Hannover Rück SE (HNR1.DE) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+747.8%

€2,480.62

vs €292.60 price

Levered DCF

€3,871.42

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

1.86

Grey zone

Rating

Overall 4 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	12.16×	12.5×	14.3×	28.67×	16.37×	17.8×	16.18×	13.24×
P/B	2.48×	2.47×	2.58×	2.47×	1.7×	1.43×	1.97×	1.6×
P/S	1.2×	10.96×	1.19×	16.12×	0.77×	0.68×	0.96×	0.74×
EV / EBITDA	0×	9.4×	14.22×	16.68×	13.18×	12.45×	11.63×	9.1×
Gross margin	100.0%	95.2%	97.1%	94.5%	100.0%	100.0%	100.0%	78.1%
Operating margin	0.0%	121.0%	8.4%	102.6%	6.6%	5.2%	8.6%	8.0%
Net margin	9.9%	87.7%	8.3%	56.3%	4.7%	3.8%	6.0%	5.6%
Current ratio	-0.72×	91.09×	1.72×	87.71×	20.07×	36.56×	26.44×	30.15×
Debt / equity	0.32×	0.4×	0.48×	0.61×	0.37×	0.31×	0.33×	0.29×
Interest coverage	0×	21.12×	11.76×	14.11×	17.64×	11.83×	18.61×	16.43×
Dividend yield	3.5%	3.0%	2.8%	3.2%	2.7%	4.2%	3.0%	4.3%
Payout ratio	42.5%	37.3%	39.7%	92.6%	44.1%	75.1%	49.3%	56.9%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	20.4%	19.7%	18.0%	8.6%	10.4%	8.0%	12.2%	12.1%
Return on invested capital	0.0%	1.9%	2.9%	0.9%	1.1%	1.4%	1.3%	1.2%
Return on assets	3.7%	3.2%	2.8%	1.2%	1.5%	1.2%	1.8%	1.6%
Free cash flow yield	17.7%	19.5%	22.2%	22.1%	24.5%	19.2%	12.1%	15.8%
Earnings yield	8.2%	8.0%	7.0%	3.5%	6.1%	5.6%	6.2%	7.5%
Enterprise value	€35.2B	€32.5B	€29.9B	€26.6B	€23.2B	€17.9B	€23.1B	€15.5B
Net debt / EBITDA	0×	0.99×	1.82×	2.63×	1.72×	1.5×	1.19×	0.87×
Cash conversion cycle (days)	28	236	-102	-345	36	0	0	-102