Münchener Rückversicherungs-Gesellschaft Aktiengesellschaft in München

BRSE:MUV2 Stock Report

Market Cap: CHF 62.6b

Münchener Rückversicherungs-Gesellschaft in München Valuation

Is MUV2 undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

4/6

Valuation Score 4/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of MUV2 when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: MUV2 (CHF483.1) is trading below our estimate of fair value (CHF1254.3)

Significantly Below Fair Value: MUV2 is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for MUV2?

Key metric: As MUV2 is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for MUV2. This is calculated by dividing MUV2's market cap by their current earnings.
What is MUV2's PE Ratio?
PE Ratio11.7x
Earnings€5.71b
Market Cap€66.90b

Price to Earnings Ratio vs Peers

How does MUV2's PE Ratio compare to its peers?

The above table shows the PE ratio for MUV2 vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average19.6x
SREN Swiss Re
14.3x15.5%CHF 37.6b
ZURN Zurich Insurance Group
18.1x9.9%CHF 78.9b
SLHN Swiss Life Holding
17.8x3.3%CHF 19.3b
HELN Helvetia Holding
28.2x14.5%CHF 7.7b
MUV2 Münchener Rückversicherungs-Gesellschaft in München
11.7x2.8%CHF 66.9b

Price-To-Earnings vs Peers: MUV2 is good value based on its Price-To-Earnings Ratio (11.7x) compared to the peer average (19.6x).

Price to Earnings Ratio vs Industry

How does MUV2's PE Ratio compare vs other companies in the European Insurance Industry?

1 CompanyPrice / EarningsEstimated GrowthMarket Cap
MUV2 11.7xIndustry Avg. 11.8xNo. of Companies13PE0816243240+
1 CompanyEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: MUV2 is good value based on its Price-To-Earnings Ratio (11.7x) compared to the European Insurance industry average (12.1x).

Price to Earnings Ratio vs Fair Ratio

What is MUV2's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

MUV2 PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio11.7x
Fair PE Ration/a

Price-To-Earnings vs Fair Ratio: Insufficient data to calculate MUV2's Price-To-Earnings Fair Ratio for valuation analysis.

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst MUV2 forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentCHF 483.10
CHF 483.32
+0.05%
8.1%CHF 516.87CHF 356.75n/a17
Dec ’25CHF 457.89
CHF 471.28
+2.9%
9.2%CHF 513.37CHF 340.26n/a17
Nov ’25CHF 441.43
CHF 470.44
+6.6%
9.5%CHF 525.35CHF 342.60n/a17
Oct ’25n/a
CHF 460.05
0%
11.9%CHF 526.76CHF 320.99n/a17
Sep ’25CHF 460.91
CHF 455.18
-1.2%
11.7%CHF 517.69CHF 321.20n/a16
Aug ’25CHF 436.15
CHF 460.39
+5.6%
11.6%CHF 508.37CHF 327.32n/a16
Jul ’25CHF 458.19
CHF 455.25
-0.6%
11.4%CHF 505.72CHF 325.62n/a16
Jun ’25CHF 448.80
CHF 468.22
+4.3%
11.3%CHF 524.08CHF 337.44n/a16
May ’25CHF 403.40
CHF 436.43
+8.2%
10.3%CHF 483.20CHF 333.11n/a16
Apr ’25CHF 441.49
CHF 433.62
-1.8%
10.2%CHF 481.57CHF 331.99n/a16
Mar ’25CHF 407.49
CHF 409.27
+0.4%
8.9%CHF 457.02CHF 324.91n/a17
Feb ’25CHF 371.39
CHF 392.33
+5.6%
8.5%CHF 446.58CHF 318.82n/a17
Jan ’25CHF 349.29
CHF 389.93
+11.6%
7.9%CHF 416.62CHF 323.12n/a17
Dec ’24CHF 373.24
CHF 384.68
+3.1%
7.6%CHF 411.27CHF 322.64CHF 457.8917
Nov ’24CHF 369.81
CHF 363.10
-1.8%
9.2%CHF 410.98CHF 297.61CHF 441.4316
Oct ’24CHF 362.20
CHF 369.01
+1.9%
9.0%CHF 420.89CHF 304.78n/a16
Sep ’24CHF 345.55
CHF 361.45
+4.6%
8.2%CHF 412.60CHF 302.25CHF 460.9116
Aug ’24CHF 333.42
CHF 349.33
+4.8%
7.3%CHF 389.28CHF 300.55CHF 436.1516
Jul ’24n/a
CHF 351.87
0%
7.6%CHF 392.71CHF 283.23CHF 458.1918
Jun ’24CHF 329.45
CHF 347.20
+5.4%
7.6%CHF 392.03CHF 282.74CHF 448.8018
May ’24CHF 330.35
CHF 340.84
+3.2%
8.2%CHF 394.38CHF 279.53CHF 403.4018
Apr ’24CHF 323.60
CHF 341.09
+5.4%
8.3%CHF 394.23CHF 279.42CHF 441.4918
Mar ’24n/a
CHF 346.69
0%
8.1%CHF 402.96CHF 285.61CHF 407.4918
Feb ’24n/a
CHF 338.74
0%
8.9%CHF 388.71CHF 286.19CHF 371.3918
Jan ’24n/a
CHF 309.41
0%
6.6%CHF 345.43CHF 266.48CHF 349.2918
Dec ’23n/a
CHF 304.04
0%
6.9%CHF 337.33CHF 261.38CHF 373.2419

Analyst Forecast: Target price is less than 20% higher than the current share price.

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2024/12/18 12:58
End of Day Share Price 2024/12/18 00:00
Earnings2024/09/30
Annual Earnings2023/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on .

Analyst Sources

Münchener Rückversicherungs-Gesellschaft Aktiengesellschaft in München is covered by 56 analysts. 11 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Maria del Paz Ojeda FernandezAhorro Corporación
Dieter HeinAlphaValue
Christian WeizBaader Helvea Equity Research