Fidelity National Financial: Meetings Highlight Durable Market Share and Strong Commercial Title Outlook

研报英文原文证据摘录

Fidelity National Financial: Meetings Highlight Durable Market Share and Strong Commercial Title Outlook

Deutsche Bank

Research

Rating Company Date

Buy Fidelity National Financial 11 June 2026

North America Reuters Bloomberg Rating Buy

United States FNF.N FNF US Price target (USD) 66.00 Price at 10 Jun 26 47.60

52-week range 61.07 – 43.26

Financial

Consumer Finance Valuation & Risks

Meetings Highlight Durable Market Share and

Strong Commercial Title Outlook MarkResearchDeVriesAnalyst

+1-212-250-4081

We hosted FNF CEO Mike Nolan and CFO Tony Park for a day of investor

Michael Dunlevy, CFA meetings where the focus was on AI, opportunity or risk, policy threats, the Research Associate

commercial title outlook, and the FG investment. While a value unlock from FG +1-212-250-9888

seems unlikely to us in the near-term, the meetings bolstered our conviction that

commercial title should remain a source of strength, policy risks are manageable,

and AI is more of an opportunity given that FNF’s proprietary assets and industry

leading distribution, which is very difficult to replicate, makes displacement of

FNF’s market share unlikely. With the stock trading at a depressed multiple of

below normalized earnings power and strong commercial title trends that

mitigate earnings risk in this volatile residential mortgage market, we believe the

stock remains attractive and reiterate our Buy rating.

Key Takeaways

Residential Orders

• Can’t discuss May orders yet, but based on public data:

• Residential fee per file has been stable due to flat home prices.

• Purchase - Orders have been generally similar to last year, with a slight

increase Y/Y. Rates have been volatile, reaching nearly 6.8%, yet

purchase activity is holding up surprisingly well, indicating strong

demand for homes.