Triad Guaranty Inc. Financial Ratios — TGIC Stock

Profitability (USD)

	1997 Y	1998 Y	1999 Y	2000 Y	2001 Y	2002 Y	2003 Y	2004 Y	2005 Y	2006 Y	2007 Y	2008 Y	2009 Y	2010 Y	2011 Y
As of date	12/31/1997	12/31/1998	12/31/1999	12/31/2000	12/31/2001	12/31/2002	12/31/2003	12/31/2004	12/31/2005	12/31/2006	12/31/2007	12/31/2008	12/31/2009	12/31/2010	12/31/2011

Return on Common Equity (%)	43.78	40.59	35.37	29.81	26.53	22.7	20.7	19.37	15.82	15.61	-18.69	- -	- -	- -	- -
Return on Assets (%)	13.72	13.19	12.32	11.83	11.38	10.26	9.65	9.36	7.89	7.89	-7.64	-55.77	-52.82	12.48	-11.42
Return on Capital (%)	43.78	33.84	26.85	24.32	22.72	20.16	18.86	17.97	14.94	14.87	- -	- -	- -	-18.74	- -
Return on Invested Capital (%)	- -	- -	- -	- -	- -	- -	- -	13.78	11.7	11.88	- -	- -	- -	593.25	- -
Gross Margin (%)	100	100	100	100	100	100	100	100	100	100	100	100	100	100	100
EBITDA Margin (%)	- -	- -	- -	- -	- -	- -	- -	52.5	42.01	38.93	-40.89	-278.99	-257.25	40.22	- -
Operating Margin (%)	- -	- -	- -	- -	- -	- -	- -	52.5	42.01	38.93	-40.89	-278.99	-257.25	40.22	- -
Incremental Operating Margin (%)	- -	- -	- -	- -	- -	- -	- -	395.64	-12.94	26.36	- -	- -	- -	4,221.63	216.42
Pretax Margin (%)	56.35	55.63	57.84	59.23	58.9	54.96	51.74	50.78	40.57	37.77	-42.31	-278.99	-257.25	40.22	-51.96
Profit Margin (%)	38.49	38.69	40.18	41.27	40.73	37.99	36.53	36.22	29.58	27.45	-25.08	-233.36	-250.46	51.86	-51.96
Net Income to Common Margin (%)	38.49	38.69	40.18	41.27	40.73	37.99	36.53	36.22	29.58	27.45	-25.08	-233.36	-250.46	51.86	-51.96
Effective Tax Rate (%)	31.7	30.46	30.53	30.33	30.86	30.87	29.41	28.66	27.07	27.33	- -	- -	- -	- -	- -
Dvd Payout Ratio (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Sustainable Growth Rate (%)	43.78	40.59	35.37	29.81	26.53	22.7	20.7	19.37	15.82	15.61	-18.69	- -	- -	- -	- -

Credit (USD)

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	1997 Y	1998 Y	1999 Y	2000 Y	2001 Y	2002 Y	2003 Y	2004 Y	2005 Y	2006 Y	2007 Y	2008 Y	2009 Y	2010 Y	2011 Y
As of date	12/31/1997	12/31/1998	12/31/1999	12/31/2000	12/31/2001	12/31/2002	12/31/2003	12/31/2004	12/31/2005	12/31/2006	12/31/2007	12/31/2008	12/31/2009	12/31/2010	12/31/2011

Total Debt	- -	34	34	34	34	34	34	34	35	35	115	35	35	- -	- -
ST Debt	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	80	- -	- -	- -	- -
LT Debt	- -	34	34	34	34	34	34	34	35	35	35	35	35	- -	- -
Total Debt/EBITDA	- -	- -	- -	- -	- -	- -	- -	0.41	0.43	0.37	-0.91	-0.05	-0.06	- -	- -
Net Debt/EBITDA	- -	- -	- -	- -	- -	- -	- -	0.28	0.32	-0.04	0.08	0.01	-0.02	-0.38	- -
Total Debt/EBIT	- -	- -	- -	- -	- -	- -	- -	0.41	0.43	0.37	-0.91	-0.05	-0.06	- -	- -
Net Debt/EBIT	- -	- -	- -	- -	- -	- -	- -	0.28	0.32	-0.04	0.08	0.01	-0.02	-0.38	- -
EBITDA to Interest Expense	- -	- -	- -	- -	- -	- -	- -	30.54	29.09	33.56	-28.86	-212.13	-101.39	8.71	- -
EBITDA-CapEx/Interest Expense	- -	-0.65	-1.15	-1.51	-1.51	-0.41	-1.14	29.5	28.25	32.7	-30.24	-212.49	-101.39	8.7	- -
EBIT to Interest Expense	- -	- -	- -	- -	- -	- -	- -	30.54	29.09	33.56	-28.86	-212.13	-101.39	8.71	- -
Interest Expense	- -	3	3	3	3	3	3	3	3	3	4	4	6	12	18
Common Equity/Total Assets	34.54	31.27	37.96	41.08	44.43	45.82	47.32	49.22	50.5	50.6	33.17	-22.59	-75.66	-72.5	-92.24
Long-Term Debt/Equity (%)	- -	25.05	21.94	17.25	14.01	11.14	9.32	7.89	6.91	6.05	6.92	- -	- -	- -	- -
Long-Term Debt/Capital (%)	- -	32.34	25.65	20.35	16.37	13.48	11.24	9.44	8.17	7.08	7.04	-15.64	-4.23	- -	- -
Long-Term Debt/Total Assets (%)	- -	14.95	13.1	10.5	8.7	7.14	5.99	5.13	4.5	3.85	3.05	3.05	3.07	- -	- -
Total Debt/Equity (%)	- -	25.05	21.94	17.25	14.01	11.14	9.32	7.89	6.91	6.05	22.96	-25.27	-4.89	- -	- -
Total Debt/Capital (%)	- -	32.34	25.65	20.35	16.37	13.48	11.24	9.44	8.17	7.08	23.36	-15.64	-4.23	- -	- -
Total Debt/Total Assets (%)	- -	14.95	13.1	10.5	8.7	7.14	5.99	5.13	4.5	3.85	10.11	3.05	3.07	- -	- -
Net Debt to Equity	-0.01	24.73	21.8	16.49	13.66	11.07	9.06	5.5	5.12	-0.72	-2.06	3.96	-1.8	6.61	5.77
Net Debt/Capital (%)	-0.02	32.06	25.53	19.63	16.03	13.4	10.96	6.78	6.19	-0.91	-2.82	2.08	-1.52	5.12	4.68
EBITDA	- -	- -	- -	- -	- -	- -	- -	85	81	93	-126	-755	-612	102	- -
EBITDA-CapEx	-1	-2	-3	-4	-4	-1	-3	82	78	91	-132	-756	-612	102	- -
Operating Income (Loss)	- -	- -	- -	- -	- -	- -	- -	85	81	93	-126	-755	-612	102	- -

Liquidity (USD)

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	1997 Y	1998 Y	1999 Y	2000 Y	2001 Y	2002 Y	2003 Y	2004 Y	2005 Y	2006 Y	2007 Y	2008 Y	2009 Y	2010 Y	2011 Y
As of date	12/31/1997	12/31/1998	12/31/1999	12/31/2000	12/31/2001	12/31/2002	12/31/2003	12/31/2004	12/31/2005	12/31/2006	12/31/2007	12/31/2008	12/31/2009	12/31/2010	12/31/2011

Cash Ratio	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Current Ratio	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Quick Ratio	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
CFO/Avg Current Liab	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Common Equity/Total Assets	34.54	31.27	37.96	41.08	44.43	45.82	47.32	49.22	50.5	50.6	33.17	-22.59	-75.66	-72.5	-92.24
Long-Term Debt/Equity (%)	- -	25.05	21.94	17.25	14.01	11.14	9.32	7.89	6.91	6.05	6.92	- -	- -	- -	- -
Long-Term Debt/Capital (%)	- -	32.34	25.65	20.35	16.37	13.48	11.24	9.44	8.17	7.08	7.04	-15.64	-4.23	- -	- -
Long-Term Debt/Total Assets (%)	- -	14.95	13.1	10.5	8.7	7.14	5.99	5.13	4.5	3.85	3.05	3.05	3.07	- -	- -
Total Debt/Equity (%)	- -	25.05	21.94	17.25	14.01	11.14	9.32	7.89	6.91	6.05	22.96	-25.27	-4.89	- -	- -
Total Debt/Capital (%)	- -	32.34	25.65	20.35	16.37	13.48	11.24	9.44	8.17	7.08	23.36	-15.64	-4.23	- -	- -
Total Debt/Total Assets (%)	- -	14.95	13.1	10.5	8.7	7.14	5.99	5.13	4.5	3.85	10.11	3.05	3.07	- -	- -
CFO/Total Liabilities	65.81	25.08	29.02	25.45	29.15	27.06	28.84	29.37	26.4	27.18	30.14	11.61	-7.37	3.67	-4.79
CFO/CapEx	12.51	14	9.64	7.83	10.48	41.15	18.82	23.81	30.29	37.13	31.57	113.53	- -	876.64	- -
Altman's Z-Score	9.31	2.61	2.53	2.89	2.84	2.68	3.01	3.58	2.75	2.81	0.51	-2.28	-2.64	-0.42	-1.06

Working Capital (USD)

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	1997 Y	1998 Y	1999 Y	2000 Y	2001 Y	2002 Y	2003 Y	2004 Y	2005 Y	2006 Y	2007 Y	2008 Y	2009 Y	2010 Y	2011 Y
As of date	12/31/1997	12/31/1998	12/31/1999	12/31/2000	12/31/2001	12/31/2002	12/31/2003	12/31/2004	12/31/2005	12/31/2006	12/31/2007	12/31/2008	12/31/2009	12/31/2010	12/31/2011

Accounts Receivable Turnover	441.97	190.85	236.21	4,769.08	19,138.57	592.11	219.06	106.73	117.46	242.79	92.79	93.02	- -	- -	- -
Days Sales Outstanding	0.83	1.91	1.55	0.08	0.02	0.62	1.67	3.42	3.11	1.5	3.93	3.92	- -	- -	- -
Inventory Turnover	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Days Inventory Outstanding	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Accounts Payable Turnover	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Accounts Payable Turnover Days	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash Conversion Cycle	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Inventory to Cash Days	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Inventories	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Enterprise Value (USD)

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	1997 Y	1998 Y	1999 Y	2000 Y	2001 Y	2002 Y	2003 Y	2004 Y	2005 Y	2006 Y	2007 Y	2008 Y	2009 Y	2010 Y	2011 Y
As of date	12/31/1997	12/31/1998	12/31/1999	12/31/2000	12/31/2001	12/31/2002	12/31/2003	12/31/2004	12/31/2005	12/31/2006	12/31/2007	12/31/2008	12/31/2009	12/31/2010	12/31/2011

Market Capitalization	385	294	303	441	491	518	721	874	646	810	145	6	4	4	2
- Cash & Cash Equivalents	- -	- -	- -	2	1	- -	1	10	9	39	125	40	22	39	41
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Total Debt	- -	34	34	34	34	34	34	34	35	35	115	35	35	- -	- -
Enterprise Value	377	322	323	457	506	517	729	886	667	801	78	-40	-10	-75	-69
Total Capital	48	107	134	169	211	256	307	365	422	488	490	-221	-816	-719	-827
Total Debt/Capital (%)	- -	32.34	25.65	20.35	16.37	13.48	11.24	9.44	8.17	7.08	23.36	-15.64	-4.23	- -	- -
Total Debt / EV	- -	0.11	0.11	0.08	0.07	0.07	0.05	0.04	0.05	0.04	1.46	-0.85	-3.49	- -	- -
EV/Sales	8.41	5.12	4.27	5.39	5	4.36	5.21	5.49	3.47	3.35	0.25	- -	- -	- -	- -
EV/EBITDA	- -	- -	- -	- -	- -	- -	- -	10.46	8.27	8.6	- -	- -	- -	- -	- -
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	10.46	8.27	8.6	- -	- -	- -	- -	- -
EV/Cash Flow to Firm	21.05	12.85	9.88	13.2	11.07	10.58	11.9	12.5	9.15	8.85	0.4	- -	- -	- -	- -
EV/Free Cash Flow to Firm	19.49	12.05	9	11.78	10.14	10.34	11.32	12.01	8.87	8.63	0.39	- -	- -	- -	- -
Diluted Market Cap	398	305	310	455	507	528	731	888	651	818	145	6	4	4	2
Diluted Enterprise Value	398	339	345	488	541	563	764	912	677	814	135	- -	17	-35	-39
EV per Share	28.35	24.17	24.28	34.33	37.37	36.78	50.9	61.28	45.4	54.23	5.28	- -	- -	- -	- -
TTM Sales	45	63	76	85	101	119	140	161	192	239	309	270	238	255	207
TTM EBITDA	- -	- -	- -	- -	- -	- -	- -	85	81	93	-126	-755	-612	102	- -
TTM Operating Income	- -	- -	- -	- -	- -	- -	- -	85	81	93	-126	-755	-612	102	- -
TTM Cash Flow to Firm	18	25	33	35	46	49	61	71	73	90	194	150	-129	70	-58
TTM Free Cash Flow to Firm	19	27	36	39	50	50	64	74	75	93	200	151	-129	70	-58

Multiples (USD)

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	1997 Y	1998 Y	1999 Y	2000 Y	2001 Y	2002 Y	2003 Y	2004 Y	2005 Y	2006 Y	2007 Y	2008 Y	2009 Y	2010 Y	2011 Y
As of date	12/31/1997	12/31/1998	12/31/1999	12/31/2000	12/31/2001	12/31/2002	12/31/2003	12/31/2004	12/31/2005	12/31/2006	12/31/2007	12/31/2008	12/31/2009	12/31/2010	12/31/2011

Price/Free Cash Flow	20.57	12.22	9.14	12.32	10.56	10.98	11.7	12.36	8.9	9.01	0.74	0.04	-0.03	0.06	-0.02
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	10.46	8.27	8.6	- -	- -	- -	- -	- -
Enterprise Value	377	322	323	457	506	517	729	886	667	801	78	-40	-10	-75	-69
Low Price	13.63	10.5	11.5	14.88	26	30.79	30.93	49.06	35.68	41.5	5.5	0.28	0.12	0.14	0.04
EV/Sales	8.41	5.12	4.27	5.39	5	4.36	5.21	5.49	3.47	3.35	0.25	- -	- -	- -	- -
EV/EBITDA	- -	- -	- -	- -	- -	- -	- -	10.46	8.27	8.6	- -	- -	- -	- -	- -
Price/Earnings	22.36	12.08	9.96	12.61	11.91	11.49	14.11	14.97	11.38	12.35	- -	- -	- -	0.03	- -
Price/Earnings Average	16.48	16.82	7.98	9.09	11.2	12.78	11.68	13.64	12.46	11.23	-6.17	-0.06	-0.02	0.03	-0.03
Price/Earnings High	25.63	23.75	10.37	13.7	13.18	15.12	14.36	15.08	15.6	13.02	-11.22	-0.24	-0.05	0.08	-0.07
Price/Earnings Low	10.51	5.75	5.03	5.66	8.54	9.6	8.67	12.14	9.23	9.34	-1.05	-0.01	- -	0.02	-0.01
Price/Book Value	8.03	4.08	3.03	3.27	2.79	2.34	2.65	2.64	1.67	1.79	0.39	-0.02	- -	-0.01	- -
Price/Book Value Average	5.92	5.69	2.43	2.36	2.62	2.61	2.19	2.41	1.83	1.63	1.27	-0.16	-0.01	-0.01	- -
Price/Book Value High	9.21	8.03	3.16	3.56	3.09	3.08	2.69	2.66	2.29	1.89	2.31	-0.6	-0.03	-0.01	-0.01
Price/Book Value Low	3.77	1.94	1.53	1.47	2	1.96	1.63	2.14	1.35	1.35	0.22	-0.02	- -	- -	- -
Price/Tangible Book Value	3.45	2.14	1.93	2.21	2	1.68	1.95	2	1.29	1.42	0.29	-0.04	-0.01	-0.01	- -
Price/Tangible Book Value Average	2.54	2.98	1.55	1.59	1.88	1.86	1.61	1.82	1.42	1.29	0.96	-0.29	-0.01	-0.01	- -
Price/Tangible Book Value High	3.95	4.21	2.01	2.4	2.21	2.2	1.98	2.01	1.78	1.5	1.74	-1.11	-0.04	-0.02	-0.01
Price/Tangible Book Value Low	1.62	1.02	0.97	0.99	1.43	1.4	1.2	1.62	1.05	1.07	0.16	-0.03	- -	- -	- -
Price/Sales	8.6	4.67	4	5.2	4.85	4.37	5.16	5.42	3.37	3.39	0.47	0.02	0.02	0.01	0.01
Price/Sales Average	6.34	6.51	3.21	3.75	4.56	4.86	4.27	4.94	3.68	3.08	1.55	0.15	0.04	0.02	0.02
Price/Sales High	9.86	9.19	4.17	5.65	5.37	5.74	5.24	5.46	4.62	3.57	2.82	0.56	0.11	0.04	0.03
Price/Sales Low	4.04	2.22	2.02	2.34	3.48	3.65	3.17	4.4	2.73	2.56	0.26	0.02	0.01	0.01	- -
Price/Cash Flow	21.53	12.62	9.84	13.49	11.21	11.04	12.16	12.69	9.12	9.16	0.76	0.04	-0.03	0.06	-0.02
Price/Cash Flow Average	15.87	17.58	7.89	9.73	10.54	12.28	10.06	11.56	9.99	8.34	2.5	0.27	-0.08	0.07	-0.05
Price/Cash Flow High	24.69	24.82	10.25	14.66	12.41	14.52	12.37	12.78	12.51	9.66	4.55	1.03	-0.2	0.18	-0.09
Price/Cash Flow Low	10.12	6.01	4.97	6.06	8.04	9.22	7.47	10.29	7.4	6.93	0.43	0.03	-0.01	0.04	-0.01
Price/Free Cash Flow Average	15.16	17.02	7.32	8.89	9.93	12.22	9.68	11.27	9.75	8.2	2.43	0.27	-0.08	0.07	-0.05
Price/Free Cash Flow High	23.59	24.03	9.51	13.39	11.69	14.45	11.9	12.46	12.21	9.5	4.41	1.02	-0.2	0.18	-0.09
Price/Free Cash Flow Low	9.67	5.82	4.62	5.54	7.57	9.18	7.18	10.03	7.22	6.81	0.41	0.03	-0.01	0.04	-0.01
EV/Sales Average	6.34	7.05	3.66	4.14	4.89	5.14	4.51	5.09	3.82	3.07	1.52	0.13	0.1	- -	- -
EV/Sales High	9.86	9.73	4.62	6.04	5.7	6.03	5.48	5.61	4.75	3.56	2.78	0.54	0.17	- -	- -
EV/Sales Low	4.04	2.76	2.48	2.73	3.81	3.94	3.41	4.55	2.86	2.55	0.23	- -	0.06	- -	- -
EV/EBITDA Average	- -	- -	- -	- -	- -	- -	- -	9.7	9.09	7.88	-3.71	-0.05	-0.04	-0.34	- -
EV/EBITDA High	- -	- -	- -	- -	- -	- -	- -	10.69	11.3	9.14	-6.8	-0.19	-0.07	-0.28	- -
EV/EBITDA Low	- -	- -	- -	- -	- -	- -	- -	8.66	6.81	6.54	-0.56	- -	-0.02	-0.36	- -
EV/EBIT Average	- -	- -	- -	- -	- -	- -	- -	9.7	9.09	7.88	-3.71	-0.05	-0.04	-0.34	- -
EV/EBIT High	- -	- -	- -	- -	- -	- -	- -	10.69	11.3	9.14	-6.8	-0.19	-0.07	-0.28	- -
EV/EBIT Low	- -	- -	- -	- -	- -	- -	- -	8.66	6.81	6.54	-0.56	- -	-0.02	-0.36	- -
Last Price	29	22.06	22.75	33.13	36.27	36.86	50.35	60.48	43.99	54.87	9.8	0.38	0.27	0.24	0.11
High Price	33.25	43.38	23.69	36	40.14	48.5	51.22	60.93	60.33	57.87	58.62	10.19	1.82	0.68	0.47
Enterprise Value Average	284	444	277	351	496	611	630	821	733	733	468	34	23	-35	-37
Enterprise Value High	442	613	350	513	577	716	767	905	912	851	859	147	40	-28	-33
Enterprise Value Low	181	174	187	231	386	467	476	733	550	609	71	-1	15	-37	-40

Shares Outstanding	13	13	13	13	14	14	14	15	15	15	15	15	15	15	15
Diluted Weighted Avg Shares	14	14	14	14	14	14	15	15	15	15	15	15	15	15	15
Basic Weighted Avg Shares	13	13	13	13	14	14	14	14	15	15	15	15	15	15	15
Revenue per Share	3.37	4.72	5.69	6.37	7.48	8.44	9.77	11.15	13.07	16.19	20.82	18.12	15.86	16.81	13.6
EBITDA per Share	- -	- -	- -	- -	- -	- -	- -	5.86	5.49	6.3	-8.51	-50.54	-40.8	6.76	- -
Operating Income per Share	- -	- -	- -	- -	- -	- -	- -	5.86	5.49	6.3	-8.51	-50.54	-40.8	6.76	- -
Basic EPS, GAAP	1.3	1.83	2.28	2.63	3.05	3.21	3.57	4.04	3.87	4.44	-5.22	-42.27	-39.72	8.72	-7.07
Basic EPS from Cont Ops	1.3	1.83	2.28	2.63	3.05	3.21	3.57	4.04	3.87	4.44	-5.22	-42.27	-39.72	6.76	-7.07
Diluted EPS, GAAP	1.26	1.76	2.23	2.55	2.95	3.15	3.52	3.98	3.84	4.4	-5.22	-42.27	-39.7	8.72	-7.07
Diluted EPS from Cont Ops	1.26	1.76	2.23	2.55	2.95	3.15	3.52	3.98	3.84	4.4	-5.22	-42.27	-39.7	6.76	-7.07
Dividend per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash Flow per Share	1.35	1.75	2.31	2.46	3.24	3.34	4.14	4.77	4.82	5.99	12.89	9.86	-9	3.82	-5.02
Free Cash Flow per Basic Share	1.24	1.62	2.07	2.14	2.93	3.26	3.92	4.57	4.66	5.83	12.48	9.77	-9	3.81	-5.02
Cash & Equivalents per Share	0.65	0.47	1.06	1.39	1.45	2.53	1.86	1.59	0.93	2.97	12.24	5.4	3.23	5.17	4.64
Book Value per Share	3.61	5.4	7.5	10.13	13	15.74	19.02	22.88	26.38	30.69	25.34	-17.1	-56.75	-47.45	-54.21
Tangible Book Value per Share	8.41	10.31	11.8	15	18.17	22.01	25.83	30.25	33.98	38.61	33.64	-9.15	-47.11	-38.69	-46.14

Triad Guaranty Inc.

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Per Share Data Items (USD)