MUNICH RE |
Market Closed -
Other stock markets
|
5-day change | 1st Jan Change | ||
| 413.5 EUR | -2.29% |
|
-0.36% | +10.24% |
| Apr. 25 | Price spiral in car insurance - 20 percent more expensive | DP |
| Apr. 23 | RBC raises target for Munich Re to 464 euros - 'Sector Perform' | DP |
Valuation
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Capitalization 1 | 37,207 | 34,016 | 36,496 | 42,207 | 50,488 | 55,310 | - | - |
| Enterprise Value (EV) 1 | 36,349 | 33,720 | 36,789 | 40,816 | 49,606 | 56,454 | 56,454 | 55,310 |
| P/E ratio | 13.9 x | 28.1 x | 12.4 x | 12.3 x | 11.1 x | 10.4 x | 9.79 x | 9.01 x |
| Yield | 3.73% | 4.04% | 4.22% | 3.82% | 4% | 3.83% | 4.09% | 4.35% |
| Capitalization / Revenue | 0.72 x | 0.62 x | 0.61 x | 0.63 x | 0.72 x | 0.76 x | 0.73 x | 0.7 x |
| EV / Revenue | 0.71 x | 0.61 x | 0.62 x | 0.61 x | 0.71 x | 0.77 x | 0.74 x | 0.7 x |
| EV / EBITDA | - | - | - | - | - | - | - | - |
| EV / FCF | - | 29.8 x | 23.6 x | - | 20.7 x | 27.4 x | 16 x | - |
| FCF Yield | - | 3.35% | 4.23% | - | 4.83% | 3.65% | 6.26% | - |
| Price to Book | 1.22 x | 1.14 x | 1.18 x | 1.99 x | 1.7 x | 1.74 x | 1.61 x | 1.48 x |
| Nbr of stocks (in thousands) | 141,470 | 140,099 | 140,099 | 138,838 | 134,600 | 133,760 | - | - |
| Reference price 2 | 263.0 | 242.8 | 260.5 | 304.0 | 375.1 | 413.5 | 413.5 | 413.5 |
| Announcement Date | 2/28/20 | 2/25/21 | 2/23/22 | 2/23/23 | 2/27/24 | - | - | - |
1EUR in Million2EUR
Estimates
Income Statement Evolution (Annual data)
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 51,457 | 54,890 | 59,567 | 67,133 | 69,814 | 73,205 | 75,918 | 78,763 |
| EBITDA | - | - | - | - | - | - | - | - |
| EBIT 1 | 4,004 | 1,986 | 3,517 | 3,582 | 5,702 | 7,219 | 7,556 | 7,948 |
| Operating Margin | 7.78% | 3.62% | 5.9% | 5.34% | 8.17% | 9.86% | 9.95% | 10.09% |
| Earnings before Tax (EBT) 1 | 3,190 | 1,480 | 3,484 | 3,999 | 5,533 | 7,005 | 7,382 | 7,651 |
| Net income 1 | 2,724 | 1,211 | 2,933 | 3,419 | 4,597 | 5,227 | 5,490 | 5,803 |
| Net margin | 5.29% | 2.21% | 4.92% | 5.09% | 6.58% | 7.14% | 7.23% | 7.37% |
| EPS 2 | 18.97 | 8.630 | 20.93 | 24.63 | 33.88 | 39.59 | 42.24 | 45.90 |
| Free Cash Flow 1 | - | 1,130 | 1,556 | - | 2,395 | 2,063 | 3,532 | - |
| FCF margin | - | 2.06% | 2.61% | - | 3.43% | 2.82% | 4.65% | - |
| FCF Conversion (EBITDA) | - | - | - | - | - | - | - | - |
| FCF Conversion (Net income) | - | 93.31% | 53.05% | - | 52.1% | 39.46% | 64.34% | - |
| Dividend per Share 2 | 9.800 | 9.800 | 11.00 | 11.60 | 15.00 | 15.85 | 16.93 | 17.98 |
| Announcement Date | 2/28/20 | 2/25/21 | 2/23/22 | 2/23/23 | 2/27/24 | - | - | - |
1EUR in Million2EUR
Estimates
Income Statement Evolution (Quarterly data)
| Fiscal Period: December | 2020 S1 | 2021 S1 | 2021 Q3 | 2021 Q4 | 2022 Q1 | 2022 Q2 | 2022 Q3 | 2022 Q4 | 2023 Q1 | 2023 Q2 | 2023 S1 | 2023 Q3 | 2023 Q4 | 2024 Q1 | 2024 Q2 | 2024 Q3 | 2024 Q4 | 2025 Q1 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 27,122 | 29,193 | 15,480 | 14,894 | 16,833 | 15,850 | 18,228 | 16,222 | 18,229 | 16,799 | - | 18,068 | 16,717 | 18,894 | 17,412 | 18,735 | 17,331 | - |
| EBITDA | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| EBIT 1 | 1,153 | 2,352 | 204 | 962 | 780 | 763 | -346 | 2,385 | 1,768 | 1,573 | - | 1,776 | 585 | 2,141 | 1,754 | 1,929 | 1,494 | - |
| Operating Margin | 4.25% | 8.06% | 1.32% | 6.46% | 4.63% | 4.81% | -1.9% | 14.7% | 9.7% | 9.36% | - | 9.83% | 3.5% | 11.33% | 10.07% | 10.3% | 8.62% | - |
| Earnings before Tax (EBT) 1 | - | - | - | - | - | - | 603 | - | - | 1,531 | 3,257 | 1,734 | 543 | 1,875 | 1,854 | 1,910 | 1,520 | - |
| Net income 1 | 802 | - | 366 | 868 | 608 | 768 | 527 | 1,516 | 1,275 | 1,153 | 2,428 | 1,169 | 1,004 | 1,650 | 1,174 | 1,398 | 1,042 | - |
| Net margin | 2.96% | - | 2.36% | 5.83% | 3.61% | 4.85% | 2.89% | 9.35% | 6.99% | 6.86% | - | 6.47% | 6.01% | 8.73% | 6.75% | 7.46% | 6.01% | - |
| EPS 2 | 5.710 | 12.13 | 2.610 | 6.200 | 4.340 | 5.500 | 3.790 | 11.05 | 9.290 | 8.450 | - | 8.610 | 7.520 | 11.15 | 10.18 | 10.60 | 7.466 | 11.27 |
| Dividend per Share 2 | - | - | - | 11.00 | - | - | - | 11.60 | - | - | - | - | 15.00 | - | - | - | 16.20 | - |
| Announcement Date | 8/6/20 | 8/10/21 | 11/9/21 | 2/23/22 | 5/10/22 | 8/9/22 | 11/8/22 | 2/23/23 | 5/17/23 | 8/10/23 | 8/10/23 | 11/8/23 | 2/27/24 | - | - | - | - | - |
1EUR in Million2EUR
Estimates
Balance Sheet Analysis
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net Debt 1 | - | - | 293 | - | - | 1,144 | 1,144 | - |
| Net Cash position 1 | 858 | 296 | - | 1,391 | 882 | - | - | - |
| Leverage (Debt/EBITDA) | - | - | - | - | - | - | - | - |
| Free Cash Flow 1 | - | 1,130 | 1,556 | - | 2,395 | 2,063 | 3,532 | - |
| ROE (net income / shareholders' equity) | 9.2% | 5.3% | 12.6% | 13.5% | 15.7% | 17.7% | 17.3% | 17.2% |
| ROA (Net income/ Total Assets) | 0.98% | 0.41% | 0.96% | 1.12% | 1.69% | 1.64% | 1.72% | 1.71% |
| Assets 1 | 278,870 | 292,724 | 305,171 | 305,486 | 271,594 | 318,943 | 318,621 | 340,234 |
| Book Value Per Share 2 | 215.0 | 213.0 | 220.0 | 153.0 | 220.0 | 237.0 | 257.0 | 280.0 |
| Cash Flow per Share | - | - | - | - | - | - | - | - |
| Capex | - | - | - | - | - | - | - | - |
| Capex / Sales | - | - | - | - | - | - | - | - |
| Announcement Date | 2/28/20 | 2/25/21 | 2/23/22 | 2/23/23 | 2/27/24 | - | - | - |
1EUR in Million2EUR
Estimates
EPS & Dividend
Year-on-year evolution of the PER
Year-on-year evolution of the Yield
Change in Enterprise Value/EBITDA
Trading Rating
Investor Rating
ESG Refinitiv
A-
Sell
Buy
Mean consensus
OUTPERFORM
Number of Analysts
16
Last Close Price
413.5
EUR
Average target price
446.7
EUR
Spread / Average Target
+8.03%
EPS Revisions
| 1st Jan change | Capi. | |
|---|---|---|
| +10.24% | 59.05B | |
| +3.14% | 17.78B | |
| +11.78% | 11.55B | |
| +4.14% | 2.05B | |
| -8.29% | 1.52B | |
| +5.54% | 968M | |
| -4.40% | 676M | |
| +39.78% | 618M | |
| +5.52% | 427M | |
| +20.52% | 391M |
- Stock Market
- Equities
- MUV2 Stock
- Financials Munich Re
