Radian Group Inc. (RDN)

Executive Summary

Radian Group is the second-largest U.S. private mortgage insurer and the only PMI in our coverage with a meaningful non-PMI segment — the title insurance and mortgage services business that generates approximately 25 percent of revenue. At $37.65, RDN trades at 7.0x forward earnings, 1.05x book value of $35.67, and offers a 2.71 percent dividend yield. The franchise has compounded book value at 10.5 percent annually over the past twelve years — a respectable record though below NMIH’s 17.6 percent and MTG’s 14 percent. The diversification into title insurance provides revenue stability but has historically delivered lower returns than the core PMI business.

What’s Inside The Full Report

• 15-year financial summary table — revenue, net income, GAAP & adjusted EPS
• Valuation framework — current multiples vs. 5-year historical range
• Peer comparison table — multiples, margins, balance-sheet metrics
• Base case, bull case, bear case price targets with explicit math
• Competitive position and economic moat analysis
• Management and capital allocation track record
• Balance sheet review — leverage, credit ratings, distribution coverage
• Insider activity — recent open-market buys / sells with interpretation
• Strategic acquisitions and divestitures history
• Sell-side consensus and where TTCM differs
• Detailed risk factors specific to the name
• Bull case and forward catalysts to watch
• TTCM rating with explicit ADD / TRIM price triggers