Maiden Holdings North America, Ltd. (MHNC) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

—

vs $18.14 price

Levered DCF

$4.95

After debt service

Piotroski score

2 / 9

Weak

Altman Z-score

-0.67

Distress zone

Rating

—

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017
P/E	-8.9×	0×	29.16×	74.19×	0×	0×	0×	0×
P/B	39.55×	0×	5,715.19×	5,180.34×	3,485.64×	0×	0×	0×
P/S	31.67×	0×	27.98×	20.16×	0×	0×	0×	0×
EV / EBITDA	0×	0×	21.52×	43.27×	211.57×	0×	0×	0×
Gross margin	100.0%	0.0%	100.0%	100.0%	0.0%	0.0%	0.0%	0.0%
Operating margin	37.4%	0.0%	129.6%	27.0%	0.0%	0.0%	0.0%	0.0%
Net margin	-356.1%	0.0%	95.4%	27.0%	0.0%	0.0%	0.0%	0.0%
Current ratio	0×	0×	0×	0×	0×	0×	0×	0×
Debt / equity	0×	0×	0×	0×	0×	0×	0×	0×
Interest coverage	1.09×	0×	3.9×	1.38×	0×	0×	0×	0×
Dividend yield	10.8%	0.0%	10.3%	8.4%	8.9%	0.0%	0.0%	0.0%
Payout ratio	-96.3%	0.0%	303.0%	629.6%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017
Return on equity	-444.7%	0.0%	19478.6%	6934.2%	0.0%	0.0%	0.0%	0.0%
Return on invested capital	38.0%	0.0%	6395.6%	3164.0%	0.0%	0.0%	0.0%	0.0%
Return on assets	-15.3%	0.0%	3001.4%	1147.2%	0.0%	0.0%	0.0%	0.0%
Free cash flow yield	-3.8%	0.0%	-12.0%	0.0%	-29.4%	0.0%	0.0%	0.0%
Earnings yield	-11.2%	0.0%	3.4%	1.3%	0.0%	0.0%	0.0%	0.0%
Enterprise value	$1.8B	-$42.7M	$1.6B	$2B	$1.8B	-$48.2M	-$200.8M	-$67.9M
Net debt / EBITDA	0×	0×	-0.01×	-0.02×	-0.17×	0×	0×	0×
Cash conversion cycle (days)	135	0	3	0	0	0	0	0