DB:MUV2

Stock Analysis Report

Münchener Rückversicherungs-Gesellschaft

Executive Summary

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

Snowflake

Fundamentals

Established dividend payer and fair value.


Similar Companies

Share Price & News

How has Münchener Rückversicherungs-Gesellschaft's share price performed over time and what events caused price changes?


Latest Share Price and Events


Market Performance


7 Day Return

1.1%

MUV2

2.6%

DE Insurance

1.7%

DE Market


1 Year Return

34.3%

MUV2

23.6%

DE Insurance

7.2%

DE Market

Return vs Industry: MUV2 exceeded the German Insurance industry which returned 23.6% over the past year.

Return vs Market: MUV2 exceeded the German Market which returned 7.2% over the past year.


Shareholder returns

MUV2IndustryMarket
7 Day1.1%2.6%1.7%
30 Day7.1%3.9%2.4%
90 Day11.1%3.9%2.3%
1 Year40.1%34.3%29.0%23.6%10.6%7.2%
3 Year59.3%39.4%69.7%49.2%18.4%8.1%
5 Year104.4%63.4%119.2%75.5%42.3%22.9%

Price Volatility Vs. Market

How volatile is Münchener Rückversicherungs-Gesellschaft's share price compared to the market and industry in the last 5 years?


Simply Wall St News

Valuation

Is Münchener Rückversicherungs-Gesellschaft undervalued compared to its fair value and its price relative to the market?

40.7%

Undervalued compared to fair value


Share Price vs. Fair Value

Below Fair Value: MUV2 (€248.8) is trading below our estimate of fair value (€419.82)

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


Price To Earnings Ratio

PE vs Industry: MUV2 is poor value based on its PE Ratio (15.3x) compared to the Insurance industry average (13.4x).

PE vs Market: MUV2 is good value based on its PE Ratio (15.3x) compared to the German market (19x).


Price to Earnings Growth Ratio

PEG Ratio: MUV2 is poor value based on its PEG Ratio (6.3x)


Price to Book Ratio

PB vs Industry: MUV2 is overvalued based on its PB Ratio (1.2x) compared to the DE Insurance industry average (1.1x).


Next Steps

Future Growth

How is Münchener Rückversicherungs-Gesellschaft forecast to perform in the next 1 to 3 years based on estimates from 17 analysts?

2.4%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: MUV2's forecast earnings growth (2.4% per year) is above the savings rate (0.2%).

Earnings vs Market: MUV2's earnings (2.4% per year) are forecast to grow slower than the German market (12.7% per year).

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

Revenue vs Market: MUV2's revenue (2.5% per year) is forecast to grow slower than the German market (5% per year).

High Growth Revenue: MUV2's revenue (2.5% 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 (10%).


Next Steps

Past Performance

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

-17.7%

Historical annual earnings growth


Earnings and Revenue History


Past Earnings Growth Analysis

Earnings Trend: MUV2's earnings have declined by -17.7% per year over the past 5 years.

Accelerating Growth: MUV2's earnings growth over the past year (272.2%) exceeds its 5-year average (-17.7% per year).

Earnings vs Industry: MUV2 earnings growth over the past year (272.2%) exceeded the Insurance industry 15.2%.


Return on Equity

High ROE: MUV2's Return on Equity (7.9%) is considered low.


Return on Assets

ROA vs Industry: MUV2 has a higher Return on Assets than the Insurance industry average last year.


Return on Capital Employed

ROCE Improving: MUV2's Return on Capital Employed has declined over the past 3 years.


Next Steps

Financial Health

How is Münchener Rückversicherungs-Gesellschaft's financial position? (This company is analysed differently as a bank or financial institution)


Financial Position Analysis


Debt to Equity History and Analysis


Balance Sheet

Inventory Level: MUV2 has a low level of unsold assets or inventory.

Debt Coverage by Assets: MUV2's debt is covered by short term assets (assets are 7.170280x debt).


Financial Institutions Analysis

Asset Level: MUV2's level of assets compared to its equity is low.

Allowance for Bad Loans: Insufficient data to determine if MUV2 has a sufficient allowance for bad loans.

Low Risk Liabilities: MUV2 reports no customer deposits, loans are made up entirely of externally borrowed funds.

Loan Level: Insufficient data to determine if MUV2 has an acceptable proportion of non-loan assets held.

Low Risk Deposits: MUV2 has advanced significantly more loans than the customer deposits it holds.

Level of Bad Loans: Insufficient data to determine if MUV2 has an appropriate level of bad loans.


Next Steps

Dividend

What is Münchener Rückversicherungs-Gesellschaft's current dividend yield, its reliability and sustainability?

3.71%

Current Dividend Yield


Dividend Yield vs Market

company3.7%marketbottom25%1.5%markettop25%3.8%industryaverage3.9%forecastin3Years4.2%

Current dividend yield vs market & industry


Stability and Growth of Payments

Notable Dividend: MUV2's dividend (3.71%) is higher than the bottom 25% of dividend payers in the German market (1.48%).

High Dividend: MUV2's dividend (3.71%) is low compared to the top 25% of dividend payers in the German market (3.83%).

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.


Current Payout to Shareholders

Dividend Coverage: With its reasonable payout ratio (56.7%), MUV2's dividend payments are covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: MUV2's dividends in 3 years are forecast to be covered by earnings (51.8% payout ratio).


Next Steps

Management

What is the CEO of Münchener Rückversicherungs-Gesellschaft's salary, the management and board of directors tenure and is there insider trading?

4.1yrs

Average management tenure


CEO

Joachim Wenning (54yo)

2.5yrs

Tenure

€5,625,649

Compensation

Dr. 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 reinsurance clie ...


CEO Compensation Analysis

Compensation vs. Market: Joachim's total compensation ($USD6.27M) is about average for companies of similar size in the German market ($USD4.53M).

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


Management Age and Tenure

4.1yrs

Average Tenure

53yo

Average Age

Experienced Management: MUV2's management team is considered experienced (4.1 years average tenure).


Board Age and Tenure

5.5yrs

Average Tenure

64yo

Average Age

Experienced Board: MUV2's board of directors are considered experienced (5.5 years average tenure).


Insider Trading

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


Ownership Breakdown


Management Team

  • Torsten Jeworrek (58yo)

    Member of the Board of Management & CEO of Reinsurance Business

    • Tenure: 16yrs
    • Compensation: €3.97m
  • Thomas Blunck (54yo)

    Member of the Board of Management

    • Tenure: 14yrs
    • Compensation: €2.72m
  • Markus Rieß (53yo)

    Member of the Board of Management

    • Tenure: 4.1yrs
    • Compensation: €4.02m
  • Hermann Pohlchristoph (53yo)

    Member of the Board of Management

    • Tenure: 2.5yrs
    • Compensation: €2.59m
  • Peter Röder (59yo)

    Head of GC/NA Division & Member of the Board of Management

    • Tenure: 12yrs
    • Compensation: €2.72m
  • Nick Gartside (44yo)

    Chief Investment Officer & Member of Management Board

    • Tenure: 0.6yrs
  • Joachim Wenning (54yo)

    Chairman of the Management Board

    • Tenure: 2.5yrs
    • Compensation: €5.63m
  • Christoph Jurecka (45yo)

    CFO & Member Management Board

    • Tenure: 0.8yrs
  • Doris Höpke (53yo)

    Head of Human Resources

    • Tenure: 5.4yrs
    • Compensation: €2.73m
  • Soobum Lee

    Head of the Operation

    • Tenure: 0yrs

Board Members

  • Hans-Jürgen Schinzler (79yo)

    Honorary Chairman of the Supervisory Board

    • Tenure: 6.8yrs
  • Ann-Kristin Achleitner (53yo)

    Supervisory Board Member

    • Tenure: 6.8yrs
    • Compensation: €182.00k
  • Frank Fassin (60yo)

    Supervisory Board Member

    • Tenure: 10.5yrs
    • Compensation: €96.00k
  • Clem Booth (65yo)

    Supervisory Board Member

    • Tenure: 3.5yrs
    • Compensation: €96.00k
  • Nikolaus von Bomhard (63yo)

    Chairman of the Supervisory Board

    • Tenure: 0.5yrs
    • Compensation: €2.54m
  • Max Zimmerer (61yo)

    Supervisory Board Member

    • Tenure: 2.3yrs
    • Compensation: €96.00k
  • Gerd Häusler (68yo)

    Supervisory Board Member

    • Tenure: 5.5yrs
    • Compensation: €110.50k
  • Benita María Ferrero-Waldner (71yo)

    Supervisory Board Member

    • Tenure: 9.7yrs
    • Compensation: €96.00k
  • Ursula Gather (66yo)

    Supervisory Board Member

    • Tenure: 5.5yrs
    • Compensation: €96.00k
  • Anne Horstmann (49yo)

    Deputy Chairman of Supervisory Board

    • Tenure: 0.5yrs
    • Compensation: €150.00k

Company Information

Münchener Rückversicherungs-Gesellschaft Aktiengesellschaft's company bio, employee growth, exchange listings and data sources


Key Information

  • Name: Münchener Rückversicherungs-Gesellschaft Aktiengesellschaft
  • Ticker: MUV2
  • Exchange: DB
  • Founded: 1880
  • Industry: Reinsurance
  • Sector: Insurance
  • Market Cap: €35.459b
  • Shares outstanding: 142.35m
  • Website: https://www.munichre.com

Number of Employees


Location

  • Münchener Rückversicherungs-Gesellschaft Aktiengesellschaft
  • Königinstrasse 107
  • Munich
  • Bavaria
  • 80802
  • Germany

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
MUV2DBATS-CHIXE (BATS 'Chi-X Europe')YesRegistered SharesGBEURJan 1992
MURG.FOTCPK (Pink Sheets LLC)YesRegistered SharesUSUSDJan 1992
0KFELSE (London Stock Exchange)YesRegistered SharesGBEURJan 1992
MUV2BIT (Borsa Italiana)YesRegistered SharesITEURJan 1992
MUV2XTRA (XETRA Trading Platform)YesRegistered SharesDEEURJan 1992
MEURVENXTBR (Euronext Brussels)YesRegistered SharesBEEURJan 1992
MUV2SWX (SIX Swiss Exchange)YesRegistered SharesCHCHFJan 1992
MUV2DB (Deutsche Boerse AG)YesRegistered SharesDEEURJan 1992
MUVWBAG (Wiener Boerse AG)YesRegistered SharesATEURJan 1992
MUV2 NBMV (Bolsa Mexicana de Valores)YesRegistered SharesMXMXNJan 1992
MUV2SWX (SIX Swiss Exchange)YesRegistered SharesCHEURJan 1992
MUNICHREBUSE (Budapest Stock Exchange)YesRegistered SharesHUHUFJan 1992
MUVBDB (Deutsche Boerse AG)UNSP ADR EACH REPR 0.10 ORDDEEUROct 2008
MURG.YOTCPK (Pink Sheets LLC)UNSP ADR EACH REPR 0.10 ORDUSUSDOct 2008

Biography

Münchener Rückversicherungs-Gesellschaft Aktiengesellschaft engages in the insurance and reinsurance businesses worldwide. It operates through five segments: Life and Health Reinsurance; Property-Casualty  ...


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2019/10/22 20:45
End of Day Share Price2019/10/22 00:00
Earnings2019/06/30
Annual Earnings2018/12/31


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.