Company Valuation: Munich Re

Data adjusted to current consolidation scope
Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 37,207 34,016 36,496 42,207 50,488 69,295 69,295 -
Change - -8.58% 7.29% 15.65% 19.62% 37.25% 0% -
Enterprise Value (EV) 1 36,349 33,720 36,789 40,816 49,606 69,510 69,510 69,295
Change - -7.23% 9.1% 10.95% 21.54% 40.12% 0% -0.31%
P/E ratio 13.9x 28.1x 12.4x 12.3x 11.1x 12.5x 11.3x 10.7x
PBR 1.22x 1.14x 1.18x 1.99x 1.7x 2.21x 2.04x 1.87x
PEG - -0.5x 0x 0.7x 0.3x 0.5x 1.1x 1.74x
Capitalization / Revenue 0.72x 0.62x 0.61x 0.63x 0.72x 0.94x 0.9x 0.87x
EV / Revenue 0.71x 0.61x 0.62x 0.61x 0.71x 0.95x 0.9x 0.87x
EV / EBITDA - - - - - - - -
EV / EBIT 9.08x 17x 10.5x 11.4x 8.7x 9.36x 8.59x 8.37x
EV / FCF - 29.8x 23.6x - 20.7x - - -
FCF Yield - 3.35% 4.23% - 4.83% - - -
Dividend per Share 2 9.8 9.8 11 11.6 15 16.44 17.75 19
Rate of return 3.73% 4.04% 4.22% 3.82% 4% 3.13% 3.37% 3.61%
EPS 2 18.97 8.63 20.93 24.63 33.88 42.19 46.54 49.41
Distribution rate 51.7% 114% 52.6% 47.1% 44.3% 39% 38.1% 38.4%
Net sales 1 51,457 54,890 59,567 67,133 69,814 73,382 76,946 79,911
EBITDA - - - - - - - -
EBIT 1 4,004 1,986 3,517 3,582 5,702 7,430 8,088 8,283
Net income 1 2,724 1,211 2,933 3,419 4,597 5,617 6,034 6,214
Net Debt 1 -858 -296 293 -1,391 -882 214.5 214.5 -
Reference price 2 263.00 242.80 260.50 304.00 375.10 526.20 526.20 526.20
Nbr of stocks (in thousands) 141,470 140,099 140,099 138,838 134,600 131,690 131,690 -
Announcement Date 2/28/20 2/25/21 2/23/22 2/23/23 2/27/24 - - -
1EUR in Million2EUR
Estimates

P/E ratio, Detailed evolution

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P/E ratio (N) EV / Sales (N) EV / EBITDA (N) Yield (N) Capi.($)
12.47x0.95x - 3.12% 71.7B
12.94x - - 3.45% 31.72B
11.51x1.49x7.58x2.31% 14.42B
5.76x - - 0.67% 11.79B
5.08x0.89x3.1x - 1.93B
45.15x - - - 1.81B
7.39x - - 6.41% 881M
12.37x - - -.--% 759M
Average 14.09x 1.11x 5.34x percentage-no-prefix 16.88B
Weighted average by Cap. 12.19x 1.03x 7.05x percentage-no-prefix
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Year-on-year evolution of the PER

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

Year-on-year evolution of the Yield