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MUV2

Münchener Rückversicherungs-Gesellschaft in München XTRA:MUV2 Stock Report

Last Price

€235.50

Market Cap

€32.8b

7D

0.2%

1Y

-7.9%

Updated

17 Aug, 2022

Data

Company Financials +
MUV2 fundamental analysis
Snowflake Score
Valuation5/6
Future Growth2/6
Past Performance4/6
Financial Health2/6
Dividends5/6

MUV2 Stock Overview

Münchener Rückversicherungs-Gesellschaft Aktiengesellschaft in München engages in the insurance and reinsurance businesses worldwide.

Münchener Rückversicherungs-Gesellschaft in München Competitors

Price History & Performance

Summary of all time highs, changes and price drops for Münchener Rückversicherungs-Gesellschaft in München
Historical stock prices
Current Share Price€235.50
52 Week High€282.25
52 Week Low€205.15
Beta0.99
1 Month Change6.71%
3 Month Change5.70%
1 Year Change-7.90%
3 Year Change6.80%
5 Year Change32.86%
Change since IPO292.96%

Recent News & Updates

May 16
Here's Why We Think Münchener Rückversicherungs-Gesellschaft in München (ETR:MUV2) Is Well Worth Watching

Here's Why We Think Münchener Rückversicherungs-Gesellschaft in München (ETR:MUV2) Is Well Worth Watching

For beginners, it can seem like a good idea (and an exciting prospect) to buy a company that tells a good story to...

Shareholder Returns

MUV2DE InsuranceDE Market
7D0.2%1.3%2.0%
1Y-7.9%-7.6%-19.6%

Return vs Industry: MUV2 matched the German Insurance industry which returned -7.6% over the past year.

Return vs Market: MUV2 exceeded the German Market which returned -19.6% over the past year.

Price Volatility

Is MUV2's price volatile compared to industry and market?
MUV2 volatility
MUV2 Average Weekly Movement3.5%
Insurance Industry Average Movement3.6%
Market Average Movement5.6%
10% most volatile stocks in DE Market10.3%
10% least volatile stocks in DE Market2.8%

Stable Share Price: MUV2 is less volatile than 75% of German stocks over the past 3 months, typically moving +/- 4% a week.

Volatility Over Time: MUV2's weekly volatility (4%) has been stable over the past year.

About the Company

FoundedEmployeesCEOWebsite
188040,177Joachim Wenninghttps://www.munichre.com

Münchener Rückversicherungs-Gesellschaft Aktiengesellschaft in München engages in the insurance and reinsurance businesses worldwide. The company operates through five segments: Life and Health Reinsurance; Property-Casualty Reinsurance; ERGO Life and Health Germany; ERGO Property-Casualty Germany; and ERGO International. It offers life and health reinsurance solutions, such as financial market risks, data analytics, claims handling and underwriting, medical research, health market, capital management, and digital underwriting and analytics, as well as MIRA digital suite; and property and casualty reinsurance solutions, including agricultural risk, data analytics, infrastructure risk profiler, remote inspection, retroactive reinsurance, insurance linked securities, location risk, risk transfer, and cyber, as well as NatCatSERVICE for natural catastrophe loss database, REALYTIX ZERO, IMPROVEX, cert2go, consulting for product development, prospective structured reinsurance, and Vahana AI for motor claims.

Münchener Rückversicherungs-Gesellschaft in München Fundamentals Summary

How do Münchener Rückversicherungs-Gesellschaft in München's earnings and revenue compare to its market cap?
MUV2 fundamental statistics
Market Cap€32.77b
Earnings (TTM)€2.61b
Revenue (TTM)€64.07b

12.6x

P/E Ratio

0.5x

P/S Ratio

Earnings & Revenue

Key profitability statistics from the latest earnings report
MUV2 income statement (TTM)
Revenue€64.07b
Cost of Revenue€45.36b
Gross Profit€18.71b
Other Expenses€16.10b
Earnings€2.61b

Last Reported Earnings

Jun 30, 2022

Next Earnings Date

Nov 08, 2022

Earnings per share (EPS)18.76
Gross Margin29.20%
Net Profit Margin4.08%
Debt/Equity Ratio21.5%

How did MUV2 perform over the long term?

See historical performance and comparison

Dividends

4.7%

Current Dividend Yield

59%

Payout Ratio
We’ve recently updated our valuation analysis.

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

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Below Fair Value

  • Significantly Below Fair Value

  • Analyst Forecast

Key Valuation Metric

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

Other financial metrics that can be useful for relative valuation.

MUV2 key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue0.5x
Enterprise Value/EBITDA10.2x
PEG Ratio1.1x

Price to Earnings Ratio vs Peers

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

MUV2 PE Ratio vs 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.
CompanyPEEstimated GrowthMarket Cap
Peer Average20.6x
HNR1 Hannover Rück
14.7x12.7%€17.8b
ALV Allianz
17.7x20.3%€71.6b
TLX Talanx
8.7x13.3%€9.0b
SREN Swiss Re
41.4x30.4%CHF21.6b
MUV2 Münchener Rückversicherungs-Gesellschaft in München
12.6x11.9%€32.8b

Price-To-Earnings vs Peers: MUV2 is good value based on its Price-To-Earnings Ratio (12.6x) compared to the peer average (20.6x).


Price to Earnings Ratio vs Industry

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

Price-To-Earnings vs Industry: MUV2 is good value based on its Price-To-Earnings Ratio (12.6x) compared to the German Insurance industry average (13.7x)


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 Ratio12.6x
Fair PE Ratio15.9x

Price-To-Earnings vs Fair Ratio: MUV2 is good value based on its Price-To-Earnings Ratio (12.6x) compared to the estimated Fair Price-To-Earnings Ratio (15.9x).


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 (€235.5) is trading below our estimate of fair value (€822.34)

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


Analyst Price Targets

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

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


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Future Growth

How is Münchener Rückversicherungs-Gesellschaft in München forecast to perform in the next 1 to 3 years based on estimates from 12 analysts?

Future Growth Score

2/6

Future Growth Score 2/6

  • Earnings vs Savings Rate

  • Earnings vs Market

  • High Growth Earnings

  • Revenue vs Market

  • High Growth Revenue

  • Future ROE


11.9%

Forecasted annual earnings growth

Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: MUV2's forecast earnings growth (11.9% per year) is above the savings rate (-0.01%).

Earnings vs Market: MUV2's earnings (11.9% per year) are forecast to grow faster than the German market (9.6% per year).

High Growth Earnings: MUV2's earnings are forecast to grow, but not significantly.

Revenue vs Market: MUV2's revenue (3.7% per year) is forecast to grow slower than the German market (4.6% per year).

High Growth Revenue: MUV2's revenue (3.7% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: MUV2's Return on Equity is forecast to be low in 3 years time (12.3%).


Discover growth companies

Past Performance

How has Münchener Rückversicherungs-Gesellschaft in München performed over the past 5 years?

Past Performance Score

4/6

Past Performance Score 4/6

  • Quality Earnings

  • Growing Profit Margin

  • Earnings Trend

  • Accelerating Growth

  • Earnings vs Industry

  • High ROE


14.1%

Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: MUV2 has a high level of non-cash earnings.

Growing Profit Margin: MUV2's current net profit margins (4.1%) are higher than last year (3.4%).


Past Earnings Growth Analysis

Earnings Trend: MUV2's earnings have grown by 14.1% per year over the past 5 years.

Accelerating Growth: MUV2's earnings growth over the past year (23.9%) exceeds its 5-year average (14.1% per year).

Earnings vs Industry: MUV2 earnings growth over the past year (23.9%) exceeded the Insurance industry -15.3%.


Return on Equity

High ROE: MUV2's Return on Equity (11.1%) is considered low.


Discover strong past performing companies

Financial Health

How is Münchener Rückversicherungs-Gesellschaft in München's financial position?

Financial Health Score

2/6

Financial Health Score 2/6

  • Short Term Liabilities

  • Long Term Liabilities

  • Debt Level

  • Reducing Debt

  • Debt Coverage

  • Interest Coverage

Financial Position Analysis

Short Term Liabilities: MUV2's short term assets (€43.9B) do not cover its short term liabilities (€108.1B).

Long Term Liabilities: MUV2's short term assets (€43.9B) do not cover its long term liabilities (€168.4B).


Debt to Equity History and Analysis

Debt Level: MUV2 has more cash than its total debt.

Reducing Debt: MUV2's debt to equity ratio has increased from 10.2% to 21.5% over the past 5 years.

Debt Coverage: MUV2's operating cash flow is negative, therefore debt is not well covered.

Interest Coverage: MUV2's interest payments on its debt are well covered by EBIT (8.8x coverage).


Balance Sheet


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Dividend

What is Münchener Rückversicherungs-Gesellschaft in München current dividend yield, its reliability and sustainability?

Dividend Score

5/6

Dividend Score 5/6

  • Notable Dividend

  • High Dividend

  • Stable Dividend

  • Growing Dividend

  • Earnings Coverage

  • Cash Flow Coverage


4.67%

Current Dividend Yield

Dividend Yield vs Market

Notable Dividend: MUV2's dividend (4.67%) is higher than the bottom 25% of dividend payers in the German market (1.45%).

High Dividend: MUV2's dividend (4.67%) is in the top 25% of dividend payers in the German market (4.48%)


Stability and Growth of Payments

Stable Dividend: MUV2's dividends per share have been stable in the past 10 years.

Growing Dividend: MUV2's dividend payments have increased over the past 10 years.


Earnings Payout to Shareholders

Earnings Coverage: With its reasonable payout ratio (59%), MUV2's dividend payments are covered by earnings.


Cash Payout to Shareholders

Cash Flow Coverage: MUV2 is paying a dividend but the company has no free cash flows.


Discover strong dividend paying companies

Management

How experienced are the management team and are they aligned to shareholders interests?

6.9yrs

Average management tenure


CEO

Joachim Wenning (57 yo)

13.58yrs

Tenure

€5,875,750

Compensation

Dr. oec. publ. Joachim Wenning joined Münchener Rückversicherungs-Gesellschaft AG (“Munich Re”) in 1991, where he worked until early 1997 as a treaty specialist with technical responsibility for life reins...


CEO Compensation Analysis

Compensation vs Market: Joachim's total compensation ($USD5.98M) is about average for companies of similar size in the German market ($USD5.52M).

Compensation vs Earnings: Joachim's compensation has been consistent with company performance over the past year.


Leadership Team

Experienced Management: MUV2's management team is seasoned and experienced (6.9 years average tenure).


Board Members

Experienced Board: MUV2's board of directors are considered experienced (8.3 years average tenure).


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.


Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.


Top Shareholders

Company Information

Münchener Rückversicherungs-Gesellschaft Aktiengesellschaft in München's employee growth, exchange listings and data sources


Key Information

  • Name: Münchener Rückversicherungs-Gesellschaft Aktiengesellschaft in München
  • Ticker: MUV2
  • Exchange: XTRA
  • Founded: 1880
  • Industry: Reinsurance
  • Sector: Insurance
  • Implied Market Cap: €32.769b
  • Shares outstanding: 139.15m
  • Website: https://www.munichre.com

Number of Employees


Location

  • Münchener Rückversicherungs-Gesellschaft Aktiengesellschaft in München
  • KOeniginstrasse 107
  • Munich
  • Bavaria
  • 80802
  • Germany

Listings


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2022/08/17 00:00
End of Day Share Price2022/08/17 00:00
Earnings2022/06/30
Annual Earnings2021/12/31


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.