$UWMC

$UWMC - Mat’s Golden Nugget

UWMC is trading at an all-time low of ~$2 with capitulation signals and management buying. The company trades at 4.9 P/E (base case) to 2.7 P/E (bull case) with 44% mortgage market share and ~11% of all US mortgages. Dividend reduction, stabilized MSR values from higher rates, and potential cash generation as rates fall provide multiple catalysts for reversion.