MGIC Investment Corporation (MTG) · wyniki II kw. 2026 i wycena

Przy wzroście 1,1% rocznie (3-letni wzrost przychodów) wartość godziwa z modelu to $44.61 na akcję — kurs jest o 35% poniżej niej. Obecna cena zakłada wzrost o −5,0% rocznie.

1. Słabnie

   Insurance in force is holding flat, aligned with expectations entering the year.

   Cytat ze źródła

   “Overall, we continue to expect our insurance in force to remain relatively flat in 2026. Both insurance in force and annual persistency are aligned with our expectations entering the year. If mortgage rates were to decline more than currently predicted, we would expect the size of the MI market to benefit from increased refinance activity, although the growth in insurance in force would be offset by lower persistency, which is consistent with what...”

Script and answers carried a similar tone, so the script's message held up under questioning.

Zdania, które wpłynęły na ton

“loss volatility and stress scenarios Reinsurance agreements with a panel of highly rated reinsurers reduce loss volatility in stress scenarios while providing capital diversification and flexibility at attractive costs.”

“Market conditions have constrained insurance in force growth in recent years, and against that backdrop, our capital return activity reflects continued strong mortgage credit performance and our robust financial position.”

“So, you know, we have done up to, say, 40% quota shares, the excess of loss deals that we have done in recent years have allocated about 30% of the...”