MUV2 Stock Analysis: Münchener Rück | XETRA
Insurance - Reinsurance | XETRA, Germany | Market Cap: 64.719m EUR | 12M Return: 0.3% | DE0008430026 | Charts, Fundamentals & Technical Analysis
Avg Turnover: 115M
EPS Trend: 75.6%
Qual. Beats: 1
Rev. Trend: 44.6%
Qual. Beats: 0
Warnings
No concerns identified
Tailwinds
No distinct edge detected
Seasonality 11.6 years of data
How good or bad each month usually is (without trend). The score below shows how much you can trust it: 0 = pure chance, >40 gets interesting and >55 is strong.
Münchener Rück AG (Munich Re) is a global insurance and reinsurance group headquartered in Munich and founded in 1880. It operates through six segments: Life and Health Reinsurance, Property-Casualty Reinsurance, Global Specialty Insurance, and three ERGO segments covering life/health and property-casualty business in Germany and internationally. The reinsurance divisions offer products ranging from digital underwriting tools and medical research platforms to natural catastrophe analytics (NatCatSERVICE), agricultural and cyber reinsurance, and structured/retroactive risk transfer solutions. Through its ERGO brand, the group also sells primary life, health, property-casualty, legal protection, and travel insurance, along with specialty covers for agriculture, renewable energy, and epidemic risks.
As a reinsurer, Munich Re assumes portions of risk from primary insurers in exchange for premiums, providing underwriting capacity and specialized expertise across geographies and lines of business. The combination of a global reinsurance franchise with a German primary insurance arm (ERGO) makes the group a vertically integrated player in the Financials sector.
- Rising investment yields boost reinsurer portfolio income
- NatCat losses and climate exposure pressure P&C combined ratio
- Reinsurance price renewals at January 1 strengthen premium growth
- ERGO Germany combined ratio improvement drives domestic earnings
| Net Income: 6.87b TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.00 > 0.02 and ΔFCF/TA -0.64 > 1.0 |
| NWC/Revenue: 24.28% < 20% (prev 431.5%; Δ -407.2% < -1%) |
| CFO/TA 0.00 > 3% & CFO 1.27b > Net Income 6.87b |
| Net Debt (1.93b) to EBITDA (9.62b): 0.20 < 3 |
| Current Ratio: error (cannot be calculated; needs correct Total Current Assets and Liabilities) |
| Outstanding Shares: last quarter (126.6m) vs 12m ago -2.90% < -2% |
| Gross Margin: 82.24% > 18% (prev 100.0%; Δ -17.76% > 0.5%) |
| Asset Turnover: 24.76% > 50% (prev 14.84%; Δ 9.93% > 0%) |
| Interest Coverage Ratio: 35.19 > 6 (EBIT TTM 9.26b / Interest Expense TTM 263.0m) |
| A: 0.06 (Total Current Assets 16.9b - Total Current Liabilities 0.0) / Total Assets 285b |
| B: 0.09 (Retained Earnings 26.4b / Total Assets 285b) |
| C: 0.03 (EBIT TTM 9.26b / Avg Total Assets 280b) |
| D: 0.13 (Book Value of Equity 33.6b / Total Liabilities 251b) |
| Altman-Z'' = 1.05 = BB |
| DSRI: 1.10 (Receivables 11.0b/5.91b, Revenue 69.4b/40.9b) |
| GMI: 1.22 (GM 100.0% / 82.24%) |
| AQI: 2.82 (AQ_t 0.93 / AQ_t-1 0.33) |
| SGI: 1.70 (Revenue 69.4b / 40.9b) |
| TATA: 0.02 (NI 6.87b - CFO 1.27b) / TA 285b) |
| Beneish M = -1.17 (Cap -4..+1) = D |
As of September 01, 2026, the stock is trading at EUR 518.80 with a total of 417,878 shares traded. Over the past week, the price has changed by +0.04%, over one month by -0.65%, over three months by +16.61% and over the past year by +0.25%.
Current recommended Stop Loss: 501.90 (which is 3.3% or 2.1 ATR below the current price).
Münchener Rück has no consensus analysts rating.
P/E Trailing = 9.5613
P/E Forward = 9.5602
P/S = 1.0516
P/B = 1.9336
P/EG = 2.0309
Revenue TTM = 69.4b EUR
EBIT TTM = 9.26b EUR
EBITDA TTM = 9.62b EUR
Long Term Debt = 7.39b EUR (from longTermDebt, last quarter)
Short Term Debt = 242.0m EUR (from shortTermDebt, last fiscal year)
Debt = 7.75b EUR (from shortLongTermDebtTotal, last quarter) + Leases 356.0m
Net Debt = 1.93b EUR (calculated: Debt 7.75b - CCE 5.82b)
Enterprise Value = 66.6b EUR (64.7b + Debt 7.75b - CCE 5.82b)
Interest Coverage Ratio = 35.19 (Ebit TTM 9.26b / Interest Expense TTM 263.0m)
EV/FCF = 60.31x (Enterprise Value 66.6b / FCF TTM 1.10b)
FCF Yield = 1.66% (FCF TTM 1.10b / Enterprise Value 66.6b)
FCF Margin = 1.59% (FCF TTM 1.10b / Revenue TTM 69.4b)
Net Margin = 9.90% (Net Income TTM 6.87b / Revenue TTM 69.4b)
Gross Margin = 82.24% ((Revenue TTM 69.4b - Cost of Revenue TTM 12.3b) / Revenue TTM)
Gross Margin QoQ = 33.87% (prev none%)
Tobins Q-Ratio = 0.23 (Enterprise Value 66.6b / Total Assets 285b)
Interest Expense / Debt = 3.39% (Interest Expense 263.0m / Debt 7.75b)
Taxrate = 25.81% (2.39b / 9.26b)
NOPAT = 6.87b (EBIT 9.26b * (1 - 25.81%))
Current Ratio = unknown (Total Current Assets 16.9b / Total Current Liabilities 0.0)
Debt / Equity = 0.23 (Debt 7.75b / totalStockholderEquity, last quarter 33.6b)
Debt / EBITDA = 0.20 (Net Debt 1.93b / EBITDA 9.62b)
Debt / FCF = 1.74 (Net Debt 1.93b / FCF TTM 1.10b)
Total Stockholder Equity = 33.4b (last 4 quarters mean from totalStockholderEquity)
RoA = 2.45% (Net Income 6.87b / Total Assets 285b)
RoE = 20.59% (Net Income TTM 6.87b / Total Stockholder Equity 33.4b)
RoCE = 22.71% (EBIT 9.26b / Capital Employed (Equity 33.4b + L.T.Debt 7.39b))
RoIC = 3.32% (EBIT 9.26b / (Assets 285b - Curr.Liab 0.0 - Cash 5.82b))
WACC = 4.85% (E(64.7b)/V(72.5b) * Re(5.13%) + D(7.75b)/V(72.5b) * Rd(3.39%) * (1-Tc(0.26)))
Discount Rate = 5.13% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: -99.42 | Cagr: -2.54%
[DCF] Terminal Value 73.10% ; FCFF base≈1.79b ; Y1≈1.57b ; Y5≈1.27b
[DCF] Fair Price = 146.8 (EV 20.4b - Net Debt 1.93b = Equity 18.5b / Shares 125.8m; r=8.35% [WACC [floored]]; 5y FCF grow -15.0% → 2.50% )
EPS Correlation: 75.56 | EPS CAGR: 13.04% | SUE: 4.0 | # QB: 1
Revenue Correlation: 44.55 | Revenue CAGR: 12.49% | SUE: 0.32 | # QB: 0
EPS current Quarter (2026-09-30): EPS=10.15 | Chg30d=-2.27% | Revisions=-40% | Analysts=2
EPS current Year (2026-12-31): EPS=51.87 | Chg30d=+2.18% | Revisions=+36% | GrowthEPS=+10.1% | GrowthRev=-2.2%
EPS next Year (2027-12-31): EPS=51.73 | Chg30d=-0.86% | Revisions=-36% | GrowthEPS=-0.3% | GrowthRev=-2.5%
[Analyst] Revisions Ratio: -10% (up=8, down=10)