If you are a bottom feeder, PMI is one of the best stocks out there. It has huge cash reserves, especially after the sale of it's Australian business. The sale of the Australian business to QBE yielded the equivalent of $10 per share or 5 times the market capitalization. In the event that PMI needs to go into run-off, it could easily be worth 5-6 times it's current value. Unfortunately, the worst case scenario is dilution in the form of equity sale. However, with the sale to QBE, there is no need for short-term cash and so no obvious reason to dilute existing shareholders.
As long as you have an iron gut and the time to sit on it, PMI is a bargain.
Historical Value is over 10x its current price - meaning there are a lot of shareholders who are not going to sell at this low price, meaning there is less likelihood of the stock falling, whereas, the value is high so it could more easily rise.