Genworth’s Australia Debut

Genworth’s Australia debut raised $545 million in U.S. dollars and begs the question; now what? Genworth announced [Source] that it’s’ subsidiary, Genworth Mortgage of Australia Limited priced its initial public offering (IPO) of 220 million shares at $2.65 Australian Dollars (A) for a total of A$583 or US$545. This 34% sale of the business values […]

Genworth (GNW) Investment Thesis: Part I What went wrong?

Genworth Financial, Inc. (GNW): Genworth Financial, Inc. (GNW) provides insurance and financial management in the United States and internationally including fixed annuity products, life and long-term care insurance; payment protection; and mortgage insurance to insure residential mortgage loans. With more than 15 million customers in 25 countries the company was spun off from General Electric, Inc. […]

Genworth (GNW) Investment Thesis: Part II Turnaround and Valuation

In Genworth (GNW) Investment Thesis: Part I we discussed what led to the collapse in the share price and why it is still trading at a huge discount to intrinsic value. The central question: is this deep discount justified or is it a value investing opportunity created by past worries, fear and excessive pessimism? To […]