(HNR1) Hannover Rück SE - Ratings and Ratios
Reinsurance, Property, Casualty, Life, Health
Dividends
| Dividend Yield | 3.46% |
| Yield on Cost 5y | 7.35% |
| Yield CAGR 5y | 6.97% |
| Payout Consistency | 70.3% |
| Payout Ratio | 44.0% |
| Risk via 5d forecast | |
|---|---|
| Volatility | 20.2% |
| Value at Risk 5%th | 31.9% |
| Relative Tail Risk | -3.82% |
| Reward TTM | |
|---|---|
| Sharpe Ratio | 0.07 |
| Alpha | -1.82 |
| CAGR/Max DD | 0.74 |
| Character TTM | |
|---|---|
| Hurst Exponent | 0.353 |
| Beta | 0.013 |
| Beta Downside | 0.067 |
| Drawdowns 3y | |
|---|---|
| Max DD | 17.00% |
| Mean DD | 5.40% |
| Median DD | 4.68% |
Description: HNR1 Hannover Rück SE October 14, 2025
Hannover Rück SE (XETRA:HNR1) is a global reinsurer operating through two main segments – Property & Casualty (P&C) and Life & Health – with a footprint that spans Europe, North America, Asia-Pacific, Africa and the Middle East. Its P&C portfolio covers agricultural, aviation, natural-catastrophe, cyber, marine, offshore energy and insurance-linked securities, while the Life & Health arm provides critical-illness, disability, longevity, long-term-care and mortality solutions, together with group-life, retirement and Takaful products. In addition to pure reinsurance, the firm offers financial-engineering services such as new-business financing, embedded-value monetisation, reserve and solvency relief, and Solvency II-related solutions.
Key performance indicators from the most recent fiscal year (2023) show a combined ratio of 94.7 % in the P&C segment, indicating underwriting profitability, and a net profit of €2.2 bn, driven by a 12 % increase in gross written premiums to €27 bn. Hannover Rück’s core equity tier 1 (CET1) ratio stood at 21.3 %, well above the regulatory minimum, reflecting a strong capital position that supports its capacity to write large-scale, capital-intensive risks such as natural catastrophes and cyber exposures.
Sector-wide, the reinsurance market is being reshaped by three macro drivers: (1) escalating climate-change-related loss frequencies that pressure pricing and capital allocation; (2) persistently low interest-rate environments that compress investment returns on the large asset bases of reinsurers; and (3) the rapid digitalisation of risk, which is expanding demand for cyber and specialty lines. Hannover Rück’s strategic emphasis on diversified, high-margin specialty lines and its robust capital buffer position it to capture upside from these trends while mitigating downside from loss volatility.
If you want a data-rich, quantitative deep-dive into Hannover Rück’s valuation metrics and scenario analyses, the ValueRay platform provides a structured framework that can help you assess the stock’s risk-adjusted return profile.
Piotroski VR‑10 (Strict, 0-10) 5.5
| Net Income (2.47b TTM) > 0 and > 6% of Revenue (6% = 159.3m TTM) |
| FCFTA 0.08 (>2.0%) and ΔFCFTA -1.02pp (YES ≥ +1.0pp, WARN ≥ +0.5pp) |
| NWC/Revenue 2202 % (prev 212.6%; Δ 1989 pp) (YES ≤20% & Δ≤-1pp; WARN ≤25% & Δ≤0 oder ≤40% & Δ≤-3pp) |
| CFO/TA 0.11 (>3.0%) and CFO 7.53b > Net Income 2.47b (YES >=105%, WARN >=100%) |
| Net Debt (3.42b) to EBITDA (2.68b) ratio: 1.28 <= 3.0 (WARN <= 3.5) |
| Current Ratio 91.09 (target 1.5–3.0; WARN 1.2–<1.5 or >3.0–5.0; CFO/TA gate active) |
| Outstanding Shares last Quarter (120.6m) change vs 12m ago -0.00% (target <= -2.0% for YES) |
| Gross Margin 96.23% (prev 38.16%; Δ 58.07pp) >=18% & Δ>=+0.5pp (WARN >=15% & Δ>=0) |
| Asset Turnover 3.78% (prev 36.03%; Δ -32.25pp) >=50% & Δ>=+2pp (WARN >=35% & Δ>=0) |
| Interest Coverage Ratio 6.07 (EBITDA TTM 2.68b / Interest Expense TTM 147.8m) >= 6 (WARN >= 3) |
Altman Z'' 6.36
| (A) 0.83 = (Total Current Assets 59.11b - Total Current Liabilities 648.9m) / Total Assets 70.35b |
| (B) 0.18 = Retained Earnings (Balance) 12.75b / Total Assets 70.35b |
| (C) 0.01 = EBIT TTM 897.3m / Avg Total Assets 70.32b |
| (D) 0.22 = Book Value of Equity 12.87b / Total Liabilities 58.35b |
| Total Rating: 6.36 = (6.56 * A) + (3.26 * B) + (6.72 * C) + (1.05 * D) |
ValueRay F-Score (Strict, 0-100) 63.92
| 1. Piotroski 5.50pt |
| 2. FCF Yield 15.63% |
| 3. FCF Margin data missing |
| 4. Debt/Equity 0.39 |
| 5. Debt/Ebitda 1.28 |
| 6. ROIC - WACC (= 1.29)% |
| 7. RoE 21.03% |
| 8. Rev. Trend -29.88% |
| 9. EPS Trend 70.35% |
What is the price of HNR1 shares?
Over the past week, the price has changed by +3.01%, over one month by +0.85%, over three months by +4.16% and over the past year by +4.06%.
Is HNR1 a buy, sell or hold?
What are the forecasts/targets for the HNR1 price?
| Issuer | Target | Up/Down from current |
|---|---|---|
| Wallstreet Target Price | 290.2 | 11.5% |
| Analysts Target Price | - | - |
| ValueRay Target Price | 294.8 | 13.3% |
HNR1 Fundamental Data Overview December 09, 2025
Market Cap EUR = 30.54b (30.54b EUR * 1.0 EUR.EUR)
P/E Trailing = 12.3754
P/E Forward = 11.6144
P/S = 1.0776
P/B = 2.5385
P/EG = 1.1172
Beta = 0.236
Revenue TTM = 2.66b EUR
EBIT TTM = 897.3m EUR
EBITDA TTM = 2.68b EUR
Long Term Debt = 4.19b EUR (from longTermDebt, last quarter)
Short Term Debt = 99.5m EUR (from shortTermDebt, last fiscal year)
Debt = 4.67b EUR (from shortLongTermDebtTotal, last fiscal year)
Net Debt = 3.42b EUR (from netDebt column, last fiscal year)
Enterprise Value = 33.95b EUR (30.54b + Debt 4.67b - CCE 1.26b)
Interest Coverage Ratio = 6.07 (Ebit TTM 897.3m / Interest Expense TTM 147.8m)
FCF Yield = 15.63% (FCF TTM 5.31b / Enterprise Value 33.95b)
FCF Margin = 199.8% (FCF TTM 5.31b / Revenue TTM 2.66b)
Net Margin = 92.98% (Net Income TTM 2.47b / Revenue TTM 2.66b)
Gross Margin = 96.23% ((Revenue TTM 2.66b - Cost of Revenue TTM 100.1m) / Revenue TTM)
Gross Margin QoQ = 100.0% (prev 100.0%)
Tobins Q-Ratio = 0.48 (Enterprise Value 33.95b / Total Assets 70.35b)
Interest Expense / Debt = 0.46% (Interest Expense 21.7m / Debt 4.67b)
Taxrate = 5.14% (36.8m / 716.6m)
NOPAT = 851.2m (EBIT 897.3m * (1 - 5.14%))
Current Ratio = 91.09 (Total Current Assets 59.11b / Total Current Liabilities 648.9m)
Debt / Equity = 0.39 (Debt 4.67b / totalStockholderEquity, last quarter 12.00b)
Debt / EBITDA = 1.28 (Net Debt 3.42b / EBITDA 2.68b)
Debt / FCF = 0.64 (Net Debt 3.42b / FCF TTM 5.31b)
Total Stockholder Equity = 11.74b (last 4 quarters mean from totalStockholderEquity)
RoA = 3.51% (Net Income 2.47b / Total Assets 70.35b)
RoE = 21.03% (Net Income TTM 2.47b / Total Stockholder Equity 11.74b)
RoCE = 5.63% (EBIT 897.3m / Capital Employed (Equity 11.74b + L.T.Debt 4.19b))
RoIC = 6.61% (NOPAT 851.2m / Invested Capital 12.88b)
WACC = 5.31% (E(30.54b)/V(35.20b) * Re(6.06%) + D(4.67b)/V(35.20b) * Rd(0.46%) * (1-Tc(0.05)))
Discount Rate = 6.06% (= CAPM, Blume Beta Adj.) -> floored to rf + 0.7*ERP = 8.05%
Shares Correlation 3-Years: 100.0 | Cagr: 0.05%
[DCF Debug] Terminal Value 78.88% ; FCFE base≈5.59b ; Y1≈5.83b ; Y5≈6.71b
Fair Price DCF = 977.5 (DCF Value 117.89b / Shares Outstanding 120.6m; 5y FCF grow 4.47% → 3.0% )
EPS Correlation: 70.35 | EPS CAGR: 15.85% | SUE: 0.14 | # QB: 0
Revenue Correlation: -29.88 | Revenue CAGR: -41.99% | SUE: -0.51 | # QB: 0
EPS next Quarter (2026-03-31): EPS=6.06 | Chg30d=+0.167 | Revisions Net=+1 | Analysts=1
EPS next Year (2026-12-31): EPS=22.92 | Chg30d=+0.547 | Revisions Net=+3 | Growth EPS=+8.0% | Growth Revenue=+4.7%