ITIC

Investors Title Company

$203.03

1.05

(0.52%)

Exchange:	NASDAQ
Market Cap:	382.969M
Shares Outstanding:	8.929M

Overview

Earnings

Financials

Valuation

Chart

About The Company

Investors Title Company, through its subsidiaries, engages in the issuance of residential and commercial title insurance for residential, institutional, commercial, and industrial properties. The company underwrites land title insurance for owners and mortgagees as a primary insurer; and assumes the reinsurance of title insurance risks from other title insurance companies. It also provides services in connection with tax-deferred exchanges of like-kind property; acts as a qualified intermediary in tax-deferred exchanges of property; coordinates the exchange aspects of the real estate transaction, such as drafting standard exchange documents, holding the exchange funds between the sale of the old property and the purchase of the new property, and accepting the formal identification of the replacement property. In addition, it serves as an exchange accommodation titleholder for accomplishing reverse exchanges when the taxpayers decide to acquire replacement property before selling the relinquished property. Further, the company offers investment management and trust services to individuals, companies, banks, and trusts; and consulting and management services to clients to start and operate a title insurance agency. It issues title insurance policies primarily through approved attorneys from underwriting offices, as well as through independent issuing agents in 24 states and the District of Columbia, primarily in the eastern half of the United States. The company was founded in 1972 and is headquartered in Chapel Hill, North Carolina.

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Revenue Segmentation

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EPS

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Earnings Call

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Income Statement

Balance Sheet

Cash Flow Statement

Analyst Estimates

Income Statement

(* All numbers are in thousands)

	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023
? Revenue	123,119.286	127,200.072	138,492.414	161,649.296	156,259	183,502	236,408	329,498	283,392	224,750
? Cost Of Revenue	0	0	0	0	0	0	0	0	0	0
? Gross Profit	123,119.286	127,200.072	138,492.414	161,649.296	156,259	183,502	236,408	329,498	283,392	224,750
? Research And Development Expenses	0	0	0	0	0	0	0	0	0	0
? General And Administrative Expenses	36,096.070	39,724.215	43,172.685	54,167.318	52,365	55,312	61,880	77,252	102,654	76,706
? Selling And Marketing Expenses	2,333.491	2,373.270	0	68,643.220	0	0	0	0	0	0
? Operating Expenses	-109,630.788	-109,423.019	-110,360.962	-131,378.726	-124,571	-144,357	-187,370	-249,338	-253,284	224,750
? Net Interest Income	0	0	0	0	0	0	0	0	0	0
? Interest Income	4,259.501	4,531.319	4,684.489	4,444.447	4,619	4,752	4,393	3,773	4,704	9,055
? Interest Expense	0	0	0	0	4,619	0	0	0	0	0
? Depreciation And Amortization	1,463.886	1,834.349	1,520.438	2,351.455	2,234	2,264	2,263	2,436	3,580	4,121
? EBITDA	14,952.384	9,200.306	29,651.890	32,622.455	27,069	39,823	51,924	87,368	33,688	30,351
? EBIT
? Operating Income	13,488.498	17,777.053	28,131.452	30,270.570	31,688	39,145	49,038	80,160	30,108	26,230
? Income Before Tax	13,488.498	17,777.053	28,131.452	30,270.570	27,069	39,823	49,661	84,932	30,108	26,230
? Income Tax Expense	3,816	5,228	8,616	4,570	5,210	8,365	10,241	17,912	6,205	4,544
? Net Income From Continuing Operations
? Net Income	9,672.498	12,549.053	19,515.452	25,700.570	21,859	31,458	39,420	67,020	23,903	21,686
? EPS (Earnings Per Share)	4.750	6.320	10.230	13.630	11.580	16.660	20.840	35.390	12.600	11.460
? EPS Diluted	4.740	6.300	10.190	13.560	11.520	16.590	20.790	35.270	12.590	11.460
? Weighted Average Shares Outstanding	2,031.760	1,984.360	1,907.675	1,886	1,887	1,888	1,892	1,894	1,897	1,893
? Weighted Average Shares Outstanding Diluted	2,037.534	1,989.799	1,915.057	1,896	1,897	1,896	1,896	1,900	1,898	1,893
	USD	USD	USD	USD	USD	USD	USD	USD	USD	USD

Balance Sheet

(* All numbers are in thousands)

	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023
? Cash And Cash Equivalents	15,826.515	21,790.068	27,928.472	20,214.468	18,694	25,949	13,723	37,168	35,311	24,031
? Short Term Investments	111,625.283	112,931.790	108,492.917	127,120.755	121,744	117,772	132,883	125,721	157,638	174,071
? Cash And Short Term Investments	127,451.798	134,721.858	136,421.389	147,335.223	140,438	143,721	146,606	162,889	192,949	198,102
? Net Receivables	0	0	0	385,109	0	0	0	0	21,093	0
? Accounts Receivables
? Inventory	0	0	68,899,881.458	67,751,913.270	-77,161	-62,379	-88,219	-124,604	-172,989	0
? Total Current Assets	55,081,496	59,303,532	69,107,731	67,966,403	153,512	157,277	167,071	186,659	214,042	211,627
? Property Plant Equipment Net	5,460.805	7,148.951	8,753.466	10,172.904	10,304	14,245	14,693	18,235	24,492	30,189
? Goodwill	0	0	4,349.851	4,349.851	4,350	4,349	4,350	7,204	9,625	9,625
? Intangible Assets	1,290.269	1,220.585	7,906.790	7,007.439	6,430	5,926	5,421	8,747	7,986	6,624
? Long Term Investments	150,880.264	150,445.254	149,672.176	174,487.581	170,233	178,880	197,802	202,574	209,329	17,385
? Total Non Current Assets	5,415,493	5,703,006	23,374,897	19,983,049	191,317	203,400	222,266	236,760	251,432	154,976.999
? Total Assets	198,039.210	211,522.029	228,938.122	248,912.859	244,268	263,893	282,925	331,488	339,757	330,559
? Account Payables	18,290.819	25,043.588	26,146.480	27,565	27,735	28,318	36,020	43,868	47,050	31,864
? Short Term Debt	0	0	0	0	0	0	0	0	0	0
? Deferred Revenue	0	0	0	0	0	27,270	34,952	42,321	45,139	0
? Total Current Liabilities	92,192	210,355	1,232,432	27,565.660	27,735	28,318	36,020	43,868	47,050	31,864
? Long Term Debt	0	0	0	0	0	4,502	3,669	5,329	6,839	6,449
? Deferred Revenue Non Current	0	0	0	0	0	0	0	0	0	0
? Deferred Tax Liabilities Non Current	5,415.493	5,703.006	11,118.256	8,625.759	4,184	7,038	8,592	13,121	7,665	0
? Total Non Current Liabilities	60,383,312	68,534,594	72,569,736	8,625.759	4,184	11,540	12,261	18,450	47,050	77,925
? Total Liabilities	60,475.504	68,744.949	73,802.168	70,992.419	68,629	72,531	82,503	102,401	98,746	79,006
? Treasury Stock
? Preferred Stock	0	0	0	0	0	0	0	0	0	0
? Common Stock	1	1	1	1	0	0	0	0	0	0
? Retained Earnings	124,707.196	131,186.866	143,283.621	161,890.660	174,690	188,262	196,096	225,861	240,811	250,915
? Additional Paid In Capital
? Total Stockholders Equity	137,563.706	142,669.882	155,045.069	177,835.487	175,639	191,362	200,422	229,087	241,011	251,553
? Total Equity	137,563.706	142,777.080	155,135.954	177,920.440	175,639	191,362	200,422	229,087	241,011	251,553
? Minority Interest	0	107.198	90.885	84.953	0	0	0	0	0	0
? Total Liabilities And Total Equity	198,039.210	211,522.029	228,938.122	248,912.859	244,268	263,893	282,925	331,488	339,757	330,559
? Total Investments	159,411.193	160,552.082	160,853.707	186,520.007	182,669	192,862	213,295	222,872	227,697	152,039
? Total Debt	0	0	0	0	0	4,502	3,669	5,329	6,839	6,449
? Net Debt	-15,826.515	-21,790.068	-27,928.472	-20,214.468	-18,694	-21,447	-10,054	-31,839	-28,472	-17,582
	USD	USD	USD	USD	USD	USD	USD	USD	USD	USD

Cash Flow Statement

(* All numbers are in thousands)

	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023
? Net Income	9,672.498	12,549.053	19,515.452	25,700.570	21,859	31,458	39,420	67,020	23,903	21,686
? Depreciation And Amortization	1,463.886	1,834.349	1,520.438	2,351.455	2,234	2,264	2,263	2,436	3,580	4,121
? Deferred Income Tax	611	1,015	2,790	-4,664	-4,074	2,278	1,218	4,825	-4,644	-4,234
? Stock Based Compensation	120.891	137.762	132.098	219.315	327	264	229	299	362	425
? Change In Working Capital	-1,808.846	2,145.543	2,810.300	-1,270.972	4,025	-1,766	-4,015	-2,013	3,350	-8,778
? Accounts Receivables	206.041	217.594	-261	-1,505.358	-2,097	-395	-147	-3,526	3,906	5,709
? Inventory	0	0	0	2,585.652	0	0	0	0	0	0
? Accounts Payables	-2,080.492	6,689.204	-581.518	1,463.814	216	583	7,559	7,848	3,410	-10,408
? Net Cash Provided By Operating Activities	9,683.980	16,889.631	22,534.969	19,893.180	24,386	20,916	34,095	51,931	36,204	7,426
? Investments In Property Plant And Equipment	-2,017.379	-2,742.619	-2,456.951	-2,882.732	-1,859	-1,486	-3,202	-6,534	-5,681	-9,186
? Acquisitions Net	-515.275	-72.600	-8,325.296	-175	59	301	85	6,739	-4,927	0
? Purchases Of Investments	-33,500.590	-28,475.571	-23,943.501	-51,353.748	-110,279	-133,817	-51,729	-45,319	-119,851	-210,056
? Sales Maturities Of Investments	20,317.722	26,367.521	25,777.893	34,050.338	109,265	139,488	40,224	53,222	101,658	212,014
? Net Cash Provided By Investing Activities	0	0	0	0	0	0	0	0	0	0
? Net Debt Issuance	0	0	0	0	0	0	0	0	0	0
? Long Term Net Debt Issuance	0	0	0	0	0	0	0	0	0	0
? Short Term Net Debt Issuance	0	0	0	0	0	0	0	0	0	0
? Net Stock Issuance	0	0	0	0	0	0	0	0	0	0
? Net Dividends Paid	-650.433	-789.907	-1,370.390	-7,073.210	-23,017	-18,131	-31,716	-37,553	-9,181	-11,048
? Common Dividends Paid
? Preferred Dividends Paid	0	0	0	0	0	0	0	0	0	0
? Net Cash Provided By Financing Activities	-1,831.156	-6,226.997	-7,557.967	-7,318.778	-23,099	-18,150	-31,721	-37,554	-9,315	-12,007
? Effect Of Forex Changes On Cash	0	0	0	0	0	0	0	0	0	0
? Net Change In Cash	-7,800.246	5,963.553	6,138.404	-7,714.004	-1,520	7,255	-12,226	23,445	-1,857	-11,280
? Cash At End Of Period	15,826.515	21,790.068	27,928.472	20,214.468	18,694	25,949	13,723	37,168	35,311	24,031
? Cash At Beginning Of Period	23,626.761	15,826.515	21,790.068	27,928.472	20,214	18,694	25,949	13,723	37,168	35,311
? Operating Cash Flow	9,683.980	16,889.631	22,534.969	19,893.180	24,386	20,916	34,095	51,931	36,204	7,426
? Capital Expenditure	-2,017.379	-2,742.619	-2,456.951	-2,882.732	-1,859	-1,486	-3,202	-6,534	-5,681	-9,186
? Free Cash Flow	7,666.601	14,147.012	20,078.018	17,010.448	22,527	19,430	30,893	45,397	30,523	-1,760
	USD	USD	USD	USD	USD	USD	USD	USD	USD	USD

Analyst Estimates

(* All numbers are in thousands)

Fiscal Year	2019	2020	2021	2022	2023
Estimated Revenue (Low)	112,429.046	123,671.949	136,039.143	149,643.056	164,607.360
Estimated Revenue (High)	168,643.587	185,507.945	204,058.738	224,464.610	246,911.069
Estimated Revenue (Avg)	140,536.317	154,589.947	170,048.941	187,053.833	205,759.215
Estimated Ebitda (Low)	25,049.818	27,554.798	30,310.276	33,341.302	36,675.430
Estimated Ebitda (High)	37,574.736	41,332.208	45,465.427	50,011.968	55,013.163
Estimated Ebitda (Avg)	31,312.277	34,443.503	37,887.852	41,676.635	45,844.297
Estimated Net Income (Low)	16,040.793	17,644.869	19,409.354	21,350.287	23,485.314
Estimated Net Income (High)	24,061.203	26,467.321	29,114.051	32,025.454	35,227.999
Estimated Net Income (Avg)	20,050.998	22,056.095	24,261.703	26,687.871	29,356.657
Estimated SGA Expense (Low)	33,754.730	37,130.202	40,843.222	44,927.544	49,420.298
Estimated SGA Expense (High)	50,632.100	55,695.310	61,264.840	67,391.324	74,130.456
Estimated SGA Expense (Avg)	42,193.415	46,412.756	51,054.031	56,159.434	61,775.377
Estimated EPS (Avg)	4.160	4.580	5.030	5.540	6.080
Estimated EPS (High)	4.990	5.490	6.040	6.650	7.310
Estimated EPS (Low)	3.320	3.660	4.020	4.420	4.860
Number of Analysts (Estimated Revenue)	10	19	12	16	20
Number of Analysts (Estimated EPS)	10	19	12	16	20

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Current Key Metrics

?	Revenue (TTM) :	258.298M	?	P/S (TTM) :	1.47
?	Net Income (TTM) :	31.073M	?	P/E (TTM) :	12.88
?	Enterprise Value (TTM) :	355.366M	?	EV/FCF (TTM) :	15.36
?	Dividend Yield (TTM) :	0.08	?	Payout Ratio (TTM) :	1
?	ROE (TTM) :	0.11	?	ROIC (TTM) :	0.18
?	Net Debt (TTM) :	-18298000	?	Debt/Equity (TTM) :	0
?	P/B (TTM) :	1.51	?	Current Ratio (TTM) :	61.47