Intrinsic value of MGIC Investment - MTG

Previous Close

$11.26

  Intrinsic Value

$15.25

stock screener

  Rating & Target

buy

+35%

  Value-price divergence*

-12%

Previous close

$11.26

 
Intrinsic value

$15.25

 
Up/down potential

+35%

 
Rating

buy

 
Value-price divergence*

-12%

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

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

We calculate the intrinsic value of MTG 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 3.8

 

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, %
  2.02
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  0
  1,083
  1,108
  1,137
  1,169
  1,204
  1,243
  1,285
  1,331
  1,380
  1,433
  1,490
  1,551
  1,615
  1,683
  1,756
  1,833
  1,914
  2,001
  2,092
  2,188
  2,289
  2,396
  2,509
  2,627
  2,753
  2,884
  3,023
  3,169
  3,322
  3,484
Variable operating expenses, $m
 
  309
  316
  324
  333
  343
  354
  366
  379
  393
  409
  425
  442
  460
  480
  500
  522
  546
  570
  596
  623
  652
  683
  715
  749
  784
  822
  862
  903
  947
  993
Fixed operating expenses, $m
 
  198
  203
  208
  213
  218
  224
  229
  235
  241
  247
  253
  260
  266
  273
  280
  287
  294
  301
  309
  316
  324
  332
  341
  349
  358
  367
  376
  385
  395
  405
Total operating expenses, $m
  491
  507
  519
  532
  546
  561
  578
  595
  614
  634
  656
  678
  702
  726
  753
  780
  809
  840
  871
  905
  939
  976
  1,015
  1,056
  1,098
  1,142
  1,189
  1,238
  1,288
  1,342
  1,398
Operating income, $m
  571
  577
  590
  605
  623
  643
  665
  690
  717
  746
  778
  812
  849
  889
  931
  976
  1,024
  1,075
  1,129
  1,187
  1,248
  1,313
  1,381
  1,453
  1,530
  1,610
  1,696
  1,785
  1,880
  1,980
  2,086
EBITDA, $m
  632
  580
  593
  608
  626
  646
  669
  694
  721
  750
  782
  817
  854
  894
  936
  981
  1,030
  1,081
  1,136
  1,193
  1,255
  1,320
  1,388
  1,461
  1,538
  1,619
  1,704
  1,795
  1,890
  1,991
  2,097
Interest expense (income), $m
  0
  41
  44
  46
  49
  53
  56
  60
  65
  70
  75
  81
  86
  93
  100
  107
  114
  123
  131
  140
  150
  160
  171
  182
  194
  206
  219
  233
  248
  263
  279
Earnings before tax, $m
  515
  535
  546
  559
  573
  590
  608
  629
  652
  676
  703
  732
  763
  796
  831
  869
  910
  953
  998
  1,047
  1,098
  1,153
  1,210
  1,271
  1,336
  1,404
  1,476
  1,552
  1,633
  1,717
  1,807
Tax expense, $m
  172
  145
  147
  151
  155
  159
  164
  170
  176
  183
  190
  198
  206
  215
  224
  235
  246
  257
  270
  283
  297
  311
  327
  343
  361
  379
  399
  419
  441
  464
  488
Net income, $m
  343
  391
  398
  408
  418
  431
  444
  459
  476
  494
  513
  534
  557
  581
  607
  635
  664
  695
  729
  764
  802
  841
  884
  928
  975
  1,025
  1,078
  1,133
  1,192
  1,254
  1,319

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
  5,735
  5,855
  5,990
  6,144
  6,317
  6,508
  6,718
  6,947
  7,195
  7,462
  7,748
  8,054
  8,381
  8,729
  9,099
  9,492
  9,908
  10,348
  10,814
  11,306
  11,825
  12,373
  12,951
  13,561
  14,203
  14,879
  15,591
  16,340
  17,129
  17,958
  18,831
Adjusted assets (=assets-cash), $m
  5,735
  5,855
  5,990
  6,144
  6,317
  6,508
  6,718
  6,947
  7,195
  7,462
  7,748
  8,054
  8,381
  8,729
  9,099
  9,492
  9,908
  10,348
  10,814
  11,306
  11,825
  12,373
  12,951
  13,561
  14,203
  14,879
  15,591
  16,340
  17,129
  17,958
  18,831
Revenue / Adjusted assets
  0.000
  0.185
  0.185
  0.185
  0.185
  0.185
  0.185
  0.185
  0.185
  0.185
  0.185
  0.185
  0.185
  0.185
  0.185
  0.185
  0.185
  0.185
  0.185
  0.185
  0.185
  0.185
  0.185
  0.185
  0.185
  0.185
  0.185
  0.185
  0.185
  0.185
  0.185
Average production assets, $m
  33
  34
  34
  35
  36
  37
  39
  40
  41
  43
  44
  46
  48
  50
  52
  54
  57
  59
  62
  65
  68
  71
  74
  78
  81
  85
  89
  94
  98
  103
  108
Working capital, $m
  0
  426
  436
  447
  459
  473
  488
  505
  523
  543
  563
  586
  609
  635
  662
  690
  720
  752
  786
  822
  860
  900
  942
  986
  1,033
  1,082
  1,134
  1,188
  1,245
  1,306
  1,369
Total debt, $m
  1,179
  1,249
  1,323
  1,409
  1,505
  1,612
  1,728
  1,856
  1,993
  2,142
  2,301
  2,471
  2,653
  2,847
  3,052
  3,270
  3,502
  3,747
  4,005
  4,279
  4,568
  4,873
  5,194
  5,533
  5,890
  6,266
  6,661
  7,078
  7,516
  7,978
  8,463
Total liabilities, $m
  3,186
  3,256
  3,330
  3,416
  3,512
  3,619
  3,735
  3,863
  4,000
  4,149
  4,308
  4,478
  4,660
  4,854
  5,059
  5,277
  5,509
  5,754
  6,012
  6,286
  6,575
  6,880
  7,201
  7,540
  7,897
  8,273
  8,668
  9,085
  9,523
  9,985
  10,470
Total equity, $m
  2,549
  2,600
  2,660
  2,728
  2,805
  2,890
  2,983
  3,085
  3,195
  3,313
  3,440
  3,576
  3,721
  3,876
  4,040
  4,214
  4,399
  4,595
  4,801
  5,020
  5,250
  5,494
  5,750
  6,021
  6,306
  6,606
  6,922
  7,255
  7,605
  7,973
  8,361
Total liabilities and equity, $m
  5,735
  5,856
  5,990
  6,144
  6,317
  6,509
  6,718
  6,948
  7,195
  7,462
  7,748
  8,054
  8,381
  8,730
  9,099
  9,491
  9,908
  10,349
  10,813
  11,306
  11,825
  12,374
  12,951
  13,561
  14,203
  14,879
  15,590
  16,340
  17,128
  17,958
  18,831
Debt-to-equity ratio
  0.463
  0.480
  0.500
  0.520
  0.540
  0.560
  0.580
  0.600
  0.620
  0.650
  0.670
  0.690
  0.710
  0.730
  0.760
  0.780
  0.800
  0.820
  0.830
  0.850
  0.870
  0.890
  0.900
  0.920
  0.930
  0.950
  0.960
  0.980
  0.990
  1.000
  1.010
Adjusted equity ratio
  0.444
  0.444
  0.444
  0.444
  0.444
  0.444
  0.444
  0.444
  0.444
  0.444
  0.444
  0.444
  0.444
  0.444
  0.444
  0.444
  0.444
  0.444
  0.444
  0.444
  0.444
  0.444
  0.444
  0.444
  0.444
  0.444
  0.444
  0.444
  0.444
  0.444
  0.444

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  343
  391
  398
  408
  418
  431
  444
  459
  476
  494
  513
  534
  557
  581
  607
  635
  664
  695
  729
  764
  802
  841
  884
  928
  975
  1,025
  1,078
  1,133
  1,192
  1,254
  1,319
Depreciation, amort., depletion, $m
  61
  3
  3
  4
  4
  4
  4
  4
  4
  4
  4
  5
  5
  5
  5
  5
  6
  6
  6
  6
  7
  7
  7
  8
  8
  9
  9
  9
  10
  10
  11
Funds from operations, $m
  -215
  394
  402
  411
  422
  434
  448
  463
  480
  498
  518
  539
  561
  586
  612
  640
  670
  701
  735
  771
  808
  849
  891
  936
  983
  1,034
  1,087
  1,143
  1,202
  1,264
  1,330
Change in working capital, $m
  -435
  8
  10
  11
  13
  14
  15
  17
  18
  19
  21
  22
  24
  25
  27
  29
  30
  32
  34
  36
  38
  40
  42
  44
  47
  49
  52
  54
  57
  60
  63
Cash from operations, $m
  220
  386
  392
  400
  409
  420
  433
  447
  462
  479
  497
  516
  538
  561
  585
  611
  639
  669
  701
  735
  771
  809
  849
  892
  937
  984
  1,035
  1,088
  1,144
  1,204
  1,266
Maintenance CAPEX, $m
  0
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -6
  -7
  -7
  -7
  -8
  -8
  -9
  -9
  -9
  -10
  -10
New CAPEX, $m
  -11
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -5
  -5
  -5
Cash from investing activities, $m
  -93
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -7
  -7
  -7
  -7
  -7
  -9
  -9
  -9
  -9
  -10
  -10
  -10
  -12
  -12
  -13
  -13
  -14
  -15
  -15
Free cash flow, $m
  127
  382
  388
  396
  405
  416
  428
  441
  456
  473
  491
  510
  531
  554
  578
  604
  632
  661
  692
  726
  761
  799
  839
  881
  925
  972
  1,022
  1,075
  1,130
  1,189
  1,251
Issuance/(repayment) of debt, $m
  56
  70
  75
  86
  96
  106
  117
  127
  138
  148
  159
  170
  182
  194
  206
  218
  231
  245
  259
  274
  289
  305
  321
  339
  357
  376
  396
  417
  438
  461
  485
Issuance/(repurchase) of shares, $m
  -147
  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 financing (excl. dividends), $m  
  -152
  70
  75
  86
  96
  106
  117
  127
  138
  148
  159
  170
  182
  194
  206
  218
  231
  245
  259
  274
  289
  305
  321
  339
  357
  376
  396
  417
  438
  461
  485
Total cash flow (excl. dividends), $m
  -26
  452
  463
  481
  501
  522
  545
  569
  594
  621
  650
  681
  713
  747
  784
  822
  863
  906
  951
  999
  1,050
  1,104
  1,160
  1,219
  1,282
  1,348
  1,418
  1,491
  1,569
  1,650
  1,736
Retained Cash Flow (-), $m
  -313
  -51
  -60
  -68
  -77
  -85
  -93
  -102
  -110
  -118
  -127
  -136
  -145
  -155
  -164
  -174
  -185
  -195
  -207
  -218
  -231
  -243
  -257
  -271
  -285
  -300
  -316
  -333
  -350
  -368
  -387
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
 
  401
  403
  413
  424
  437
  451
  467
  484
  503
  523
  545
  568
  593
  619
  648
  678
  710
  745
  781
  819
  860
  903
  949
  997
  1,048
  1,102
  1,159
  1,219
  1,282
  1,349
Discount rate, %
 
  4.70
  4.94
  5.18
  5.44
  5.71
  6.00
  6.30
  6.61
  6.94
  7.29
  7.66
  8.04
  8.44
  8.86
  9.31
  9.77
  10.26
  10.77
  11.31
  11.88
  12.47
  13.09
  13.75
  14.44
  15.16
  15.92
  16.71
  17.55
  18.42
  19.35
PV of cash for distribution, $m
 
  383
  366
  355
  343
  331
  318
  305
  290
  275
  259
  242
  225
  207
  189
  171
  153
  135
  118
  102
  87
  73
  60
  49
  39
  31
  24
  18
  13
  10
  7
Current shareholders' claim on cash, %
  100
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

MGIC Investment Corporation, through its subsidiaries, provides private mortgage insurance and ancillary services to lenders and government sponsored entities in the United States. The company offers primary mortgage insurance that provides mortgage default protection on individual loans, as well as covers unpaid loan principal, delinquent interest, and various expenses associated with the default and subsequent foreclosure. It also provides contract underwriting services; and other services for the mortgage finance industry, such as analysis of loan originations and portfolios, and mortgage lead generation services, as well as reinsurance arrangements. It serves originators of residential mortgage loans, including savings institutions, commercial banks, mortgage brokers, credit unions, mortgage bankers, and other lenders. The company was founded in 1957 and is headquartered in Milwaukee, Wisconsin.

FINANCIAL RATIOS  of  MGIC Investment (MTG)

Valuation Ratios
P/E Ratio 11.2
Price to Sales 3.6
Price to Book 1.5
Price to Tangible Book
Price to Cash Flow 17.4
Price to Free Cash Flow 18.4
Growth Rates
Sales Growth Rate 2%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 120%
Cap. Spend. - 3 Yr. Gr. Rate 61.5%
Financial Strength
Quick Ratio 0
Current Ratio NaN
LT Debt to Equity 29.9%
Total Debt to Equity 46.3%
Interest Coverage 0
Management Effectiveness
Return On Assets 5.9%
Ret/ On Assets - 3 Yr. Avg. 10.5%
Return On Total Capital 9.6%
Ret/ On T. Cap. - 3 Yr. Avg. 20.5%
Return On Equity 14.3%
Return On Equity - 3 Yr. Avg. 38.1%
Asset Turnover 0.2
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 54.2%
EBITDA Margin - 3 Yr. Avg. 46.1%
Operating Margin 53.8%
Oper. Margin - 3 Yr. Avg. 47.2%
Pre-Tax Margin 48.5%
Pre-Tax Margin - 3 Yr. Avg. 40.8%
Net Profit Margin 32.3%
Net Profit Margin - 3 Yr. Avg. 57.2%
Effective Tax Rate 33.4%
Eff/ Tax Rate - 3 Yr. Avg. -35.2%
Payout Ratio 0%

MTG stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the MTG stock intrinsic value calculation we used $1062 million for the last fiscal year's total revenue generated by MGIC Investment. The default revenue input number comes from 2016 income statement of MGIC Investment. 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 MTG stock valuation model: a) initial revenue growth rate of 2% 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 4.7%, whose default value for MTG is calculated based on our internal credit rating of MGIC Investment, 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 MGIC Investment.
    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 MTG stock the variable cost ratio is equal to 28.5%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $193 million in the base year in the intrinsic value calculation for MTG 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 MGIC Investment.

Corporate tax rate of 27% is the nominal tax rate for MGIC Investment. 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 MTG 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 MTG are equal to 3.1%.

Life of production assets of 10 years is the average useful life of capital assets used in MGIC Investment 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 MTG is equal to 39.3%. 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 - $2549 million for MGIC Investment - 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 340.092 million for MGIC Investment 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 MGIC Investment at the current share price and the inputted number of shares is $3.8 billion.

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COMPANY NEWS

▶ Top Ranked Value Stocks to Buy for August 18th   [Aug-18-17 09:36AM  Zacks]
▶ MGIC Announces Partnership with WEI Technology   [Aug-14-17 07:00AM  PR Newswire]
▶ MGIC beats 2Q profit forecasts   [12:22AM  Associated Press]
▶ MGIC Announces Partnership with Savana, Inc.   [May-16-17 06:22AM  PR Newswire]
▶ Buy These 4 Momentum Stocks for Huge Returns   [May-03-17 10:27AM  Zacks]
▶ MGIC beats 1Q profit forecasts   [Apr-20-17 07:22AM  Associated Press]
▶ MGIC Announces Partnership with PreApp 1003   [Apr-04-17 04:30PM  PR Newswire]
▶ Billionaires Are Dumping These 5 Stocks. Should You?   [Feb-13-17 09:07PM  at Motley Fool]
▶ MGIC Reported Q4 Earnings Jump of 40.3% (MTG)   [Jan-23-17 01:52PM  at Investopedia]
▶ Is Acadia Realty Trust (AKR) A Good Stock To Buy?   [02:13AM  at Insider Monkey]
▶ Is MGIC Investment Corp. (MTG) A Good Stock To Buy Right Now?   [Dec-06-16 07:14PM  at Insider Monkey]
▶ Is Essent Group Ltd (ESNT) Going to Burn These Hedge Funds?   [Dec-05-16 05:54PM  at Insider Monkey]
▶ 5 Finance-Related Stocks Hedge Funds Dumped Like Crazy in Q3   [Dec-03-16 09:52AM  at Insider Monkey]
Stock chart of MTG Financial statements of MTG
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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