NMI Holdings, Inc. (NMIH)

Executive Summary

NMI Holdings is the youngest of the four scale players in U.S. private mortgage insurance — founded in 2012 to compete in the post-crisis PMI market under the National MI brand. Today NMIH is roughly the third-largest PMI by new insurance written and the second-most-profitable as measured by ROE (15.6 percent TTM). The stock at $38.27 trades at 7.4x forward earnings and 1.09x book value of $34.57 per share. NMIH does not pay a dividend — capital is returned exclusively through buybacks, which we view as appropriate for a company still compounding book value at 14+ percent annually. We at T&T Capital Management view NMIH as a high-quality cyclical at an attractive multiple.

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