Münchener Rückversicherungs-Gesellschaft Aktiengesellschaft in München

SWX:MUV2 Stock Report

Market Cap: CHF 61.0b

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

5/6

Valuation Score 5/6

  • 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 (CHF267) is trading below our estimate of fair value (CHF797.32)

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 Ratio10.9x
Earnings€5.94b
Market Cap€64.95b

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 Average19.9x
SREN Swiss Re
13.9x12.6%CHF 36.3b
ZURN Zurich Insurance Group
17.7x1.6%CHF 76.7b
SLHN Swiss Life Holding
18.7x2.5%CHF 20.2b
HELN Helvetia Holding
29.3x14.3%CHF 8.0b
MUV2 Münchener Rückversicherungs-Gesellschaft in München
10.9x0.9%CHF 64.9b

Price-To-Earnings vs Peers: MUV2 is good value based on its Price-To-Earnings Ratio (10.9x) compared to the peer average (17.9x).

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 10.9xIndustry 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 (10.9x) compared to the European Insurance industry average (11x).

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 Ratio10.9x
Fair PE Ratio18.5x

Price-To-Earnings vs Fair Ratio: MUV2 is good value based on its Price-To-Earnings Ratio (10.9x) compared to the estimated Fair Price-To-Earnings Ratio (18.5x).

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
Currentn/a
CHF 455.18
0%
11.7%CHF 517.69CHF 321.20n/a16
Nov ’25n/a
CHF 455.18
0%
11.7%CHF 517.69CHF 321.20n/a16
Oct ’25n/a
CHF 455.18
0%
11.7%CHF 517.69CHF 321.20n/a16
Sep ’25CHF 267.00
CHF 455.18
+70.5%
11.7%CHF 517.69CHF 321.20n/a16
Aug ’25CHF 267.00
CHF 460.39
+72.4%
11.6%CHF 508.37CHF 327.32n/a16
Jul ’25CHF 267.00
CHF 455.25
+70.5%
11.4%CHF 505.72CHF 325.62n/a16
Jun ’25CHF 267.00
CHF 468.22
+75.4%
11.3%CHF 524.08CHF 337.44n/a16
May ’25CHF 267.00
CHF 436.43
+63.5%
10.3%CHF 483.20CHF 333.11n/a16
Apr ’25CHF 267.00
CHF 433.62
+62.4%
10.2%CHF 481.57CHF 331.99n/a16
Mar ’25CHF 267.00
CHF 409.27
+53.3%
8.9%CHF 457.02CHF 324.91n/a17
Feb ’25CHF 267.00
CHF 392.33
+46.9%
8.5%CHF 446.58CHF 318.82n/a17
Jan ’25CHF 267.00
CHF 389.93
+46.0%
7.9%CHF 416.62CHF 323.12n/a17
Dec ’24CHF 267.00
CHF 384.68
+44.1%
7.6%CHF 411.27CHF 322.64n/a17
Nov ’24CHF 267.00
CHF 363.10
+36.0%
9.2%CHF 410.98CHF 297.61n/a16
Oct ’24CHF 267.00
CHF 369.01
+38.2%
9.0%CHF 420.89CHF 304.78n/a16
Sep ’24CHF 267.00
CHF 361.45
+35.4%
8.2%CHF 412.60CHF 302.25CHF 267.0016
Aug ’24CHF 267.00
CHF 349.33
+30.8%
7.3%CHF 389.28CHF 300.55CHF 267.0016
Jul ’24CHF 267.00
CHF 351.87
+31.8%
7.6%CHF 392.71CHF 283.23CHF 267.0018
Jun ’24CHF 267.00
CHF 347.20
+30.0%
7.6%CHF 392.03CHF 282.74CHF 267.0018
May ’24CHF 267.00
CHF 340.84
+27.7%
8.2%CHF 394.38CHF 279.53CHF 267.0018
Apr ’24CHF 267.00
CHF 341.09
+27.7%
8.3%CHF 394.23CHF 279.42CHF 267.0018
Mar ’24CHF 267.00
CHF 346.69
+29.8%
8.1%CHF 402.96CHF 285.61CHF 267.0018
Feb ’24CHF 267.00
CHF 338.74
+26.9%
8.9%CHF 388.71CHF 286.19CHF 267.0018
Jan ’24CHF 267.00
CHF 309.41
+15.9%
6.6%CHF 345.43CHF 266.48CHF 267.0018
Dec ’23CHF 267.00
CHF 304.04
+13.9%
6.9%CHF 337.33CHF 261.38CHF 267.0019
Nov ’23CHF 266.50
CHF 279.42
+4.8%
8.1%CHF 319.88CHF 239.17CHF 267.0020

Analyst Forecast: Target price is lower than the current share price.

Discover undervalued companies

Hannover Rück

€29.1b

Provides reinsurance products and services in Germany, the United Kingdom, France, Europe, the United States, Asia, Australia, Africa, and internationally.

HNR1

€159.00

7D

0%

1Y

0%

Vaudoise Assurances Holding

CHF 1.3b

Provides insurance products and services primarily in Switzerland.

VAHN

CHF 462.00

7D

-0.2%

1Y

9.2%

Chubb

US$116.1b

Provides insurance and reinsurance products worldwide.

4432874

US$250.00

7D

0.2%

1Y

23.3%