Intrinsic value of NMI Holdings Cl A - NMIH

Previous Close

$11.35

  Intrinsic Value

$43.12

stock screener

  Rating & Target

str. buy

+280%

  Value-price divergence*

+4564%

Previous close

$11.35

 
Intrinsic value

$43.12

 
Up/down potential

+280%

 
Rating

str. buy

 
Value-price divergence*

+4564%

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

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

We calculate the intrinsic value of NMIH 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 0.7

 

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, %
  117.86
  60.00
  54.50
  49.55
  45.10
  41.09
  37.48
  34.23
  31.31
  28.68
  26.31
  24.18
  22.26
  20.53
  18.98
  17.58
  16.32
  15.19
  14.17
  13.26
  12.43
  11.69
  11.02
  10.42
  9.87
  9.39
  8.95
  8.55
  8.20
  7.88
  7.59
Revenue, $m
  0
  195
  302
  451
  654
  923
  1,269
  1,704
  2,237
  2,879
  3,636
  4,515
  5,520
  6,654
  7,916
  9,308
  10,828
  12,473
  14,240
  16,128
  18,133
  20,252
  22,483
  24,825
  27,276
  29,837
  32,507
  35,287
  38,180
  41,188
  44,315
Variable operating expenses, $m
 
  56
  87
  129
  188
  265
  364
  489
  642
  826
  1,044
  1,296
  1,584
  1,910
  2,272
  2,671
  3,108
  3,580
  4,087
  4,629
  5,204
  5,812
  6,453
  7,125
  7,828
  8,563
  9,329
  10,127
  10,958
  11,821
  12,718
Fixed operating expenses, $m
 
  69
  70
  72
  74
  76
  78
  80
  82
  84
  86
  88
  90
  92
  95
  97
  99
  102
  104
  107
  110
  113
  115
  118
  121
  124
  127
  131
  134
  137
  141
Total operating expenses, $m
  96
  125
  157
  201
  262
  341
  442
  569
  724
  910
  1,130
  1,384
  1,674
  2,002
  2,367
  2,768
  3,207
  3,682
  4,191
  4,736
  5,314
  5,925
  6,568
  7,243
  7,949
  8,687
  9,456
  10,258
  11,092
  11,958
  12,859
Operating income, $m
  26
  71
  145
  249
  393
  582
  827
  1,135
  1,513
  1,969
  2,507
  3,131
  3,846
  4,652
  5,550
  6,540
  7,621
  8,791
  10,049
  11,392
  12,819
  14,327
  15,915
  17,582
  19,327
  21,149
  23,050
  25,029
  27,089
  29,230
  31,456
EBITDA, $m
  32
  72
  147
  253
  398
  590
  837
  1,148
  1,531
  1,991
  2,535
  3,167
  3,889
  4,704
  5,611
  6,612
  7,705
  8,888
  10,160
  11,518
  12,960
  14,485
  16,090
  17,776
  19,540
  21,382
  23,304
  25,305
  27,387
  29,551
  31,801
Interest expense (income), $m
  10
  10
  25
  47
  78
  120
  175
  246
  336
  446
  578
  734
  915
  1,122
  1,356
  1,616
  1,903
  2,216
  2,555
  2,919
  3,308
  3,721
  4,158
  4,617
  5,100
  5,605
  6,133
  6,683
  7,256
  7,852
  8,472
Earnings before tax, $m
  11
  61
  120
  202
  315
  463
  652
  889
  1,178
  1,523
  1,929
  2,397
  2,931
  3,529
  4,194
  4,924
  5,718
  6,575
  7,494
  8,473
  9,511
  10,606
  11,757
  12,965
  14,227
  15,544
  16,917
  18,347
  19,833
  21,378
  22,984
Tax expense, $m
  -55
  16
  32
  55
  85
  125
  176
  240
  318
  411
  521
  647
  791
  953
  1,132
  1,329
  1,544
  1,775
  2,023
  2,288
  2,568
  2,864
  3,175
  3,500
  3,841
  4,197
  4,568
  4,954
  5,355
  5,772
  6,206
Net income, $m
  66
  44
  87
  148
  230
  338
  476
  649
  860
  1,112
  1,408
  1,750
  2,139
  2,576
  3,062
  3,594
  4,174
  4,800
  5,471
  6,185
  6,943
  7,742
  8,583
  9,464
  10,386
  11,347
  12,350
  13,393
  14,478
  15,606
  16,778

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
  840
  1,346
  2,080
  3,110
  4,513
  6,367
  8,754
  11,750
  15,429
  19,853
  25,076
  31,138
  38,070
  45,887
  54,596
  64,195
  74,674
  86,019
  98,210
  111,227
  125,053
  139,667
  155,056
  171,207
  188,113
  205,771
  224,184
  243,360
  263,312
  284,056
  305,618
Adjusted assets (=assets-cash), $m
  840
  1,346
  2,080
  3,110
  4,513
  6,367
  8,754
  11,750
  15,429
  19,853
  25,076
  31,138
  38,070
  45,887
  54,596
  64,195
  74,674
  86,019
  98,210
  111,227
  125,053
  139,667
  155,056
  171,207
  188,113
  205,771
  224,184
  243,360
  263,312
  284,056
  305,618
Revenue / Adjusted assets
  0.000
  0.145
  0.145
  0.145
  0.145
  0.145
  0.145
  0.145
  0.145
  0.145
  0.145
  0.145
  0.145
  0.145
  0.145
  0.145
  0.145
  0.145
  0.145
  0.145
  0.145
  0.145
  0.145
  0.145
  0.145
  0.145
  0.145
  0.145
  0.145
  0.145
  0.145
Average production assets, $m
  10
  15
  24
  35
  51
  72
  99
  133
  174
  225
  284
  352
  431
  519
  617
  726
  845
  973
  1,111
  1,258
  1,414
  1,580
  1,754
  1,936
  2,128
  2,327
  2,536
  2,752
  2,978
  3,213
  3,457
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
  144
  363
  681
  1,127
  1,734
  2,537
  3,570
  4,868
  6,461
  8,376
  10,638
  13,263
  16,264
  19,649
  23,420
  27,576
  32,114
  37,026
  42,305
  47,941
  53,928
  60,256
  66,919
  73,913
  81,233
  88,879
  96,852
  105,155
  113,794
  122,776
  132,113
Total liabilities, $m
  364
  583
  901
  1,347
  1,954
  2,757
  3,790
  5,088
  6,681
  8,596
  10,858
  13,483
  16,484
  19,869
  23,640
  27,796
  32,334
  37,246
  42,525
  48,161
  54,148
  60,476
  67,139
  74,133
  81,453
  89,099
  97,072
  105,375
  114,014
  122,996
  132,333
Total equity, $m
  476
  763
  1,179
  1,764
  2,559
  3,610
  4,963
  6,662
  8,748
  11,257
  14,218
  17,655
  21,585
  26,018
  30,956
  36,399
  42,340
  48,773
  55,685
  63,066
  70,905
  79,191
  87,917
  97,074
  106,660
  116,672
  127,113
  137,985
  149,298
  161,060
  173,285
Total liabilities and equity, $m
  840
  1,346
  2,080
  3,111
  4,513
  6,367
  8,753
  11,750
  15,429
  19,853
  25,076
  31,138
  38,069
  45,887
  54,596
  64,195
  74,674
  86,019
  98,210
  111,227
  125,053
  139,667
  155,056
  171,207
  188,113
  205,771
  224,185
  243,360
  263,312
  284,056
  305,618
Debt-to-equity ratio
  0.303
  0.480
  0.580
  0.640
  0.680
  0.700
  0.720
  0.730
  0.740
  0.740
  0.750
  0.750
  0.750
  0.760
  0.760
  0.760
  0.760
  0.760
  0.760
  0.760
  0.760
  0.760
  0.760
  0.760
  0.760
  0.760
  0.760
  0.760
  0.760
  0.760
  0.760
Adjusted equity ratio
  0.567
  0.567
  0.567
  0.567
  0.567
  0.567
  0.567
  0.567
  0.567
  0.567
  0.567
  0.567
  0.567
  0.567
  0.567
  0.567
  0.567
  0.567
  0.567
  0.567
  0.567
  0.567
  0.567
  0.567
  0.567
  0.567
  0.567
  0.567
  0.567
  0.567
  0.567

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  66
  44
  87
  148
  230
  338
  476
  649
  860
  1,112
  1,408
  1,750
  2,139
  2,576
  3,062
  3,594
  4,174
  4,800
  5,471
  6,185
  6,943
  7,742
  8,583
  9,464
  10,386
  11,347
  12,350
  13,393
  14,478
  15,606
  16,778
Depreciation, amort., depletion, $m
  6
  2
  2
  4
  5
  7
  10
  13
  17
  22
  28
  35
  43
  52
  62
  73
  84
  97
  111
  126
  141
  158
  175
  194
  213
  233
  254
  275
  298
  321
  346
Funds from operations, $m
  116
  46
  90
  151
  235
  345
  486
  662
  877
  1,134
  1,436
  1,785
  2,182
  2,628
  3,123
  3,667
  4,259
  4,897
  5,582
  6,311
  7,084
  7,900
  8,758
  9,658
  10,598
  11,580
  12,603
  13,668
  14,776
  15,927
  17,124
Change in working capital, $m
  44
  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
  72
  46
  90
  151
  235
  345
  486
  662
  877
  1,134
  1,436
  1,785
  2,182
  2,628
  3,123
  3,667
  4,259
  4,897
  5,582
  6,311
  7,084
  7,900
  8,758
  9,658
  10,598
  11,580
  12,603
  13,668
  14,776
  15,927
  17,124
Maintenance CAPEX, $m
  0
  -1
  -2
  -2
  -4
  -5
  -7
  -10
  -13
  -17
  -22
  -28
  -35
  -43
  -52
  -62
  -73
  -84
  -97
  -111
  -126
  -141
  -158
  -175
  -194
  -213
  -233
  -254
  -275
  -298
  -321
New CAPEX, $m
  -11
  -6
  -8
  -12
  -16
  -21
  -27
  -34
  -42
  -50
  -59
  -69
  -78
  -88
  -99
  -109
  -119
  -128
  -138
  -147
  -156
  -165
  -174
  -183
  -191
  -200
  -208
  -217
  -226
  -235
  -244
Cash from investing activities, $m
  -80
  -7
  -10
  -14
  -20
  -26
  -34
  -44
  -55
  -67
  -81
  -97
  -113
  -131
  -151
  -171
  -192
  -212
  -235
  -258
  -282
  -306
  -332
  -358
  -385
  -413
  -441
  -471
  -501
  -533
  -565
Free cash flow, $m
  -8
  39
  80
  137
  216
  319
  452
  618
  822
  1,067
  1,355
  1,688
  2,069
  2,497
  2,973
  3,497
  4,067
  4,684
  5,347
  6,053
  6,802
  7,594
  8,426
  9,300
  10,214
  11,168
  12,162
  13,198
  14,275
  15,395
  16,559
Issuance/(repayment) of debt, $m
  -2
  219
  318
  446
  607
  803
  1,033
  1,297
  1,593
  1,916
  2,262
  2,625
  3,001
  3,385
  3,771
  4,156
  4,538
  4,912
  5,279
  5,637
  5,986
  6,328
  6,663
  6,993
  7,320
  7,646
  7,973
  8,303
  8,639
  8,982
  9,336
Issuance/(repurchase) of shares, $m
  1
  243
  329
  437
  565
  713
  877
  1,050
  1,226
  1,397
  1,553
  1,687
  1,791
  1,856
  1,877
  1,848
  1,768
  1,632
  1,442
  1,196
  896
  544
  142
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  -2
  462
  647
  883
  1,172
  1,516
  1,910
  2,347
  2,819
  3,313
  3,815
  4,312
  4,792
  5,241
  5,648
  6,004
  6,306
  6,544
  6,721
  6,833
  6,882
  6,872
  6,805
  6,993
  7,320
  7,646
  7,973
  8,303
  8,639
  8,982
  9,336
Total cash flow (excl. dividends), $m
  -10
  501
  726
  1,020
  1,388
  1,835
  2,362
  2,966
  3,641
  4,379
  5,170
  6,001
  6,861
  7,737
  8,621
  9,501
  10,373
  11,229
  12,067
  12,885
  13,684
  14,466
  15,232
  16,293
  17,534
  18,814
  20,135
  21,501
  22,914
  24,377
  25,895
Retained Cash Flow (-), $m
  -73
  -287
  -416
  -584
  -795
  -1,051
  -1,353
  -1,699
  -2,086
  -2,509
  -2,961
  -3,438
  -3,930
  -4,432
  -4,938
  -5,443
  -5,942
  -6,432
  -6,912
  -7,381
  -7,839
  -8,286
  -8,725
  -9,158
  -9,586
  -10,012
  -10,440
  -10,873
  -11,312
  -11,762
  -12,225
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
 
  214
  310
  436
  593
  784
  1,009
  1,267
  1,555
  1,871
  2,208
  2,563
  2,931
  3,305
  3,683
  4,059
  4,431
  4,797
  5,155
  5,504
  5,846
  6,179
  6,507
  7,135
  7,948
  8,801
  9,695
  10,628
  11,602
  12,615
  13,670
Discount rate, %
 
  6.10
  6.41
  6.73
  7.06
  7.41
  7.79
  8.17
  8.58
  9.01
  9.46
  9.94
  10.43
  10.95
  11.50
  12.08
  12.68
  13.32
  13.98
  14.68
  15.41
  16.19
  16.99
  17.84
  18.74
  19.67
  20.66
  21.69
  22.77
  23.91
  25.11
PV of cash for distribution, $m
 
  201
  274
  358
  451
  548
  643
  731
  805
  860
  894
  904
  891
  856
  802
  734
  656
  573
  489
  408
  332
  265
  206
  163
  129
  99
  73
  53
  37
  25
  16
Current shareholders' claim on cash, %
  100
  73.7
  56.6
  45.0
  36.7
  30.7
  26.3
  22.9
  20.3
  18.2
  16.6
  15.4
  14.3
  13.5
  12.9
  12.4
  12.0
  11.6
  11.4
  11.2
  11.1
  11.1
  11.1
  11.1
  11.1
  11.1
  11.1
  11.1
  11.1
  11.1
  11.1

NMI Holdings, Inc., through its subsidiaries, provides private mortgage guaranty insurance services in the United States. It offers mortgage and pool insurance; reinsurance on loans; and outsourced loan review services to mortgage loan originators. The company was founded in 2011 and is headquartered in Emeryville, California.

FINANCIAL RATIOS  of  NMI Holdings Cl A (NMIH)

Valuation Ratios
P/E Ratio 10.2
Price to Sales 5.5
Price to Book 1.4
Price to Tangible Book
Price to Cash Flow 9.3
Price to Free Cash Flow 11
Growth Rates
Sales Growth Rate 117.9%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 83.3%
Cap. Spend. - 3 Yr. Gr. Rate 9.5%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 30.3%
Total Debt to Equity 30.3%
Interest Coverage 2
Management Effectiveness
Return On Assets 16.8%
Ret/ On Assets - 3 Yr. Avg. 0.5%
Return On Total Capital 11.3%
Ret/ On T. Cap. - 3 Yr. Avg. -1.8%
Return On Equity 15%
Return On Equity - 3 Yr. Avg. -0.9%
Asset Turnover 0.2
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 22.1%
EBITDA Margin - 3 Yr. Avg. -71.5%
Operating Margin 21.3%
Oper. Margin - 3 Yr. Avg. -86.6%
Pre-Tax Margin 9%
Pre-Tax Margin - 3 Yr. Avg. -90.9%
Net Profit Margin 54.1%
Net Profit Margin - 3 Yr. Avg. -72.9%
Effective Tax Rate -500%
Eff/ Tax Rate - 3 Yr. Avg. -165.4%
Payout Ratio 0%

NMIH stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the NMIH stock intrinsic value calculation we used $122 million for the last fiscal year's total revenue generated by NMI Holdings Cl A. The default revenue input number comes from 2016 income statement of NMI Holdings Cl A. 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 NMIH stock valuation model: a) initial revenue growth rate of 60% 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 6.1%, whose default value for NMIH is calculated based on our internal credit rating of NMI Holdings Cl A, 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 NMI Holdings Cl A.
    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 NMIH stock the variable cost ratio is equal to 28.7%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $67 million in the base year in the intrinsic value calculation for NMIH 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 6.9% for NMI Holdings Cl A.

Corporate tax rate of 27% is the nominal tax rate for NMI Holdings Cl A. 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 NMIH 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 NMIH are equal to 7.8%.

Life of production assets of 10 years is the average useful life of capital assets used in NMI Holdings Cl A 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 NMIH 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 - $476 million for NMI Holdings Cl A - 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 59.955 million for NMI Holdings Cl A 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 NMI Holdings Cl A at the current share price and the inputted number of shares is $0.7 billion.

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COMPANY NEWS

▶ NMI Holdings posts 2Q profit   [Aug-02-17 12:13AM  Associated Press]
▶ ETFs with exposure to NMI Holdings, Inc. : June 2, 2017   [Jun-02-17 02:22PM  Capital Cube]
▶ NMI Holdings posts 1Q profit   [May-04-17 05:14PM  Associated Press]
▶ National MI Announces Pricing of Insurance-Linked Notes   [Apr-26-17 08:00AM  Marketwired]
▶ Hedge Funds Are Betting On Casella Waste Systems Inc. (CWST)   [Dec-02-16 05:50AM  at Insider Monkey]
Stock chart of NMIH Financial statements of NMIH
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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