NMIH — Valuation Models

Interactive models with editable assumptions. All calculations run client-side.

Valuation Summary

Model	Intrinsic Value	vs Price ($39.63)
DCF	$89.42	+125.6%
Graham Number	$61.33	+54.8%
Reverse DCF	—	implied g: -0.9%
DDM	—	—
EV/EBITDA	$39.63	-0.0%

Values reflect default assumptions. Adjust inputs in each model below to update.

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $267.06M

Near-term growth (yrs 1–5)(%)Rev: 8.5% / EPS: 12.1%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 6.85%

Computed WACC: 6.85%

Cost of equity (Re)7.81%(Rf 4.30% + β 0.64 × ERP 5.50%)

Cost of debt (Rd)0.00%(no debt / unavailable → 0%)

Tax rate (T)21.00%(US statutory fallback)

Equity weight (E/V)87.74%

Debt weight (D/V)12.26%

Results

Intrinsic Value / share$139.32

Current Price$39.63

Upside / Downside+251.5%

Net Debt (used)$294.98M

Sensitivity: WACC (rows) × Near-term g (cols)

WACC \ Near-term	4.1%	8.1%	12.1%	16.1%	20.1%
7.0%	$93.73	$112.54	$134.26	$159.19	$187.70
8.0%	$75.29	$90.31	$107.63	$127.49	$150.18
9.0%	$62.57	$74.98	$89.26	$105.63	$124.32
10.0%	$53.27	$63.78	$75.85	$89.68	$105.46
11.0%	$46.19	$55.25	$65.65	$77.55	$91.11

2 — Graham Number

Assumptions

MultiplierGraham used 22.5 (15× P/E × 1.5× P/B)

EPS (trailing)($)Yahoo: $4.92

Book Value / share($)Yahoo: $33.98

Results

Graham Number$61.33

Current Price$39.63

Margin of Safety+54.8%

Formula: √(22.5 × max(0,EPS) × max(0,BVPS))

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 6.85%

Terminal growth rate(%)

Computed WACC: 6.85%

Cost of equity (Re)7.81%(Rf 4.30% + β 0.64 × ERP 5.50%)

Cost of debt (Rd)0.00%(no debt / unavailable → 0%)

Tax rate (T)21.00%(US statutory fallback)

Equity weight (E/V)87.74%

Debt weight (D/V)12.26%

Results

Current Price$39.63

Implied Near-term FCF Growth-6.9%

Historical Revenue Growth8.5%

Historical Earnings Growth12.1%

Base FCF (TTM)$267.06M

Implied growth is the FCF growth rate (yrs 1–5) that makes the DCF intrinsic value equal the current price. Long-term growth is set to half the implied near-term rate.

4 — Dividend Discount Model (DDM)

Assumptions

Annual dividend D0($/share)Yahoo: —

Dividend growth rate (g)(%)

Required return (r)(%)

Results

This company does not pay a dividend. DDM is not applicable — the intrinsic value shown uses D0 = $0 unless you enter a hypothetical dividend above.

DDM Intrinsic Value / share—

Current Price$39.63

Upside / Downside—

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $539.54M

Target EV/EBITDA multipleCurrent: 6.1×

Net Debt($B)Default: $294.98M

Results

Implied Equity Value / share$39.63

Current Price$39.63

Upside / Downside-0.0%

Implied EV$3.31B

Sensitivity: EV/EBITDA multiple (rows) × Net Debt (cols)

Mult \ Net Debt	-$1.71B	-$705.02M	$294.98M	$1.29B	$2.29B
2.1x	$37.55	$24.39	$11.24	$-1.91	$-15.06
4.1x	$51.74	$38.59	$25.43	$12.28	$-0.87
6.1x	$65.93	$52.78	$39.63	$26.47	$13.32
8.1x	$80.12	$66.97	$53.82	$40.67	$27.51
10.1x	$94.32	$81.16	$68.01	$54.86	$41.71

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