Intrinsic value of Essent Group - ESNT

Previous Close

$42.51

  Intrinsic Value

$96.77

stock screener

  Rating & Target

str. buy

+128%

  Value-price divergence*

-12%

Previous close

$42.51

 
Intrinsic value

$96.77

 
Up/down potential

+128%

 
Rating

str. buy

 
Value-price divergence*

-12%

Our model is not good at valuating stocks of financial companies, such as ESNT.

*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

We calculate the intrinsic value of ESNT stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2016), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 4.1

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  29.75
  27.80
  25.52
  23.47
  21.62
  19.96
  18.46
  17.12
  15.91
  14.81
  13.83
  12.95
  12.15
  11.44
  10.80
  10.22
  9.69
  9.22
  8.80
  8.42
  8.08
  7.77
  7.49
  7.25
  7.02
  6.82
  6.64
  6.47
  6.33
  6.19
  6.07
Revenue, $m
  0
  585
  735
  907
  1,103
  1,323
  1,568
  1,836
  2,128
  2,443
  2,781
  3,142
  3,524
  3,927
  4,351
  4,795
  5,260
  5,745
  6,251
  6,777
  7,325
  7,894
  8,486
  9,101
  9,739
  10,404
  11,094
  11,812
  12,559
  13,337
  14,147
Variable operating expenses, $m
 
  118
  148
  182
  222
  266
  315
  369
  428
  491
  559
  631
  708
  789
  874
  964
  1,057
  1,155
  1,256
  1,362
  1,472
  1,587
  1,706
  1,829
  1,958
  2,091
  2,230
  2,374
  2,524
  2,681
  2,844
Fixed operating expenses, $m
 
  56
  58
  59
  61
  62
  64
  65
  67
  69
  70
  72
  74
  76
  78
  80
  82
  84
  86
  88
  90
  92
  95
  97
  99
  102
  105
  107
  110
  113
  115
Total operating expenses, $m
  146
  174
  206
  241
  283
  328
  379
  434
  495
  560
  629
  703
  782
  865
  952
  1,044
  1,139
  1,239
  1,342
  1,450
  1,562
  1,679
  1,801
  1,926
  2,057
  2,193
  2,335
  2,481
  2,634
  2,794
  2,959
Operating income, $m
  312
  411
  529
  666
  821
  995
  1,189
  1,402
  1,633
  1,884
  2,152
  2,438
  2,741
  3,062
  3,398
  3,752
  4,121
  4,507
  4,909
  5,327
  5,762
  6,215
  6,685
  7,174
  7,682
  8,210
  8,760
  9,331
  9,925
  10,544
  11,188
EBITDA, $m
  316
  414
  532
  669
  825
  1,000
  1,195
  1,409
  1,642
  1,893
  2,163
  2,451
  2,755
  3,077
  3,416
  3,771
  4,142
  4,530
  4,934
  5,354
  5,792
  6,247
  6,719
  7,211
  7,721
  8,252
  8,804
  9,378
  9,975
  10,597
  11,245
Interest expense (income), $m
  0
  4
  9
  15
  22
  30
  39
  49
  60
  72
  85
  99
  114
  130
  146
  164
  182
  201
  221
  242
  264
  286
  310
  334
  360
  386
  413
  442
  471
  502
  534
Earnings before tax, $m
  312
  408
  520
  651
  799
  965
  1,150
  1,352
  1,573
  1,811
  2,067
  2,339
  2,627
  2,932
  3,252
  3,588
  3,939
  4,305
  4,687
  5,085
  5,499
  5,929
  6,376
  6,840
  7,323
  7,825
  8,346
  8,889
  9,454
  10,042
  10,654
Tax expense, $m
  89
  110
  141
  176
  216
  261
  310
  365
  425
  489
  558
  631
  709
  792
  878
  969
  1,063
  1,162
  1,266
  1,373
  1,485
  1,601
  1,721
  1,847
  1,977
  2,113
  2,254
  2,400
  2,553
  2,711
  2,877
Net income, $m
  223
  298
  380
  475
  583
  705
  839
  987
  1,148
  1,322
  1,509
  1,707
  1,918
  2,140
  2,374
  2,619
  2,875
  3,143
  3,422
  3,712
  4,014
  4,328
  4,654
  4,993
  5,346
  5,712
  6,093
  6,489
  6,901
  7,331
  7,778

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  1,883
  2,409
  3,023
  3,733
  4,540
  5,446
  6,452
  7,556
  8,758
  10,055
  11,446
  12,929
  14,500
  16,159
  17,903
  19,732
  21,645
  23,642
  25,723
  27,890
  30,143
  32,486
  34,921
  37,451
  40,080
  42,813
  45,654
  48,610
  51,684
  54,885
  58,219
Adjusted assets (=assets-cash), $m
  1,883
  2,409
  3,023
  3,733
  4,540
  5,446
  6,452
  7,556
  8,758
  10,055
  11,446
  12,929
  14,500
  16,159
  17,903
  19,732
  21,645
  23,642
  25,723
  27,890
  30,143
  32,486
  34,921
  37,451
  40,080
  42,813
  45,654
  48,610
  51,684
  54,885
  58,219
Revenue / Adjusted assets
  0.000
  0.243
  0.243
  0.243
  0.243
  0.243
  0.243
  0.243
  0.243
  0.243
  0.243
  0.243
  0.243
  0.243
  0.243
  0.243
  0.243
  0.243
  0.243
  0.243
  0.243
  0.243
  0.243
  0.243
  0.243
  0.243
  0.243
  0.243
  0.243
  0.243
  0.243
Average production assets, $m
  9
  12
  15
  18
  22
  26
  31
  37
  43
  49
  56
  63
  70
  79
  87
  96
  105
  115
  125
  136
  146
  158
  170
  182
  195
  208
  222
  236
  251
  267
  283
Working capital, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total debt, $m
  100
  250
  426
  629
  859
  1,119
  1,406
  1,722
  2,066
  2,437
  2,835
  3,259
  3,708
  4,182
  4,681
  5,204
  5,752
  6,323
  6,918
  7,537
  8,182
  8,852
  9,548
  10,272
  11,024
  11,805
  12,618
  13,463
  14,343
  15,258
  16,212
Total liabilities, $m
  539
  689
  865
  1,068
  1,298
  1,558
  1,845
  2,161
  2,505
  2,876
  3,274
  3,698
  4,147
  4,621
  5,120
  5,643
  6,191
  6,762
  7,357
  7,976
  8,621
  9,291
  9,987
  10,711
  11,463
  12,244
  13,057
  13,902
  14,782
  15,697
  16,651
Total equity, $m
  1,344
  1,720
  2,159
  2,665
  3,242
  3,889
  4,607
  5,395
  6,253
  7,180
  8,173
  9,231
  10,353
  11,538
  12,783
  14,089
  15,455
  16,880
  18,366
  19,913
  21,522
  23,195
  24,933
  26,740
  28,617
  30,568
  32,597
  34,707
  36,903
  39,188
  41,568
Total liabilities and equity, $m
  1,883
  2,409
  3,024
  3,733
  4,540
  5,447
  6,452
  7,556
  8,758
  10,056
  11,447
  12,929
  14,500
  16,159
  17,903
  19,732
  21,646
  23,642
  25,723
  27,889
  30,143
  32,486
  34,920
  37,451
  40,080
  42,812
  45,654
  48,609
  51,685
  54,885
  58,219
Debt-to-equity ratio
  0.074
  0.150
  0.200
  0.240
  0.270
  0.290
  0.310
  0.320
  0.330
  0.340
  0.350
  0.350
  0.360
  0.360
  0.370
  0.370
  0.370
  0.370
  0.380
  0.380
  0.380
  0.380
  0.380
  0.380
  0.390
  0.390
  0.390
  0.390
  0.390
  0.390
  0.390
Adjusted equity ratio
  0.714
  0.714
  0.714
  0.714
  0.714
  0.714
  0.714
  0.714
  0.714
  0.714
  0.714
  0.714
  0.714
  0.714
  0.714
  0.714
  0.714
  0.714
  0.714
  0.714
  0.714
  0.714
  0.714
  0.714
  0.714
  0.714
  0.714
  0.714
  0.714
  0.714
  0.714

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  223
  298
  380
  475
  583
  705
  839
  987
  1,148
  1,322
  1,509
  1,707
  1,918
  2,140
  2,374
  2,619
  2,875
  3,143
  3,422
  3,712
  4,014
  4,328
  4,654
  4,993
  5,346
  5,712
  6,093
  6,489
  6,901
  7,331
  7,778
Depreciation, amort., depletion, $m
  4
  2
  3
  4
  4
  5
  6
  7
  9
  10
  11
  13
  14
  16
  17
  19
  21
  23
  25
  27
  29
  32
  34
  36
  39
  42
  44
  47
  50
  53
  57
Funds from operations, $m
  246
  300
  383
  479
  588
  710
  846
  995
  1,157
  1,332
  1,520
  1,720
  1,932
  2,156
  2,391
  2,638
  2,896
  3,166
  3,447
  3,739
  4,043
  4,359
  4,688
  5,030
  5,385
  5,754
  6,137
  6,536
  6,952
  7,384
  7,834
Change in working capital, $m
  -27
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from operations, $m
  273
  300
  383
  479
  588
  710
  846
  995
  1,157
  1,332
  1,520
  1,720
  1,932
  2,156
  2,391
  2,638
  2,896
  3,166
  3,447
  3,739
  4,043
  4,359
  4,688
  5,030
  5,385
  5,754
  6,137
  6,536
  6,952
  7,384
  7,834
Maintenance CAPEX, $m
  0
  -2
  -2
  -3
  -4
  -4
  -5
  -6
  -7
  -9
  -10
  -11
  -13
  -14
  -16
  -17
  -19
  -21
  -23
  -25
  -27
  -29
  -32
  -34
  -36
  -39
  -42
  -44
  -47
  -50
  -53
New CAPEX, $m
  -3
  -3
  -3
  -3
  -4
  -4
  -5
  -5
  -6
  -6
  -7
  -7
  -8
  -8
  -8
  -9
  -9
  -10
  -10
  -11
  -11
  -11
  -12
  -12
  -13
  -13
  -14
  -14
  -15
  -16
  -16
Cash from investing activities, $m
  -365
  -5
  -5
  -6
  -8
  -8
  -10
  -11
  -13
  -15
  -17
  -18
  -21
  -22
  -24
  -26
  -28
  -31
  -33
  -36
  -38
  -40
  -44
  -46
  -49
  -52
  -56
  -58
  -62
  -66
  -69
Free cash flow, $m
  -92
  296
  378
  472
  580
  701
  835
  983
  1,144
  1,317
  1,503
  1,702
  1,912
  2,134
  2,367
  2,612
  2,868
  3,135
  3,414
  3,704
  4,005
  4,319
  4,645
  4,983
  5,335
  5,701
  6,082
  6,478
  6,889
  7,318
  7,765
Issuance/(repayment) of debt, $m
  100
  150
  176
  203
  231
  259
  288
  316
  344
  371
  398
  424
  449
  474
  499
  523
  547
  571
  595
  620
  644
  670
  696
  724
  752
  782
  813
  845
  879
  915
  953
Issuance/(repurchase) of shares, $m
  -4
  78
  59
  32
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  95
  228
  235
  235
  231
  259
  288
  316
  344
  371
  398
  424
  449
  474
  499
  523
  547
  571
  595
  620
  644
  670
  696
  724
  752
  782
  813
  845
  879
  915
  953
Total cash flow (excl. dividends), $m
  3
  524
  612
  707
  811
  960
  1,123
  1,299
  1,487
  1,688
  1,901
  2,126
  2,361
  2,608
  2,866
  3,135
  3,415
  3,706
  4,009
  4,323
  4,650
  4,989
  5,341
  5,707
  6,087
  6,483
  6,894
  7,323
  7,769
  8,234
  8,718
Retained Cash Flow (-), $m
  -225
  -376
  -439
  -507
  -576
  -647
  -718
  -789
  -858
  -926
  -993
  -1,058
  -1,122
  -1,184
  -1,246
  -1,306
  -1,366
  -1,426
  -1,486
  -1,547
  -1,609
  -1,673
  -1,738
  -1,806
  -1,877
  -1,951
  -2,029
  -2,110
  -2,196
  -2,285
  -2,380
Prev. year cash balance distribution, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  148
  173
  200
  235
  313
  405
  510
  629
  762
  908
  1,067
  1,239
  1,424
  1,621
  1,829
  2,049
  2,280
  2,523
  2,776
  3,041
  3,316
  3,603
  3,901
  4,210
  4,532
  4,866
  5,213
  5,573
  5,948
  6,338
Discount rate, %
 
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
 
  142
  159
  174
  193
  243
  294
  345
  393
  438
  476
  507
  529
  541
  544
  537
  521
  496
  465
  427
  386
  343
  299
  256
  214
  176
  142
  112
  86
  65
  48
Current shareholders' claim on cash, %
  100
  98.1
  97.0
  96.6
  96.6
  96.6
  96.6
  96.6
  96.6
  96.6
  96.6
  96.6
  96.6
  96.6
  96.6
  96.6
  96.6
  96.6
  96.6
  96.6
  96.6
  96.6
  96.6
  96.6
  96.6
  96.6
  96.6
  96.6
  96.6
  96.6
  96.6

Essent Group Ltd. is a private mortgage insurance company. The Company is engaged in offering private mortgage insurance and reinsurance for mortgages secured by residential properties located in the United States. Its products and services include mortgage insurance, contract underwriting, and Bermuda-based insurance and reinsurance. The Company's primary mortgage insurance is offered to customers on individual loans at the time of origination on a flow basis, but can also be written in bulk transactions. Its pool insurance provides additional credit enhancement for certain secondary market and other mortgage transactions. The primary mortgage insurance operations were conducted through Essent Guaranty, Inc. which is a mortgage insurer licensed to write mortgage insurance in all 50 states and the District of Columbia, as of December 31, 2016. It offers primary mortgage insurance, pool insurance and master policy. It provides contract underwriting services through CUW Solutions, LLC.

FINANCIAL RATIOS  of  Essent Group (ESNT)

Valuation Ratios
P/E Ratio 17.7
Price to Sales 8.6
Price to Book 2.9
Price to Tangible Book
Price to Cash Flow 14.5
Price to Free Cash Flow 14.7
Growth Rates
Sales Growth Rate 29.7%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -40%
Cap. Spend. - 3 Yr. Gr. Rate 0%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 7.4%
Total Debt to Equity 7.4%
Interest Coverage 0
Management Effectiveness
Return On Assets 13.3%
Ret/ On Assets - 3 Yr. Avg. 11.3%
Return On Total Capital 17.4%
Ret/ On T. Cap. - 3 Yr. Avg. 14.4%
Return On Equity 18.1%
Return On Equity - 3 Yr. Avg. 14.6%
Asset Turnover 0.3
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 69%
EBITDA Margin - 3 Yr. Avg. 64.1%
Operating Margin 68.1%
Oper. Margin - 3 Yr. Avg. 63.1%
Pre-Tax Margin 68.1%
Pre-Tax Margin - 3 Yr. Avg. 63.2%
Net Profit Margin 48.7%
Net Profit Margin - 3 Yr. Avg. 43.5%
Effective Tax Rate 28.5%
Eff/ Tax Rate - 3 Yr. Avg. 31.4%
Payout Ratio 0%

ESNT stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the ESNT stock intrinsic value calculation we used $458 million for the last fiscal year's total revenue generated by Essent Group. The default revenue input number comes from 2016 income statement of Essent Group. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our ESNT stock valuation model: a) initial revenue growth rate of 27.8% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 4.3%, whose default value for ESNT is calculated based on our internal credit rating of Essent Group, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Essent Group.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of ESNT stock the variable cost ratio is equal to 20.1%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $55 million in the base year in the intrinsic value calculation for ESNT stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 3.5% for Essent Group.

Corporate tax rate of 27% is the nominal tax rate for Essent Group. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the ESNT stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for ESNT are equal to 2%.

Life of production assets of 2.3 years is the average useful life of capital assets used in Essent Group operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for ESNT is equal to 0%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $1344 million for Essent Group - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 96.354 million for Essent Group is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Essent Group at the current share price and the inputted number of shares is $4.1 billion.

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COMPANY NEWS

▶ Will The Second Time Be The Charm For This Sector Leader?   [Oct-06-17 03:13PM  Investor's Business Daily]
▶ These 5 Leading Bermuda Stocks Are Basing Or Near Buy Points   [12:45PM  Investor's Business Daily]
▶ Essent Clears Key Benchmark, Hitting 80-Plus RS Rating   [Sep-13-17 03:00AM  Investor's Business Daily]
▶ Apple Bucks Market Drop, In Buy Zone; Will These 4 Breakouts Fly?   [Aug-23-17 01:42PM  Investor's Business Daily]
▶ ETFs with exposure to Essent Group Ltd. : August 21, 2017   [Aug-21-17 04:12PM  Capital Cube]
▶ Essent Group Ltd. Prices Public Offering of Common Stock   [Aug-08-17 08:00AM  Business Wire]
▶ Essent Group Ltd. Announces Launch of Public Offering   [Aug-07-17 04:42PM  Business Wire]
▶ Essent Group beats 2Q profit forecasts   [Aug-04-17 09:35PM  Associated Press]
▶ Miss Alibaba's Big Move? This Other Sector Leader May Be Next   [Jul-10-17 04:10PM  Investor's Business Daily]
▶ IBD 50 Stock With 68% Profit Margin, 51% EPS Growth Nears Breakout   [Jul-06-17 04:12PM  Investor's Business Daily]
▶ ETFs with exposure to Essent Group Ltd. : June 28, 2017   [Jun-28-17 02:46PM  Capital Cube]
▶ ETFs with exposure to Essent Group Ltd. : June 8, 2017   [Jun-08-17 01:34PM  Capital Cube]
▶ The Cycles in Mortgage Insurance   [May-31-17 05:33PM  Motley Fool]
▶ Stocks To Buy And Watch: Top IPOs, Big And Small Caps, Growth Stocks   [May-25-17 09:43PM  Investor's Business Daily]
▶ Essent Group beats 1Q profit forecasts   [May-05-17 06:37AM  Associated Press]
▶ Trader's Daily Notebook: Another Day Without Direction   [Apr-11-17 07:00AM  TheStreet.com]
▶ New Strong Buy Stocks Going Up for April 6th   [Apr-06-17 07:35PM  Zacks]
▶ Why Are Top Fund Managers Buying The No. 8 IBD 50 Stock?   [Mar-17-17 04:11PM  Investor's Business Daily]
▶ Top Funds' New Stock Buys: Broadcom, Essent, Banks   [Mar-06-17 10:27AM  Investor's Business Daily]
▶ Essent EssentIQ Wins 2017 HW TECH100 Award   [06:30AM  Business Wire]
▶ Is Essent Group Ltd (ESNT) Going to Burn These Hedge Funds?   [Dec-05-16 05:54PM  at Insider Monkey]
Financial statements of ESNT
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

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