UBS reiterates its 'buy' recommendation on Munich Re and raises its target price from €486 to €500, a new target implying a potential upside of 12% for the German reinsurance company's shares.

'Munich Re's first-quarter results show an emergence of margin and greater confidence in leverage, which could increase EPS by more than 4%', points out the broker.

UBS also highlights, in the summary of its research note, a valuation of the Bavarian group at a P/E ratio (price to EPS) of 10.5 times, with a compound annual EPS growth rate of 12% over three years.

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