MGIC Investment Corporation


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MGIC Investment Corporation: Initiation of Coverage – Focus on Risk and Insurance-in-force Management! 


MGIC Investment Corporation reported its financial outcomes for the first quarter, showcasing a robust performance despite a varying macroeconomic climate. The key financial indicators for MGIC demonstrated positive results, with net income standing at $174 million and an annualized return on equity of 13.7%. The persistency rate maintained its previous levels at 86%, reflecting stable customer retention. The company’s insurance in force experienced a slight decline of 0.5% from the previous year, totaling $291 billion. This modest decrease can be attributed to the ongoing challenges in the mortgage origination industry marked by high interest rates and affordability hurdles that have led to subdued home sales activity. In particular, the persistency in mortgage insurance was influenced by previous borrowers enjoying lower rates, which deterred them from entering the market at current higher rates.

Our Report Structure:

⦁ Company Overview
⦁ Investment Thesis
⦁ Key Drivers
⦁ Historical Quarterly Statement Analysis – Income Statement & Cash Flows
⦁ Historical Quarterly Balance Sheet Analysis
⦁ Historical Annual Financial Statement Analysis
⦁ Analysis Of Key Financial Ratios
⦁ Financial Forecasts For 3 Years
⦁ Forecasting The Capital Structure & Net Debt
⦁ Discounted Cash Flow Valuation
⦁ Trading Multiples
⦁ Key Risks
⦁ Disclosures

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