- BTIG's Mark Palmer reiterates his Neutral rating on Genworth (GNW -1.9%) as operating EPS of $0.27 missed his $0.30 estimate.
- While he continues to believe the company trades at a discount to its sum-of-its-parts value - the stock sells for 0.57x book (excluding AOCI) - Palmer isn't seeing any near-term catalysts to propel a higher share price.
- He notes the company's U.S. mortgage insurance unit chalked up its 2nd consecutive quarterly profit as delinquencies fell.
- Australian mortgage insurance income bounced back from Q1's slowing, maybe quelling concerns about that country's property market
- In another bubbly property market, Canadian mortgage insurance wracked up a $43M gain, up from $1M in Q1 as delinquencies fell.
- Earnings report.
Genworth remains cheap, but without a catalyst
Jul 31 2013, 12:23 ET