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.

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