Tokio Marine Holdings, Inc.

DB:MH6 Stock Report

Market Cap: €69.1b

Tokio Marine Holdings Valuation

Is MH6 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 MH6 when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: MH6 (€35.08) is trading below our estimate of fair value (€75.27)

Significantly Below Fair Value: MH6 is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for MH6?

Key metric: As MH6 is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for MH6. This is calculated by dividing MH6's market cap by their current earnings.
What is MH6's PE Ratio?
PE Ratio9.4x
EarningsJP¥1.18t
Market CapJP¥11.08t

Price to Earnings Ratio vs Peers

How does MH6's PE Ratio compare to its peers?

The above table shows the PE ratio for MH6 vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average11.8x
MUV2 Münchener Rückversicherungs-Gesellschaft in München
11.4x2.9%€64.9b
ALV Allianz
11.8x5.9%€112.0b
HNR1 Hannover Rück
13.3x5.7%€29.8b
TLX Talanx
10.8x5.0%€20.5b
MH6 Tokio Marine Holdings
9.6x-2.1%€11.3t

Price-To-Earnings vs Peers: MH6 is good value based on its Price-To-Earnings Ratio (9.4x) compared to the peer average (11.8x).

Price to Earnings Ratio vs Industry

How does MH6's PE Ratio compare vs other companies in the European Insurance Industry?

1 CompanyPrice / EarningsEstimated GrowthMarket Cap
MH6 9.4xIndustry Avg. 11.9xNo. of Companies13PE0816243240+
1 CompanyEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: MH6 is good value based on its Price-To-Earnings Ratio (9.4x) compared to the European Insurance industry average (11.9x).

Price to Earnings Ratio vs Fair Ratio

What is MH6'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.

MH6 PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio9.4x
Fair PE Ratio7.1x

Price-To-Earnings vs Fair Ratio: MH6 is expensive based on its Price-To-Earnings Ratio (9.4x) compared to the estimated Fair Price-To-Earnings Ratio (7.1x).

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 MH6 forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current€35.08
€38.46
+9.6%
14.0%€48.81€26.85n/a12
Nov ’25€32.86
€38.89
+18.4%
14.5%€49.15€27.03n/a11
Oct ’25€32.92
€40.17
+22.0%
14.5%€50.56€27.81n/a11
Sep ’25€34.01
€38.73
+13.9%
19.6%€49.87€21.20n/a10
Aug ’25€33.15
€37.09
+11.9%
19.8%€47.92€20.36n/a10
Jul ’25€35.82
€33.03
-7.8%
25.2%€47.19€18.88n/a11
Jun ’25€32.20
€28.11
-12.7%
22.2%€36.34€18.17n/a11
May ’25€29.04
€27.85
-4.1%
22.4%€36.71€18.35n/a11
Apr ’25€28.66
€27.47
-4.1%
20.4%€36.67€18.94n/a12
Mar ’25€27.30
€25.27
-7.4%
13.3%€30.73€19.67n/a11
Feb ’25€24.20
€23.69
-2.1%
12.5%€28.15€17.51n/a11
Jan ’25€22.22
€23.48
+5.7%
13.5%€28.62€17.81n/a12
Dec ’24€22.38
€22.14
-1.1%
10.8%€25.68€17.32n/a13
Nov ’24€21.30
€22.01
+3.3%
10.8%€25.23€17.66€32.8613
Oct ’24€21.62
€21.68
+0.3%
13.4%€25.40€15.03€32.9212
Sep ’24€20.40
€22.10
+8.4%
14.5%€26.92€15.17€34.0112
Aug ’24€20.14
€22.29
+10.7%
15.1%€27.19€15.32€33.1511
Jul ’24€20.88
€21.97
+5.2%
14.9%€26.68€15.03€35.8211
Jun ’24€20.48
€20.96
+2.3%
13.1%€25.20€15.69€32.2011
May ’24€18.02
€21.05
+16.8%
12.6%€25.07€16.03€29.0413
Apr ’24€17.40
€21.92
+26.0%
13.1%€26.11€16.70€28.6612
Mar ’24€19.60
€20.98
+7.1%
13.1%€23.52€16.12€27.3012
Feb ’24€19.40
€21.51
+10.9%
12.5%€24.09€16.51€24.2013
Jan ’24€19.40
€21.42
+10.4%
11.9%€24.20€16.59€22.2214
Dec ’23€19.00
€20.35
+7.1%
11.1%€23.87€16.36€22.3814
Nov ’23€17.60
€19.38
+10.1%
10.9%€23.12€15.87€21.3014

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

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