Intrinsic value of Essent Group - ESNT

Previous Close

$38.42

  Intrinsic Value

$89.48

stock screener

  Rating & Target

str. buy

+133%

  Value-price divergence*

+269%

Previous close

$38.42

 
Intrinsic value

$89.48

 
Up/down potential

+133%

 
Rating

str. buy

 
Value-price divergence*

+269%

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 3.6

 

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
  25.50
  23.45
  21.61
  19.94
  18.45
  17.11
  15.89
  14.81
  13.82
  12.94
  12.15
  11.43
  10.79
  10.21
  9.69
  9.22
  8.80
  8.42
  8.08
  7.77
  7.49
  7.24
  7.02
  6.82
  6.64
  6.47
  6.32
  6.19
  6.07
  5.97
Revenue, $m
  0
  575
  710
  863
  1,035
  1,226
  1,436
  1,664
  1,910
  2,174
  2,456
  2,754
  3,069
  3,400
  3,747
  4,110
  4,489
  4,884
  5,295
  5,723
  6,168
  6,630
  7,110
  7,609
  8,128
  8,667
  9,228
  9,811
  10,419
  11,052
  11,711
Variable operating expenses, $m
 
  116
  143
  173
  208
  246
  289
  334
  384
  437
  494
  554
  617
  683
  753
  826
  902
  982
  1,064
  1,150
  1,240
  1,333
  1,429
  1,529
  1,634
  1,742
  1,855
  1,972
  2,094
  2,221
  2,354
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
  172
  201
  232
  269
  308
  353
  399
  451
  506
  564
  626
  691
  759
  831
  906
  984
  1,066
  1,150
  1,238
  1,330
  1,425
  1,524
  1,626
  1,733
  1,844
  1,960
  2,079
  2,204
  2,334
  2,469
Operating income, $m
  312
  403
  509
  630
  766
  917
  1,083
  1,264
  1,459
  1,669
  1,892
  2,128
  2,378
  2,641
  2,916
  3,204
  3,505
  3,819
  4,145
  4,485
  4,838
  5,205
  5,586
  5,982
  6,394
  6,823
  7,268
  7,732
  8,215
  8,718
  9,242
EBITDA, $m
  316
  404
  511
  632
  768
  920
  1,086
  1,267
  1,463
  1,673
  1,897
  2,134
  2,384
  2,647
  2,924
  3,213
  3,514
  3,828
  4,156
  4,496
  4,850
  5,218
  5,600
  5,998
  6,411
  6,840
  7,287
  7,752
  8,236
  8,740
  9,265
Interest expense (income), $m
  0
  4
  8
  14
  20
  27
  35
  44
  53
  63
  74
  86
  98
  111
  125
  139
  154
  170
  186
  203
  220
  239
  258
  278
  298
  319
  342
  365
  389
  414
  440
Earnings before tax, $m
  312
  399
  501
  616
  746
  890
  1,048
  1,220
  1,406
  1,605
  1,817
  2,042
  2,280
  2,530
  2,791
  3,065
  3,351
  3,649
  3,959
  4,282
  4,617
  4,966
  5,328
  5,705
  6,096
  6,503
  6,927
  7,367
  7,826
  8,304
  8,802
Tax expense, $m
  89
  108
  135
  166
  201
  240
  283
  329
  380
  433
  491
  551
  616
  683
  754
  828
  905
  985
  1,069
  1,156
  1,247
  1,341
  1,439
  1,540
  1,646
  1,756
  1,870
  1,989
  2,113
  2,242
  2,376
Net income, $m
  223
  292
  366
  450
  545
  650
  765
  891
  1,026
  1,172
  1,327
  1,491
  1,664
  1,847
  2,038
  2,238
  2,446
  2,664
  2,890
  3,126
  3,371
  3,625
  3,890
  4,165
  4,450
  4,748
  5,057
  5,378
  5,713
  6,062
  6,425

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
  2,365
  2,920
  3,551
  4,259
  5,045
  5,908
  6,847
  7,861
  8,947
  10,105
  11,333
  12,629
  13,991
  15,420
  16,914
  18,474
  20,099
  21,791
  23,551
  25,381
  27,283
  29,259
  31,312
  33,447
  35,666
  37,974
  40,376
  42,876
  45,480
  48,193
Adjusted assets (=assets-cash), $m
  1,883
  2,365
  2,920
  3,551
  4,259
  5,045
  5,908
  6,847
  7,861
  8,947
  10,105
  11,333
  12,629
  13,991
  15,420
  16,914
  18,474
  20,099
  21,791
  23,551
  25,381
  27,283
  29,259
  31,312
  33,447
  35,666
  37,974
  40,376
  42,876
  45,480
  48,193
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
  11
  14
  17
  21
  25
  29
  33
  38
  43
  49
  55
  61
  68
  75
  82
  90
  98
  106
  114
  123
  133
  142
  152
  163
  173
  185
  196
  208
  221
  234
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
  238
  396
  577
  779
  1,004
  1,251
  1,519
  1,809
  2,120
  2,451
  2,802
  3,173
  3,563
  3,971
  4,398
  4,844
  5,309
  5,793
  6,297
  6,820
  7,364
  7,929
  8,516
  9,127
  9,762
  10,422
  11,109
  11,824
  12,568
  13,344
Total liabilities, $m
  539
  677
  835
  1,016
  1,218
  1,443
  1,690
  1,958
  2,248
  2,559
  2,890
  3,241
  3,612
  4,002
  4,410
  4,837
  5,283
  5,748
  6,232
  6,736
  7,259
  7,803
  8,368
  8,955
  9,566
  10,201
  10,861
  11,548
  12,263
  13,007
  13,783
Total equity, $m
  1,344
  1,689
  2,085
  2,535
  3,041
  3,602
  4,218
  4,889
  5,613
  6,388
  7,215
  8,092
  9,017
  9,990
  11,010
  12,077
  13,190
  14,351
  15,559
  16,816
  18,122
  19,480
  20,891
  22,357
  23,881
  25,466
  27,114
  28,829
  30,614
  32,473
  34,410
Total liabilities and equity, $m
  1,883
  2,366
  2,920
  3,551
  4,259
  5,045
  5,908
  6,847
  7,861
  8,947
  10,105
  11,333
  12,629
  13,992
  15,420
  16,914
  18,473
  20,099
  21,791
  23,552
  25,381
  27,283
  29,259
  31,312
  33,447
  35,667
  37,975
  40,377
  42,877
  45,480
  48,193
Debt-to-equity ratio
  0.074
  0.140
  0.190
  0.230
  0.260
  0.280
  0.300
  0.310
  0.320
  0.330
  0.340
  0.350
  0.350
  0.360
  0.360
  0.360
  0.370
  0.370
  0.370
  0.370
  0.380
  0.380
  0.380
  0.380
  0.380
  0.380
  0.380
  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
  292
  366
  450
  545
  650
  765
  891
  1,026
  1,172
  1,327
  1,491
  1,664
  1,847
  2,038
  2,238
  2,446
  2,664
  2,890
  3,126
  3,371
  3,625
  3,890
  4,165
  4,450
  4,748
  5,057
  5,378
  5,713
  6,062
  6,425
Depreciation, amort., depletion, $m
  4
  1
  1
  2
  2
  2
  3
  3
  4
  4
  5
  6
  6
  7
  7
  8
  9
  10
  11
  11
  12
  13
  14
  15
  16
  17
  18
  20
  21
  22
  23
Funds from operations, $m
  246
  293
  367
  452
  547
  652
  768
  894
  1,030
  1,176
  1,332
  1,496
  1,670
  1,853
  2,045
  2,246
  2,455
  2,674
  2,901
  3,137
  3,383
  3,638
  3,904
  4,180
  4,467
  4,765
  5,075
  5,398
  5,734
  6,084
  6,449
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
  293
  367
  452
  547
  652
  768
  894
  1,030
  1,176
  1,332
  1,496
  1,670
  1,853
  2,045
  2,246
  2,455
  2,674
  2,901
  3,137
  3,383
  3,638
  3,904
  4,180
  4,467
  4,765
  5,075
  5,398
  5,734
  6,084
  6,449
Maintenance CAPEX, $m
  0
  -1
  -1
  -1
  -2
  -2
  -2
  -3
  -3
  -4
  -4
  -5
  -6
  -6
  -7
  -7
  -8
  -9
  -10
  -11
  -11
  -12
  -13
  -14
  -15
  -16
  -17
  -18
  -20
  -21
  -22
New CAPEX, $m
  -3
  -2
  -3
  -3
  -3
  -4
  -4
  -5
  -5
  -5
  -6
  -6
  -6
  -7
  -7
  -7
  -8
  -8
  -8
  -9
  -9
  -9
  -10
  -10
  -10
  -11
  -11
  -12
  -12
  -13
  -13
Cash from investing activities, $m
  -365
  -3
  -4
  -4
  -5
  -6
  -6
  -8
  -8
  -9
  -10
  -11
  -12
  -13
  -14
  -14
  -16
  -17
  -18
  -20
  -20
  -21
  -23
  -24
  -25
  -27
  -28
  -30
  -32
  -34
  -35
Free cash flow, $m
  -92
  289
  363
  447
  542
  646
  761
  887
  1,022
  1,167
  1,322
  1,486
  1,659
  1,841
  2,032
  2,231
  2,440
  2,657
  2,883
  3,118
  3,363
  3,617
  3,881
  4,156
  4,441
  4,738
  5,046
  5,368
  5,702
  6,050
  6,413
Issuance/(repayment) of debt, $m
  100
  138
  159
  180
  203
  225
  247
  269
  290
  311
  331
  351
  371
  390
  409
  427
  446
  465
  484
  503
  523
  544
  565
  587
  610
  635
  660
  687
  715
  745
  776
Issuance/(repurchase) of shares, $m
  -4
  53
  30
  1
  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
  191
  189
  181
  203
  225
  247
  269
  290
  311
  331
  351
  371
  390
  409
  427
  446
  465
  484
  503
  523
  544
  565
  587
  610
  635
  660
  687
  715
  745
  776
Total cash flow (excl. dividends), $m
  3
  480
  552
  628
  744
  871
  1,008
  1,155
  1,312
  1,478
  1,653
  1,837
  2,029
  2,230
  2,440
  2,658
  2,886
  3,122
  3,367
  3,622
  3,886
  4,161
  4,446
  4,743
  5,052
  5,373
  5,707
  6,055
  6,417
  6,795
  7,189
Retained Cash Flow (-), $m
  -225
  -345
  -396
  -450
  -506
  -561
  -616
  -670
  -724
  -776
  -827
  -877
  -925
  -973
  -1,020
  -1,067
  -1,114
  -1,161
  -1,208
  -1,257
  -1,306
  -1,358
  -1,411
  -1,466
  -1,524
  -1,585
  -1,648
  -1,715
  -1,785
  -1,859
  -1,937
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
 
  135
  156
  178
  238
  310
  392
  485
  588
  702
  826
  960
  1,104
  1,257
  1,420
  1,592
  1,772
  1,961
  2,159
  2,365
  2,580
  2,803
  3,035
  3,277
  3,527
  3,788
  4,059
  4,340
  4,632
  4,936
  5,252
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
 
  130
  143
  155
  196
  240
  285
  327
  368
  403
  433
  456
  471
  478
  477
  467
  450
  427
  398
  364
  328
  290
  252
  215
  180
  147
  118
  93
  72
  54
  40
Current shareholders' claim on cash, %
  100
  98.5
  97.9
  97.9
  97.9
  97.9
  97.9
  97.9
  97.9
  97.9
  97.9
  97.9
  97.9
  97.9
  97.9
  97.9
  97.9
  97.9
  97.9
  97.9
  97.9
  97.9
  97.9
  97.9
  97.9
  97.9
  97.9
  97.9
  97.9
  97.9
  97.9

Essent Group Ltd., through its subsidiaries, provides private mortgage insurance and reinsurance for mortgages secured by residential properties located in the United States. The company also provides information technology maintenance and development services; customer support-related services; and contract underwriting services. It serves originators of residential mortgage loans, such as regulated depository institutions, mortgage banks, credit unions, and other lenders. The company was founded in 2008 and is based in Hamilton, Bermuda.

FINANCIAL RATIOS  of  Essent Group (ESNT)

Valuation Ratios
P/E Ratio 16
Price to Sales 7.8
Price to Book 2.7
Price to Tangible Book
Price to Cash Flow 13.1
Price to Free Cash Flow 13.2
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 25.5% 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 10 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 93.416 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 $3.6 billion.

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COMPANY NEWS

▶ 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]
▶ George Soros's Best-Performing Stocks of 2016 So Far   [Sep-27-16 04:50PM  at Motley Fool]
▶ 5 High Volume NYSE Stocks That Blasted to 52-Week Highs Monday   [Sep-20-16 01:44PM  at Insider Monkey]
Stock chart of ESNT 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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