Just as I feared. Great title business shrouded by the money losing restaurant group. Spin it off and let the title business get a better valuation. I actually think the auto business will be a net plus the next few years.
Still remains a mystery as to why Bill just didn't start a private equity/venture capital firm to do these "other" investments. Unless somehow related to the core business why have FNF involved in them? Also in the event that the unrelated investments do well the stock will not really benefit (i.e. multiple will not be higher) and if they do poorly the stock will be negatively impacted. Lose-lose scenario.
In the conference call Foley mentioned adding one or two more upscale restaurant brands and then doing an IPO of that segment. The trouble is in the casual segment. They need to spend a lot of money to get the units cleaned up. He indicated that April was a good month in restaurants and that the unit will be improving as the year goes on. I feel a little better.