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MGIC Investment Upgraded at RBC Capital on Attractive Valuation

By Sam Boughedda MGIC Investment Corporation's (NYSE:MTG) shares were upgraded to Outperform from Sector Perform by RBC Capital on Thursday. RBC analyst Mark Dwelle, who also...
MGIC Investment Upgraded at RBC Capital on Attractive Valuation © Reuters MGIC Investment (MTG) Upgraded at RBC Capital on Attractive Valuation

By Sam Boughedda

MGIC Investment Corporation's (NYSE:MTG) shares were upgraded to Outperform from Sector Perform by RBC Capital on Thursday.

RBC analyst Mark Dwelle, who also raised the firm's price target on the stock to $16 from $15, said the upgrade was based on a historical valuation disconnect, reinsurance and risk management improvements, meaningful debt reduction, and best-in-industry NIW total since 2019.

"Our upgrade balances the sentiment headwind of owning 'mortgage' stocks in a market fearful of recession and slowing housing market, with the sizable discount to book value where MGIC shares currently trade," said Dwelle.

RBC sees MGIC as "attractively valued," and over time, they expect shares to rebound towards book value and perhaps higher.

MGIC shares are down 13% in 2022 but have jumped 7.8% Thursday.

MGIC has cut its debt to cap ratio nearly in half since YE2020 and lowered its average borrowing cost by nearly 50 bps. The biggest action has been the over $200 million of repurchases of 9% convertible debentures (2063 maturity), which helped reduce potentially dilutive shares by 10 million shares," said Dwelle. "Since YE2019, MGIC has written the most new business in the MI industry. The 2020 and 2021 cohorts are blocks of business we expect to be particularly profitable with high affordability (i.e. low interest rates) and meaningful HPA. MGIC's top market share during the period should set up for a strong multi-year earnings outlook."

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30-06-2022 19:49:46 (UTC+7)

EUR/USD

1.0391

-0.0048 (-0.46%)

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Moving Avg:

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EUR/USD

1.0391

-0.0048 (-0.46%)

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Sell (12)

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GBP/USD

1.2119

-0.0006 (-0.05%)

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Moving Avg:

Buy (2)

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Buy (1)

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USD/JPY

136.07

-0.51 (-0.37%)

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↑ Sell

Moving Avg:

Buy (1)

Sell (11)

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AUD/USD

0.6891

+0.0009 (+0.14%)

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Sell

Moving Avg:

Buy (6)

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USD/CAD

1.2909

+0.0018 (+0.14%)

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Buy

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EUR/JPY

141.40

-1.18 (-0.83%)

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EUR/CHF

0.9951

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Gold Futures

1,822.60

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Silver Futures

20.570

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Copper Futures

3.7107

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Crude Oil WTI Futures

109.41

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Brent Oil Futures

112.10

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Natural Gas Futures

6.434

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US Coffee C Futures

229.90

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Euro Stoxx 50

3,438.85

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S&P 500

3,818.83

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21,859.79

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1,719.37

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Neutral

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IBEX 35

8,044.66

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Sell (3)

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Sell (2)

BASF SE NA O.N.

40.270

-1.310 (-3.15%)

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↑ Buy

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Bayer AG NA

56.69

-0.93 (-1.61%)

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Allianz SE VNA O.N.

181.14

-2.58 (-1.40%)

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Buy (1)

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Adidas AG

167.93

-2.09 (-1.23%)

Summary

Sell

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Buy (2)

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Deutsche Lufthansa AG

5.495

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Siemens AG Class N

97.97

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Deutsche Bank AG

8.273

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Summary

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Moving Avg:

Buy (8)

Sell (4)

Indicators:

Buy (7)

Sell (1)

 EUR/USD1.0391↑ Sell
 GBP/USD1.2119↑ Sell
 USD/JPY136.07↑ Sell
 AUD/USD0.6891Sell
 USD/CAD1.2909Buy
 EUR/JPY141.40↑ Sell
 EUR/CHF0.9951↑ Sell
 Gold1,822.60↑ Buy
 Silver20.570↑ Buy
 Copper3.7107↑ Buy
 Crude Oil WTI109.41↑ Buy
 Brent Oil112.10↑ Buy
 Natural Gas6.434Neutral
 US Coffee C229.90↑ Buy
 Euro Stoxx 503,438.85↑ Buy
 S&P 5003,818.83↑ Buy
 DAX12,707.21↑ Buy
 FTSE 1007,171.22↑ Sell
 Hang Seng21,859.79Sell
 Small Cap 20001,719.37Neutral
 IBEX 358,044.66Buy
 BASF40.270↑ Buy
 Bayer56.69↑ Sell
 Allianz181.14↑ Sell
 Adidas167.93Sell
 Lufthansa5.495↑ Sell
 Siemens AG97.97Neutral
 Deutsche Bank AG8.273↑ Buy
Mua/Bán 1 chỉ SJC
# So hôm qua # Chênh TG
SJC Eximbank6,810/ 6,870
(5/ 5) # 1,764
SJC HCM6,830/ 6,890
(10/ 0) # 1,783
SJC Hanoi6,830/ 6,892
(10/ 0) # 1,785
SJC Danang6,830/ 6,892
(10/ 0) # 1,785
SJC Nhatrang6,830/ 6,892
(10/ 0) # 1,785
SJC Cantho6,830/ 6,892
(10/ 0) # 1,785
Cập nhật 30-06-2022 19:49:48
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ↀ Giá vàng thế giới
$1,810.40-8.66-0.48%
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Ngoại tệMua vàoBán ra
USD23.105,0023.415,00
EUR23.704,3925.032,07
GBP27.520,9428.694,87
JPY165,73175,46
KRW15,5118,90
Cập nhật lúc 18:51:16 30/06/2022
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