MGIC Investment Corporation (MTG)

Executive Summary

MGIC Investment is one of the four scale players in the U.S. private mortgage insurance industry, a sector that emerged from the 2008-2009 financial crisis substantially restructured. MGIC is the largest pure-play and the longest-tenured PMI carrier — founded in 1957. The post-crisis franchise carries lower leverage, stricter underwriting, and stronger capital adequacy than its pre-crisis predecessor. At $26.37, MTG trades at 8.5x forward earnings, 1.10x book value of $23.63 per share, and delivers a 14.1 percent return on equity through what has been a benign mortgage credit cycle.

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