NMI Holdings, Inc. appears to be a deep value play, significantly undervalued relative to its DCF Value and Graham Number. The stock traded well below its intrinsic value, suggesting a market mispricing. With a Forward P/E of 7.07 and an Earnings Yield of 13.03%, the company offers an attractive valuation for growth at a reasonable price. However, the Altman Z-score of 0.67 raises red flags about financial distress, indicating potential risks despite its appealing valuation metrics. Overall, the market seems to be overlooking its intrinsic worth, but caution is warranted due to its financial stability concerns.