Axis Capital Holdings Ltd (AXS) is undervalued and Essent Group Ltd (ESNT) is undervalued.
Against our estimates of intrinsic value, AXS trades at the wider discount: a margin of safety of +52%, against +32% for ESNT.
Values as of the 22 Sept 2026 close.
Book value at 2.50x, the multiple a 17.4% return on equity justifies, blended with earnings, values the shares at $200.30; the price of $96.28 is 52% below that value.
Leak Score 100/100 on 3 of 12 signals
Book value at 1.48x, the multiple a 12.0% return on equity justifies, blended with earnings, values the shares at $96.77; the price of $65.70 is 32% below that value.
Leak Score 84/100 on 3 of 12 signals
| Metric | AXS | ESNT |
|---|---|---|
| Verdict | Undervalued | Undervalued |
| Price | $96.28 | $65.70 |
| Intrinsic value | $200.30 | $96.77 |
| Margin of safety | +52% | +32% |
| Leak Score | 100/100 (3/12) | 84/100 (3/12) |
| Market cap | $7.0B | $5.9B |
| Revenue growth, 5 years | 5.9% | 5.7% |
| Operating margin | 20.4% | 65.8% |
| Net margin | 15.8% | 52.5% |
| Return on equity | 17.4% | 12.0% |
| Debt to equity | 0.23 | 0.09 |
| P/E | 6.8x | 9.2x |
| Forward P/E | 7.2x | 8.5x |
| P/B | 1.2x | 1.0x |
| Dividend yield | 1.9% | 2.1% |