Nmi Holdings Inc is scored 96 for moat and 95 for management. The management score rests on a return on invested capital of 11.7% and a gross margin of 91.8% — figures that describe a business turning capital into profit efficiently. Debt sits at 0.16x equity.
The price anchors are built on deliberately conservative assumptions. Growth is modelled at 10.1% a year, the rate measured from the filings. The exit multiple assumed is 8.2x. That produces an intrinsic value of $26.78, a 10-CAP price of $57.93 and a payback time price of $73.20, with the value zone set at the highest of the three, $73.20. Today's price of $38.08 sits inside that zone.
A business scoring this well, trading inside its value zone, is the combination the framework exists to find — which is also the reason to check why the market disagrees. A margin of safety score of 35 describes the cushion, not the certainty.
| Price | $38.08 |
| Market cap | $2.9B |
| P/E ratio | 7.5x |
| Return on invested capital | 11.7% |
| Gross margin | 91.8% |
| Debt to equity | 0.16x |
| Free cash flow yield | 13.0% |
| Growth rate used | 10.1% |
| Growth rate measured | 10.0% |
| Exit multiple assumed | 8.2x |
| Company | Moat | Buy price |
| Siriuspoint Ltd (SPNT) | 72 | $58.22 |
| Lazard Inc (LAZ) | 19 | $61.46 |
| Bread Financial Holdings Inc (BFH) | 62 | $599.11 |
| Wsfs Financial Corp (WSFS) | 70 | $70.77 |
Every number above is built on assumptions that can be changed. In Moatly you can move the growth rate, the exit multiple and the margin of safety and watch every figure recalculate, so you are testing your own view of Nmi Holdings Inc rather than accepting ours.