Münchener Rückversicherungs-Gesellschaft Aktiengesellschaft in München (MUV2.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

+150.1%

€1,428.25

vs €571.00 price

Levered DCF

-€870.05

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

0.73

Distress zone

Rating

B+

Overall 3 / 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	11.92×	11.39×	11.07×	12.34×	12.44×	28.13×	13.87×	12.13×
P/B	2.19×	1.98×	1.72×	2.01×	1.18×	1.14×	1.24×	1.06×
P/S	1.05×	1.53×	1.29×	1.07×	0.57×	0.58×	0.65×	0.54×
EV / EBITDA	8×	6.57×	6.11×	3×	7.23×	15.06×	7.7×	6.76×
Gross margin	100.0%	103.3%	103.5%	102.6%	83.4%	83.0%	82.9%	81.6%
Operating margin	12.4%	20.6%	17.9%	25.2%	6.4%	2.5%	6.5%	6.7%
Net margin	8.8%	13.4%	11.6%	13.4%	4.6%	2.1%	4.7%	4.4%
Current ratio	0×	0.86×	5.23×	9.64×	10.82×	11.12×	12.87×	19.23×
Debt / equity	0.22×	0.19×	0.16×	0.31×	0.22×	0.23×	0.17×	0.18×
Interest coverage	23.38×	26.62×	24.1×	34.99×	12.31×	4.38×	10.48×	12.32×
Dividend yield	3.6%	3.1%	3.1%	3.7%	3.8%	4.1%	3.5%	4.6%
Payout ratio	42.7%	35.3%	34.4%	29.2%	47.0%	114.6%	49.0%	55.7%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	18.4%	17.4%	15.5%	25.2%	9.5%	4.1%	8.9%	8.8%
Return on invested capital	2.2%	2.8%	2.3%	2.8%	1.0%	0.4%	1.0%	0.9%
Return on assets	2.2%	2.0%	1.7%	1.8%	0.9%	0.4%	0.9%	0.9%
Free cash flow yield	1.5%	4.4%	4.7%	-43.2%	14.3%	21.2%	41.5%	10.7%
Earnings yield	8.4%	8.8%	9.0%	12.5%	8.0%	3.6%	7.2%	8.2%
Enterprise value	€74.9B	€61.8B	€47.1B	€39.5B	€34.5B	€31.7B	€34.2B	€27.7B
Net debt / EBITDA	0.21×	-0.31×	-0.5×	-0.22×	-0.41×	-1.1×	-0.8×	-0.08×
Cash conversion cycle (days)	119	51	48	2,112	-541	-527	-458	-439