Seeking Alpha

Genworth remains cheap, but without a catalyst

  • 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.
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