Intrinsic value of Radian Group - RDN

Previous Close

$16.46

  Intrinsic Value

$24.39

stock screener

  Rating & Target

buy

+48%

  Value-price divergence*

+865%

Previous close

$16.46

 
Intrinsic value

$24.39

 
Up/down potential

+48%

 
Rating

buy

 
Value-price divergence*

+865%

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

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

We calculate the intrinsic value of RDN 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 3.5

 

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, %
  3.77
  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
  1,263
  1,292
  1,325
  1,362
  1,404
  1,449
  1,498
  1,552
  1,609
  1,671
  1,737
  1,808
  1,883
  1,962
  2,047
  2,137
  2,232
  2,332
  2,438
  2,550
  2,668
  2,793
  2,924
  3,063
  3,209
  3,362
  3,524
  3,694
  3,873
  4,061
Variable operating expenses, $m
 
  280
  286
  293
  300
  309
  318
  329
  340
  351
  364
  358
  373
  388
  405
  422
  441
  460
  481
  503
  526
  550
  576
  603
  632
  662
  693
  727
  762
  799
  838
Fixed operating expenses, $m
 
  419
  430
  440
  451
  463
  474
  486
  498
  511
  524
  537
  550
  564
  578
  592
  607
  622
  638
  654
  670
  687
  704
  722
  740
  758
  777
  797
  817
  837
  858
Total operating expenses, $m
  674
  699
  716
  733
  751
  772
  792
  815
  838
  862
  888
  895
  923
  952
  983
  1,014
  1,048
  1,082
  1,119
  1,157
  1,196
  1,237
  1,280
  1,325
  1,372
  1,420
  1,470
  1,524
  1,579
  1,636
  1,696
Operating income, $m
  565
  564
  576
  592
  610
  632
  656
  684
  714
  747
  783
  842
  885
  930
  980
  1,032
  1,089
  1,149
  1,213
  1,281
  1,354
  1,431
  1,513
  1,600
  1,691
  1,789
  1,892
  2,000
  2,115
  2,237
  2,366
EBITDA, $m
  636
  598
  611
  627
  646
  668
  693
  721
  752
  786
  822
  863
  906
  953
  1,003
  1,057
  1,114
  1,175
  1,241
  1,310
  1,384
  1,463
  1,546
  1,634
  1,728
  1,827
  1,931
  2,042
  2,159
  2,283
  2,413
Interest expense (income), $m
  66
  62
  66
  70
  74
  80
  85
  92
  99
  106
  114
  123
  132
  142
  152
  164
  176
  188
  201
  216
  230
  246
  263
  280
  299
  318
  338
  360
  383
  406
  432
Earnings before tax, $m
  484
  502
  511
  522
  536
  552
  571
  592
  615
  641
  669
  719
  753
  789
  827
  869
  913
  961
  1,012
  1,066
  1,124
  1,185
  1,250
  1,319
  1,393
  1,471
  1,553
  1,640
  1,733
  1,831
  1,934
Tax expense, $m
  176
  135
  138
  141
  145
  149
  154
  160
  166
  173
  181
  194
  203
  213
  223
  235
  247
  259
  273
  288
  303
  320
  338
  356
  376
  397
  419
  443
  468
  494
  522
Net income, $m
  308
  366
  373
  381
  391
  403
  417
  432
  449
  468
  488
  525
  549
  576
  604
  634
  667
  701
  739
  778
  820
  865
  913
  963
  1,017
  1,074
  1,134
  1,198
  1,265
  1,336
  1,412

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
  5,863
  5,985
  6,122
  6,280
  6,456
  6,652
  6,867
  7,101
  7,354
  7,627
  7,919
  8,232
  8,566
  8,922
  9,300
  9,701
  10,127
  10,577
  11,053
  11,555
  12,086
  12,647
  13,237
  13,860
  14,516
  15,207
  15,935
  16,701
  17,507
  18,355
  19,246
Adjusted assets (=assets-cash), $m
  5,863
  5,985
  6,122
  6,280
  6,456
  6,652
  6,867
  7,101
  7,354
  7,627
  7,919
  8,232
  8,566
  8,922
  9,300
  9,701
  10,127
  10,577
  11,053
  11,555
  12,086
  12,647
  13,237
  13,860
  14,516
  15,207
  15,935
  16,701
  17,507
  18,355
  19,246
Revenue / Adjusted assets
  0.000
  0.211
  0.211
  0.211
  0.211
  0.211
  0.211
  0.211
  0.211
  0.211
  0.211
  0.211
  0.211
  0.211
  0.211
  0.211
  0.211
  0.211
  0.211
  0.211
  0.211
  0.211
  0.211
  0.211
  0.211
  0.211
  0.211
  0.211
  0.211
  0.211
  0.211
Average production assets, $m
  146
  149
  152
  156
  161
  166
  171
  177
  183
  190
  197
  205
  213
  222
  232
  242
  252
  263
  275
  288
  301
  315
  330
  345
  361
  379
  397
  416
  436
  457
  479
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
  1,070
  1,131
  1,201
  1,282
  1,372
  1,472
  1,581
  1,700
  1,829
  1,969
  2,118
  2,277
  2,448
  2,629
  2,822
  3,027
  3,244
  3,473
  3,716
  3,972
  4,243
  4,529
  4,830
  5,148
  5,482
  5,835
  6,206
  6,596
  7,007
  7,440
  7,895
Total liabilities, $m
  2,991
  3,052
  3,122
  3,203
  3,293
  3,393
  3,502
  3,621
  3,750
  3,890
  4,039
  4,198
  4,369
  4,550
  4,743
  4,948
  5,165
  5,394
  5,637
  5,893
  6,164
  6,450
  6,751
  7,069
  7,403
  7,756
  8,127
  8,517
  8,928
  9,361
  9,816
Total equity, $m
  2,872
  2,932
  3,000
  3,077
  3,164
  3,259
  3,365
  3,479
  3,603
  3,737
  3,880
  4,034
  4,198
  4,372
  4,557
  4,754
  4,962
  5,183
  5,416
  5,662
  5,922
  6,197
  6,486
  6,791
  7,113
  7,452
  7,808
  8,183
  8,578
  8,994
  9,431
Total liabilities and equity, $m
  5,863
  5,984
  6,122
  6,280
  6,457
  6,652
  6,867
  7,100
  7,353
  7,627
  7,919
  8,232
  8,567
  8,922
  9,300
  9,702
  10,127
  10,577
  11,053
  11,555
  12,086
  12,647
  13,237
  13,860
  14,516
  15,208
  15,935
  16,700
  17,506
  18,355
  19,247
Debt-to-equity ratio
  0.373
  0.390
  0.400
  0.420
  0.430
  0.450
  0.470
  0.490
  0.510
  0.530
  0.550
  0.560
  0.580
  0.600
  0.620
  0.640
  0.650
  0.670
  0.690
  0.700
  0.720
  0.730
  0.740
  0.760
  0.770
  0.780
  0.790
  0.810
  0.820
  0.830
  0.840
Adjusted equity ratio
  0.490
  0.490
  0.490
  0.490
  0.490
  0.490
  0.490
  0.490
  0.490
  0.490
  0.490
  0.490
  0.490
  0.490
  0.490
  0.490
  0.490
  0.490
  0.490
  0.490
  0.490
  0.490
  0.490
  0.490
  0.490
  0.490
  0.490
  0.490
  0.490
  0.490
  0.490

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  308
  366
  373
  381
  391
  403
  417
  432
  449
  468
  488
  525
  549
  576
  604
  634
  667
  701
  739
  778
  820
  865
  913
  963
  1,017
  1,074
  1,134
  1,198
  1,265
  1,336
  1,412
Depreciation, amort., depletion, $m
  71
  34
  35
  35
  36
  36
  37
  37
  38
  38
  39
  20
  21
  22
  23
  24
  25
  26
  28
  29
  30
  31
  33
  35
  36
  38
  40
  42
  44
  46
  48
Funds from operations, $m
  138
  401
  407
  416
  427
  439
  453
  469
  487
  506
  528
  546
  571
  598
  627
  658
  692
  728
  766
  807
  850
  897
  946
  998
  1,053
  1,111
  1,173
  1,239
  1,309
  1,382
  1,460
Change in working capital, $m
  -244
  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
  382
  401
  407
  416
  427
  439
  453
  469
  487
  506
  528
  546
  571
  598
  627
  658
  692
  728
  766
  807
  850
  897
  946
  998
  1,053
  1,111
  1,173
  1,239
  1,309
  1,382
  1,460
Maintenance CAPEX, $m
  0
  -15
  -15
  -15
  -16
  -16
  -17
  -17
  -18
  -18
  -19
  -20
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -28
  -29
  -30
  -31
  -33
  -35
  -36
  -38
  -40
  -42
  -44
  -46
New CAPEX, $m
  -36
  -3
  -3
  -4
  -4
  -5
  -5
  -6
  -6
  -7
  -7
  -8
  -8
  -9
  -9
  -10
  -11
  -11
  -12
  -13
  -13
  -14
  -15
  -16
  -16
  -17
  -18
  -19
  -20
  -21
  -22
Cash from investing activities, $m
  -176
  -18
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -28
  -28
  -30
  -31
  -33
  -35
  -36
  -38
  -41
  -42
  -44
  -46
  -49
  -51
  -53
  -56
  -59
  -62
  -65
  -68
Free cash flow, $m
  206
  383
  389
  397
  407
  418
  431
  446
  463
  481
  501
  518
  542
  568
  595
  625
  657
  691
  728
  767
  808
  853
  899
  949
  1,002
  1,058
  1,118
  1,180
  1,247
  1,317
  1,392
Issuance/(repayment) of debt, $m
  -102
  61
  70
  80
  90
  100
  110
  119
  129
  139
  149
  160
  170
  181
  193
  205
  217
  230
  243
  256
  271
  286
  301
  318
  335
  352
  371
  391
  411
  432
  455
Issuance/(repurchase) of shares, $m
  -99
  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  
  -201
  61
  70
  80
  90
  100
  110
  119
  129
  139
  149
  160
  170
  181
  193
  205
  217
  230
  243
  256
  271
  286
  301
  318
  335
  352
  371
  391
  411
  432
  455
Total cash flow (excl. dividends), $m
  4
  444
  459
  477
  497
  518
  541
  566
  592
  620
  651
  678
  712
  749
  788
  830
  874
  921
  971
  1,023
  1,079
  1,138
  1,201
  1,267
  1,337
  1,411
  1,489
  1,571
  1,658
  1,750
  1,847
Retained Cash Flow (-), $m
  -375
  -60
  -67
  -77
  -87
  -96
  -105
  -115
  -124
  -134
  -143
  -153
  -164
  -174
  -185
  -197
  -208
  -221
  -233
  -246
  -260
  -275
  -289
  -305
  -322
  -339
  -357
  -375
  -395
  -415
  -437
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
 
  384
  392
  400
  410
  422
  436
  451
  468
  487
  507
  524
  549
  575
  603
  633
  666
  700
  737
  777
  819
  864
  911
  962
  1,015
  1,072
  1,132
  1,196
  1,263
  1,334
  1,410
Discount rate, %
 
  4.50
  4.73
  4.96
  5.21
  5.47
  5.74
  6.03
  6.33
  6.65
  6.98
  7.33
  7.70
  8.08
  8.49
  8.91
  9.36
  9.82
  10.31
  10.83
  11.37
  11.94
  12.54
  13.16
  13.82
  14.51
  15.24
  16.00
  16.80
  17.64
  18.52
PV of cash for distribution, $m
 
  367
  357
  346
  335
  324
  312
  299
  286
  273
  258
  241
  225
  209
  193
  176
  159
  142
  126
  110
  95
  81
  68
  56
  45
  36
  28
  22
  16
  12
  9
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

Radian Group Inc., through its subsidiaries, provides mortgage and real estate products and services in the United States. It operates through two segments, Mortgage Insurance, and Mortgage and Real Estate Services (Services). The Mortgage Insurance segment provides credit-related insurance coverage, principally through private mortgage insurance that protects mortgage lenders from all or a portion of default-related losses on residential mortgage loans made to home buyers, as well as facilitates the sale of these mortgage loans in the secondary mortgage market. It offers primary mortgage insurance coverage on residential first-lien mortgage loans. This segment primarily serves mortgage bankers, mortgage brokers, commercial banks, savings institutions, credit unions, and community banks. The Services segment provides outsourced services, information-based analytics, and specialty consulting services for buyers and sellers of, and investors in, mortgage- and real estate-related loans and securities, and other asset-backed securities. This segment offers loan review and due diligence, monitoring of mortgage servicer and loan performance, valuation and component services, real estate owned asset management services, and outsourced mortgage services. Radian Group Inc. was founded in 1977 and is headquartered in Philadelphia, Pennsylvania.

FINANCIAL RATIOS  of  Radian Group (RDN)

Valuation Ratios
P/E Ratio 11.5
Price to Sales 2.9
Price to Book 1.2
Price to Tangible Book
Price to Cash Flow 9.2
Price to Free Cash Flow 10.2
Growth Rates
Sales Growth Rate 3.8%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 44%
Cap. Spend. - 3 Yr. Gr. Rate 43.1%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 37.3%
Total Debt to Equity 37.3%
Interest Coverage 8
Management Effectiveness
Return On Assets 6.1%
Ret/ On Assets - 3 Yr. Avg. 9.7%
Return On Total Capital 8%
Ret/ On T. Cap. - 3 Yr. Avg. 17.6%
Return On Equity 11.5%
Return On Equity - 3 Yr. Avg. 29.1%
Asset Turnover 0.2
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 50.2%
EBITDA Margin - 3 Yr. Avg. 49.2%
Operating Margin 45.6%
Oper. Margin - 3 Yr. Avg. 45.4%
Pre-Tax Margin 39.1%
Pre-Tax Margin - 3 Yr. Avg. 37.9%
Net Profit Margin 24.9%
Net Profit Margin - 3 Yr. Avg. 46.1%
Effective Tax Rate 36.4%
Eff/ Tax Rate - 3 Yr. Avg. -45.9%
Payout Ratio 0.6%

RDN stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the RDN stock intrinsic value calculation we used $1238 million for the last fiscal year's total revenue generated by Radian Group. The default revenue input number comes from 2016 income statement of Radian 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 RDN 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 4.5%, whose default value for RDN is calculated based on our internal credit rating of Radian 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 Radian 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 RDN stock the variable cost ratio is equal to 22.2%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $409 million in the base year in the intrinsic value calculation for RDN 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 5.8% for Radian Group.

Corporate tax rate of 27% is the nominal tax rate for Radian 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 RDN 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 RDN are equal to 11.8%.

Life of production assets of 10 years is the average useful life of capital assets used in Radian 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 RDN 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 - $2872 million for Radian 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 214.211 million for Radian 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 Radian Group at the current share price and the inputted number of shares is $3.5 billion.

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COMPANY NEWS

▶ Here Is One of My Best Stock Ideas, Doug Kass Explains   [Aug-07-17 11:00AM  TheStreet.com]
▶ Radian reports 2Q loss   [Aug-01-17 09:33PM  Associated Press]
▶ ETFs with exposure to Radian Group Inc. : June 30, 2017   [Jun-30-17 03:19PM  Capital Cube]
▶ ETFs with exposure to Radian Group Inc. : June 19, 2017   [Jun-19-17 04:02PM  Capital Cube]
▶ ETFs with exposure to Radian Group Inc. : June 9, 2017   [Jun-09-17 01:54PM  Capital Cube]
▶ Radian misses 1Q profit forecasts   [06:48AM  Associated Press]
▶ Bullish and Bearish Reversals in the Market   [Apr-03-17 11:30AM  TheStreet.com]
▶ Top Ranked Value Stocks to Buy for March 29th   [Mar-29-17 10:13AM  Zacks]
▶ Radian taps replacement for longtime CEO   [Feb-09-17 08:30AM  at bizjournals.com]
▶ Radian Declares Regular Quarterly Dividend on Common Stock   [Feb-08-17 04:30PM  Business Wire]
▶ Is Radian Group Inc (RDN) A Good Investment?   [Nov-26-16 01:25PM  at Insider Monkey]
Stock chart of RDN Financial statements of RDN
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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