 529,716 47,357
Total assets 7,311,959 5,245,951
Notes payable 659,186 493,458
Reserve for claim losses 940,217 887,973
Secured trust deposits 688,502 750,920
Total equity 3,873,359 2,253,936
Book value per share 25.85 18.84




--------------------------------------------------------------------------------
Source: Fidelity National Financial, Inc.

[mattb2]

Nah dran: 7,7 Mrd Umsatz und rund 862 Mio Gewinn. Die Margen sind weiterhin exzellent. Sowohl im größten Bereich "Title and Escrow" als auch bei "FIPO" und "REIS".

Ersterer Geschäftsbereich sorgte für 75 % des Umsatz, wird aber das Umsatzniveau wohl nicht ganz beibehalten können. Das Unternehmen hat aber die Kosten im Griff und hat bereits Personalkosten eingespart und die Marge so in etwa gehalten.
FIPO = institution
processing and outsourcing
wird dagegen weiter an Bedeutung gewinnen. Alleine im letzten Quartal gab es ein organisches Wachstum von 6,5 %. Zusätzlich stehen Mittel bereit um weitere Unternehmen zuzukaufen.

Bei einer MK von unter 6,5 Mrd. ist das Unternehmen weiter hoch interessant. Umsatzeinbußen beim Title-Geschäft sind eingepreist und besonders FIPO (s. Meldungen im Dezember!) sorgt für Fantasie. Zumal auch genug Geld da ist um durch Zukäufe das zukünftige Umsatz- und Gewinnpotential auszubauen.

[mattb2]

Gestern ging`s runter mit dem Kurs: Neben einer Analysten-Konferenz gab es auch eine Übernahmeankündigung - beides aber eher nicht Grund für das 4% Minus. Da war wohl eher die Sorge vor Zinserhöhungen schuld: Das schlägt direkt auf`s Title Insure-Business durch. Ist zwar eigentlich eingepreist - aber wäre natürlich nicht optimal, wenn die Zinserhöhung früher kommt als erwartet.

Ansonsten zur News:
Übernommen wird Sanchez Computer Association für 175 Mio. Je 50% in bar und in Aktien.
Das Unternehmen schrieb zuletzt einen Verlust, der aber durch eine Wertanpassung entstanden ist und einmalig bleiben sollte. Für 2004 sind wohl ca. 100 Mio Umsatz bei +/- 0 zu erwarten. Sanchez wird zum FIS-Bereich gehören. Dieser soll seinen Umsatz in den nächsten Jahren auf 2 Mrd ausbauen. Mit dieser Aquisiton dürfte dieser einen netten Sprung auf etwa 1,5-1,6 Mrd machen - der Großteil wäre geschafft. Außerdem steht man laut Kommentar in der Konferenz in Kontakt zu einigen potentiellen Großkunden in diesem Bereich - dann könnte das angepeilte organische Wachstum von 10% bei FIS deutlich höher ausfallen. Insgesamt wird damit die Abhängigkeit vom zyklischen Title-Geschäft reduziert.
Zu Sanchez: Der Gewinn mag zwar praktisch 0 betragen, die Synergieeffekte sollen zwischen 10 und 20 Mio betragen, was den Kaufpreis sicherlich rechtfertigt. Außerdem verfügt Sanchez über exzellente Geschäftskontakt: Z.B. zu Morgan Stanley.

[mattb2]

Nach Sanchez nun schon die zweite Aquisition des Jahres:

Fidelity National Financial, Inc. Announces the Acquisition of Aurum Technology, Inc.
Monday February 9, 8:21 am ET


JACKSONVILLE, Fla., Feb. 9 /PRNewswire-FirstCall/ -- Fidelity National Financial, Inc. (NYSE: FNF - News), a Fortune 500 provider of products and outsourced services and solutions to financial institutions and the real estate industry, today announced the signing of a definitive agreement to purchase Aurum Technology, Inc. ("Aurum") from an investment group led by Willis Stein & Partners, a Chicago-based private equity firm with approximately $3.0 billion in assets under management.


With more than 1,100 customers and $193 million in 2003 revenue, Aurum is a leading provider of outsourced and in-house information technology solutions for the community bank and credit union markets. The company`s primary offerings include core processing, check imaging, ATM/EFT processing, branch automation, business intelligence and network services solutions. With the acquisition, FNF emerges as the only provider of industry leading core processing applications for every segment of the financial services market, including de novo banks, credit unions, community banks, regional banks as well as the largest national and global financial institutions.

"Aurum is a perfect strategic fit for FNF and represents another significant step in the growth of our financial institution processing and outsourcing businesses," said Chairman and Chief Executive Officer William P. Foley, II. "Aurum`s broad service offerings and substantial community bank and credit union customer base make the company a unique asset in the financial services marketplace. The acquisition more than doubles our existing community bank customer base and Aurum`s 600 credit union customers make FNF one of the largest providers of technology-based business solutions to this key market segment. We are committed to continuing to provide all of these customers the top quality products and services they have come to expect from Aurum."

"We are very pleased to be joining the FNF family of companies," said Paul Bourke, Aurum President and CEO. "Together, we can provide our community bank and credit union customers with the most comprehensive suite of information products, services and solutions in the industry."

Under the terms of the agreement, FNF will pay $305 million to acquire Aurum, composed of approximately $175 million in cash and $130 million in FNF stock. FNF will not assume any bank debt or transaction related expenses. Closing of the transaction is subject to customary closing conditions and is expected late in the first quarter of 2004.

Fidelity National Financial, Inc., number 326 on the Fortune 500, is a provider of products and outsourced services and solutions to financial institutions and the real estate industry. The Company had total revenue of more than $7.7 billion and earned more than $860 million in 2003, with cash flow from operations of nearly $1.3 billion for that same period. FNF is one of the world`s largest providers of information-based technology solutions and processing services to financial institutions and the mortgage and financial services industries through its subsidiary Fidelity Information Services, Inc. Fidelity Information Services processes nearly 50 percent of all U.S. residential mortgages, with balances exceeding $2.5 trillion, has processing and technology relationships with 46 of the top 50 U.S. banks and has clients in more than 50 countries who rely on its processing and outsourcing products and services. Additionally, FNF is the nation`s largest title insurance company and also provides other real estate-related services such as escrow, flood and tax certifications with life of loan monitoring, merged credit reporting, property valuations and appraisals, default management, relocation services, flood, homeowners and home warranty insurance, exchange intermediary services, mortgage loan aggregation and fulfillment, multiple listing services software, mortgage loan origination software, collateral scoring analytics and real property data. More information about the FNF family of companies can be found at www.fnf.com and www.fidelityinfoservices.com.

[mattb2]

Fasse ich mal die Aquisitionen zusammen:

In Cash zu zahlen: 87,5 Mio für Sanchez; 175 Mio für Aurum Technology
In Aktien: 87,5 Mio bzw. 130 Mio.

Dadurch sichert man sich einen zusätzlichen jährlichen Umsatz von etwa 300 Mio.

FIPO, weniger vom Title Insurance/ Real Estate-Kerngeschäft abhängig, sollte damit 2004 etwa 1,4 Mrd. Umsatz machen. Nach Steuern sollten etwa 125 Mio aus diesem Bereich als Nettogewinn rausspringen. Außerdem sind weitere Auqisitionen sehr wahrscheinlich: Der Cash Flow lag im letzten Jahr bei mehr als einer Mrd. Und Cash wurden ja erst rund 260 Mio ausgegeben. Dadurch ist das Unternehmen nicht nur aus fundamentaler Sicht klar unterbewertet, sondern es wird weder das organische Wachstumspotential von FIPO noch das Wachstum durch weitere Aquisitionen berücksichtigt - selbst wenn man Rückgänge beim Title Insurance einkalkuliert.