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I must admit I'm still a novice at valuation after all these years, but thought I'd share this with you all in case it helps-- From what I read here of all of your work, this report and the market's reaction only make the stock look better....
(also posted on IV FAF board)

Link to full article, excerpt below...

First American 4Q Profit Rises to $117.5M
Thursday February 16, 12:58 pm ET
First American Fourth-Quarter Profit Skyrockets 67 Percent to $117.5 Million on Higher Revenue

SANTA ANA, Calif. (AP) -- Insurance firm First American Corp. on Thursday posted a 67 percent rise in fourth-quarter profit, lifted by greater revenue from its title and specialty insurance businesses.

Investors, however, appeared disappointed with the results, sending First American shares down $1.85, or 4.1 percent, to $43.10 on the New York Stock Exchange.

Net income jumped to $117.5 million, or $1.19 per share, from $70.4 million, or 76 cents, the year before. The latest-quarter results handily beat the average view for earnings of $1.10 per share from analysts polled by Thomson Financial.

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