Financials Munich Re

Equities

MUV2

DE0008430026

Reinsurance

Market Closed - Xetra 11:44:51 2024-03-01 am EST 5-day change 1st Jan Change
424.8 EUR -1.30% Intraday chart for Munich Re +0.33% +13.25%

Valuation

Fiscal Period: December 2018 2019 2020 2021 2022 2023 2024 2025
Capitalization 1 28,156 37,207 34,016 36,496 42,207 57,477 57,477 -
Enterprise Value (EV) 1 27,151 36,349 33,720 36,789 40,816 58,701 58,621 58,621
P/E ratio 12.3 x 13.9 x 28.1 x 12.4 x 12.3 x 12.7 x 11.1 x 10.1 x
Yield 4.85% 3.73% 4.04% 4.22% 3.82% 2.99% 3.43% 3.67%
Capitalization / Revenue 0.57 x 0.72 x 0.62 x 0.61 x 0.63 x 0.82 x 0.86 x 0.82 x
EV / Revenue 0.55 x 0.71 x 0.61 x 0.62 x 0.61 x 0.84 x 0.87 x 0.83 x
EV / EBITDA - - - - - - - -
EV / FCF - - 29.8 x 23.6 x - 13.5 x 28.4 x 16.6 x
FCF Yield - - 3.35% 4.23% - 7.4% 3.52% 6.03%
Price to Book 1.05 x 1.22 x 1.14 x 1.18 x 1.99 x 2.01 x 1.81 x 1.65 x
Nbr of stocks (in thousands) 147,762 141,470 140,099 140,099 138,838 135,303 135,303 -
Reference price 2 190.6 263.0 242.8 260.5 304.0 424.8 424.8 424.8
Announcement Date 2/6/19 2/28/20 2/25/21 2/23/22 2/23/23 - - -
1EUR in Million2EUR
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2018 2019 2020 2021 2022 2023 2024 2025
Net sales 1 49,064 51,457 54,890 59,567 67,133 70,110 67,187 70,424
EBITDA - - - - - - - -
EBIT 1 3,725 4,004 1,986 3,517 3,582 6,433 7,034 7,411
Operating Margin 7.59% 7.78% 3.62% 5.9% 5.34% 9.18% 10.47% 10.52%
Earnings before Tax (EBT) 1 2,851 3,190 1,480 3,484 3,999 6,287 6,839 7,174
Net income 1 2,310 2,724 1,211 2,933 3,419 4,554 5,056 5,426
Net margin 4.71% 5.29% 2.21% 4.92% 5.09% 6.5% 7.52% 7.71%
EPS 2 15.53 18.97 8.630 20.93 24.63 33.45 38.13 41.88
Free Cash Flow 1 - - 1,130 1,556 - 4,346 2,063 3,532
FCF margin - - 2.06% 2.61% - 6.2% 3.07% 5.02%
FCF Conversion (EBITDA) - - - - - - - -
FCF Conversion (Net income) - - 93.31% 53.05% - 95.42% 40.81% 65.09%
Dividend per Share 2 9.250 9.800 9.800 11.00 11.60 12.71 14.55 15.60
Announcement Date 2/6/19 2/28/20 2/25/21 2/23/22 2/23/23 - - -
1EUR in Million2EUR
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2019 S1 2020 S1 2021 Q2 2021 S1 2021 Q3 2021 Q4 2022 Q1 2022 Q2 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 Q3 2023 Q4
Net sales 1 25,175 27,122 14,642 29,193 15,480 14,894 16,833 15,850 18,228 16,222 18,229 16,799 18,068 16,819
EBITDA - - - - - - - - - - - - - -
EBIT 1 2,444 1,153 1,554 2,352 204 962 780 763 -346 2,385 1,768 1,573 1,776 1,225
Operating Margin 9.71% 4.25% 10.61% 8.06% 1.32% 6.46% 4.63% 4.81% -1.9% 14.7% 9.7% 9.36% 9.83% 7.28%
Earnings before Tax (EBT) 1 2,092 - - - - - - - 603 - - 1,531 1,734 1,080
Net income 1 1,625 802 1,106 - 366 868 608 768 527 1,516 1,275 1,153 1,169 929.2
Net margin 6.45% 2.96% 7.55% - 2.36% 5.83% 3.61% 4.85% 2.89% 9.35% 6.99% 6.86% 6.47% 5.52%
EPS 2 11.22 5.710 7.890 12.13 2.610 6.200 4.340 5.500 3.790 11.05 9.290 8.450 8.610 6.863
Dividend per Share 2 - - - - - 11.00 - - - 11.60 - - - 12.65
Announcement Date 8/7/19 8/6/20 8/10/21 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 11/8/23 -
1EUR in Million2EUR
Estimates

Balance Sheet Analysis

Fiscal Period: December 2018 2019 2020 2021 2022 2023 2024 2025
Net Debt 1 - - - 293 - 1,225 1,144 1,144
Net Cash position 1 1,005 858 296 - 1,391 - - -
Leverage (Debt/EBITDA) - - - - - - - -
Free Cash Flow 1 - - 1,130 1,556 - 4,346 2,063 3,532
ROE (net income / shareholders' equity) 8.5% 9.2% 5.3% 12.6% 13.5% 17.2% 17.3% 17.1%
ROA (Net income/ Total Assets) 0.86% 0.98% 0.41% 0.96% 1.12% 1.55% 1.62% 1.72%
Assets 1 267,950 278,870 292,724 305,171 305,486 293,168 311,973 314,937
Book Value Per Share 2 181.0 215.0 213.0 220.0 153.0 211.0 235.0 258.0
Cash Flow per Share - - - - - - - -
Capex - - - - - - - -
Capex / Sales - - - - - - - -
Announcement Date 2/6/19 2/28/20 2/25/21 2/23/22 2/23/23 - - -
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-
More Ratings
Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
17
Last Close Price
424.8 EUR
Average target price
429.8 EUR
Spread / Average Target
+1.19%
Consensus
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