DDM Analysis: MTG

Valuation Snapshot

Stable Growth	$26.86 - $40.49	$33.30
Multi-Stage	$40.38 - $44.35	$42.32
Blended Fair Value	$37.81
Current Price	$28.37
Upside	33.28%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	25.50%	0.00%	0.54	0.51	0.46	0.39	0.34	0.17	0.00	0.00	0.00	0.00
YoY Growth	-	-	6.13%	10.83%	17.75%	14.82%	95.78%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	2.17%	2.31%	3.41%	2.86%	2.44%	2.72%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	753.74
(-) Cash Dividends Paid (M)	132.01
(=) Cash Retained (M)	621.72

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	150.75	94.22	56.53
Cash Retained (M)	621.72	621.72	621.72
(-) Cash Required (M)	-150.75	-94.22	-56.53
(=) Excess Retained (M)	470.98	527.51	565.19
(/) Shares Outstanding (M)	242.78	242.78	242.78
(=) Excess Retained per Share	1.94	2.17	2.33
LTM Dividend per Share	0.54	0.54	0.54
(+) Excess Retained per Share	1.94	2.17	2.33
(=) Adjusted Dividend	2.48	2.72	2.87
WACC / Discount Rate	8.70%	8.70%	8.70%
Growth Rate	-0.50%	0.50%	1.50%
Fair Value	$26.86	$33.30	$40.49
Upside / Downside	-5.31%	17.37%	42.72%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	753.74	757.50	761.28	765.08	768.90	772.74	795.92
Payout Ratio	17.51%	32.01%	46.51%	61.01%	75.50%	90.00%	92.50%
Projected Dividends (M)	132.01	242.49	354.06	466.74	580.54	695.46	736.22

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.70%	8.70%	8.70%
Growth Rate	-0.50%	0.50%	1.50%
Year 1 PV (M)	220.87	223.08	225.30
Year 2 PV (M)	293.73	299.67	305.66
Year 3 PV (M)	352.69	363.43	374.38
Year 4 PV (M)	399.56	415.86	432.66
Year 5 PV (M)	435.97	458.32	481.58
PV of Terminal Value (M)	8,100.08	8,515.38	8,947.55
Equity Value (M)	9,802.88	10,275.75	10,767.15
Shares Outstanding (M)	242.78	242.78	242.78
Fair Value	$40.38	$42.32	$44.35
Upside / Downside	42.32%	49.19%	56.32%

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Financial Statements

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MGIC Investment Corporation (MTG)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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