Münchener Rückversicherungs-Gesellschaft Aktiengesellschaft in München

DB:MUV2 Stock Report

Market Cap: €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 (€473.9) is trading below our estimate of fair value (€1340.05)

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 Ratio11x
Earnings€5.71b
Market Cap€62.57b

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 Average12.3x
HNR1 Hannover Rück
12.9x5.7%€28.9b
ALV Allianz
11.8x6.0%€111.3b
TLX Talanx
10.7x4.9%€20.3b
SREN Swiss Re
13.9x12.6%CHF 36.3b
MUV2 Münchener Rückversicherungs-Gesellschaft in München
11x2.9%€62.6b

Price-To-Earnings vs Peers: MUV2 is good value based on its Price-To-Earnings Ratio (11x) compared to the peer average (12.3x).

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 11.0xIndustry 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 (11x) compared to the European Insurance industry average (11.8x).

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 Ratio11x
Fair PE Ratio10.4x

Price-To-Earnings vs Fair Ratio: MUV2 is expensive based on its Price-To-Earnings Ratio (11x) compared to the estimated Fair Price-To-Earnings Ratio (10.4x).

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
Current€473.40
€503.48
+6.4%
9.4%€551.00€365.20n/a17
Nov ’25€470.90
€501.48
+6.5%
9.5%€560.00€365.20n/a17
Oct ’25€485.00
€489.09
+0.8%
11.9%€560.00€341.25n/a17
Sep ’25€489.40
€483.59
-1.2%
11.7%€550.00€341.25n/a16
Aug ’25€445.40
€479.98
+7.8%
11.6%€530.00€341.25n/a16
Jul ’25€469.20
€477.11
+1.7%
11.4%€530.00€341.25n/a16
Jun ’25€458.80
€473.52
+3.2%
11.3%€530.00€341.25n/a16
May ’25€412.60
€447.09
+8.4%
10.3%€495.00€341.25n/a16
Apr ’25€451.60
€445.72
-1.3%
10.2%€495.00€341.25n/a16
Mar ’25€425.80
€429.85
+1.0%
8.9%€480.00€341.25n/a17
Feb ’25€392.00
€419.93
+7.1%
8.5%€478.00€341.25n/a17
Jan ’25€376.70
€411.81
+9.3%
7.9%€440.00€341.25n/a17
Dec ’24€392.70
€406.87
+3.6%
7.6%€435.00€341.25n/a17
Nov ’24€386.60
€384.32
-0.6%
9.2%€435.00€315.00€470.9016
Oct ’24€369.10
€381.38
+3.3%
9.0%€435.00€315.00€485.0016
Sep ’24€357.50
€376.69
+5.4%
8.2%€430.00€315.00€489.4016
Aug ’24€342.60
€366.13
+6.9%
7.3%€408.00€315.00€445.4016
Jul ’24€343.30
€360.28
+4.9%
7.6%€402.10€290.00€469.2018
Jun ’24€339.10
€356.12
+5.0%
7.6%€402.10€290.00€458.8018
May ’24€339.80
€347.51
+2.3%
8.2%€402.10€285.00€412.6018
Apr ’24€322.30
€347.89
+7.9%
8.3%€402.10€285.00€451.6018
Mar ’24€329.10
€345.95
+5.1%
8.1%€402.10€285.00€425.8018
Feb ’24€327.80
€337.34
+2.9%
8.9%€387.10€285.00€392.0018
Jan ’24€303.70
€313.50
+3.2%
6.6%€350.00€270.00€376.7018
Dec ’23€304.30
€308.26
+1.3%
6.9%€342.00€265.00€392.7019
Nov ’23€270.50
€283.89
+5.0%
8.1%€325.00€243.00€386.6020

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

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