OTC: MURGF - Münchener Rückversicherungs-Gesellschaft Aktiengesellschaft in München

Yield per half year: +13.51%
Dividend yield: +3.09%
Sector: Financials

Reporting Münchener Rückversicherungs-Gesellschaft Aktiengesellschaft in München

Capitalization

IFRS

Reporting Annual Quarterly

	2015	2016	2017	2018	2019	2020	2021	2022	2023	LTM	5 year average	CAGR 5
Капитализация, млрд €	31.77	29.01	30.67	32.15	35.56	36.12	40.44	36.5	50.61	49.85	39.85	7.31
Выручка, млрд €	55.86	55.16	55.33	51.58	57.31	58.64	63.86	68.45	58.61	64.73	61.37	0.45
Чистая прибыль, млрд €	3.11	2.58	0.375	2.31	2.72	1.21	2.93	3.43	4.61	4.61	2.98	11.13
EV, млрд €	38.15	35.53	34.39	29.98	36.54	35.22	37.99	39.31	47.7	51.31	39.35	5.48
EBIT, млрд €	4.82	4.03	0.419	3.17	2.98	1.54	2.41	4	0.365	0.365	2.26	-34.29
EBITDA, млрд €	3.92	3.65	0.419	3.17	2.98	1.54	2.41	4.3	0.659	0.659	2.38	-26.05
Баланс стоимость, млрд €	30.67	31.52	28.01	26.37	30.46	29.89	30.83	21.06	29.65	29.65	28.38	-0.54
FCF, млрд €	4.33	3.13	1.83	3	9.49	7.22	5.23	-7.64	2.2	5.48	3.30	-25.35
Операционный денежный поток, млрд €	4.33	3.13	1.83	3	9.49	7.22	5.23	-7.64	2.54	5.83	3.37	-23.17
Операционная прибыль, млрд €	4.82	4.03	0.419	3.17	2.98	1.54	2.41	4.3	0.365	0.365	2.32	-34.29
Операционные расходы, млрд €	2.46	2.51	-55.41	-48.88	-54.33	-57.1	-61.45	-64.15	60.09	17.14	-35.3880	-202.04
CAPEX, млрд €					6.19			10.67	0.346	0.346	5.74	-61.76

	2015Q1	2015Q2	2015Q3	2015Q4	2017Q3	2017Q4	2018Q1	2018Q2	2018Q3	2018Q4	2021Q3	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	5 quarters average	CAGR 5
Капитализация, млрд €											39.29	39.89	40.17	33.93	32.84	39.78	47.74	49.4	52.28	54.87				48.81	6.64
Выручка, млрд €														16.22	18.03	18.91	15.73	14.48	15.33	16.13	17.41	14.96	16.74	16.11	1.78
Чистая прибыль, млрд €														0.77	0.527	1.53	1.28	1.15	1.17	1.01	2.14	1.62	0.93	1.37	-4.49
EV, млрд €														32.8	34.94	42.63	46.64	45.39	48.9	47.18	57.41	63.76	65.55	56.56	6.04
EBIT, млрд €													0.785	1.27	0.494	1.78	1.78	2.85	2.79	2.16	2.89	2.21		2.58	-4.96
EBITDA, млрд €													0.784	1.27	0.495	1.78	1.77	1.49	1.42	1.05	0.189	0.184		0.8666	-34.18
Баланс стоимость, млрд €														23.39	21.32	21.06	28.05	27.3	27.52	29.65	31.11	30.58	31.3	30.03	2.61
FCF, млрд €			0.324	1.03	0.043	-0.088			0.859	-0.091	-0.091	-0.091	0	0										0.0996	0.67
Операционный денежный поток, млрд €	2.4	0.57	0.324	1.03	0.043	-0.088	0.859	0.859	0.859	-0.091														0.4796	0.67
Операционная прибыль, млрд €													0.785	1.27	0.494	1.78	1.78	1.49	1.42	1.05	2.7	2.21		1.77	8.20
Операционные расходы, млрд €														-14.96	-17.54	-17.13	-13.96	-12.99	-13.9	-15.08	12.47	12.75	16.74	2.60	-203.79

Cash flow Cash flow quarterly Assets

Balance sheet

IFRS

Reporting Annual Quarterly

	2012	2013	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	LTM	5 year average	CAGR 5
Наличность, млрд €				3.96	3.35	3.63	4.99	8.61	9.06	8.78	9.32	8.57	5.6	8.87	-0.09
Short Term Investments €				141.54	147.84	143.85	139.27	151.56	155.39	162.47	140.39	2.98	2.98	122.56	-54.43
Long term investments €			149.11	147.12	165.67	161.74	157.36	167.72	174.08	182.78	162.66	214.51		180.35	5.04
Total Receivables €		5.03	5.11	4.08	5.77	13.47	10.38	12.87	16.05	17.59	18.12			15.00	11.79
Total Current Assets €				148.98	154.48	147.47	144.26	160.17	164.45	171.24	149.71	47.31	38.74	138.58	-21.64
Чистые активы, млрд €				2.7	2.66	2.53	2.4	2.36	2.26	2.14	2.42	6.32	164.26	3.10	21.78
Активы, млрд €				276.52	267.81	265.72	270.17	287.55	297.95	312.41	298.57	273.79	269.78	294.05	-0.98
Short Term Debt €		5.13	5.14	5.18	4.94	3.67					0.135	0.144	0.144	2.81	-51.16
Long Term Debt €				5.16	4.94	3.67	4.66	4.69	6.34	6.36	6.1	4.71	4.71	5.64	0.09
Задолженность, млрд €				245.56	236.02	237.52	243.67	256.98	267.95	281.46	277.37	244.02	240.01	265.56	-1.03
Чистый долг, млрд €				1.2	1.59	0.044	-0.331	-3.55	-2.31	-1.98	-2.87	-3.86	-0.882	-2.9140	1.69
Долг, млрд €				10.33	9.88	7.34	4.4	4.93	6.02	6.49	6.45	4.71	4.86	5.72	-0.91
Interest income €					14.66	14.2	10.63	14.5	11.86	13.25	1.94	5.03		9.32	-19.08
Расходы на обслуживание долга €				0.335	0.31	0.342	0.282	0.363	0.339	0.336	0.286	0.296	0.168	0.3240	-4.00
Чист. проц. доходы, млрд €					-6.73	-6.61	-4.89	-6.98	-5.53	-6.12	-0.286	-0.275	5.62	-3.8382	-47.63
Goodwill €			3.06	2.79	2.82	2.58	2.9	2.94	2.78	3.09	3.24	3.18		3.05	1.58
Амортизация, млрд €		-0.545	-0.828	-0.901	-0.375			0.3	0.289	0.298	0.299	0.294	0.294	0.2960	-0.40
Себестоимость, млрд €	-0.491	-0.47	-0.483	-0.533	-0.527	-0.497	-0.473	39.69				-6.12		6.41	63.30

	2016Q4	2017Q1	2017Q2	2017Q3	2017Q4	2018Q1	2018Q2	2018Q4	2019Q4	2020Q1	2020Q2	2020Q3	2020Q4	2021Q1	2021Q2	2021Q3	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	5 quarters average	CAGR 5
Наличность, млрд €																			6.31	6.33	9.32	5.82	5.85	5.51	8.57	6.05	5.54	6.52	6.44	3.42
Short Term Investments €														155.57	157.42	159.99	162.47	154.19	145.86	144.49	140.39				2.98		212.51		129.25	7.82
Long term investments €																183.13	182.78	178.99	168.44	168.74	162.66	208.48	208.15	207.39	214.51				200.24	5.69
Total Receivables €													16.05	28.31	28.76	31.06	17.59	33.99	33.2	35.57	18.12		6.03						25.38	-29.24
Total Current Assets €																		159.54	152.17	150.82	149.71	5.82	5.85	5.51	8.57	6.05	29.14		11.02	37.87
Чистые активы, млрд €								2.4	2.36				2.26				2.14	156.5	157.75	167.15	2.42	6.32	1.34						67.00	-61.47
Активы, млрд €																			300	304.74	298.57	263.59	263.78	264.7	273.79	275.7	276.05	280.01	274.05	1.13
Short Term Debt €	4.96	4.51	3.1	3.08	3.67	3.07	2.74																		0.144				2.54	-45.80
Long Term Debt €																			5.05	5.19	6.1	4.76	4.69	4.76	4.71	4.78	6.21	6.21	5.33	5.46
Задолженность, млрд €																			276.51	283.32	277.37	7.21	6.61	6.77	6.95	4.78	245.36	248.58	102.49	105.58
Чистый долг, млрд €																			-1.26	-1.14	-2.87	-1.05	-1.15	-0.751	-3.86	-1.28	2.16	-0.313	-0.8088	-16.06
Долг, млрд €																			5.24	5.76	7.01	5.11	4.69	4.76	4.71	4.78	7.7	6.21	5.63	5.46
Interest income €												1.47	8.41	1.57	3.41	1.35	8.76	0.565	1.43		1.94		1.22						2.78	-32.58
Расходы на обслуживание долга €																			0.075	0.044	0.149	0.042	0.042	0.042	0.042	0.042	0.05	0.057	0.0466	6.30
Чист. проц. доходы, млрд €																	-1.47	-0.612	-0.892	-0.044	-0.149	-0.042	-0.042	-0.042	-0.042		1.69		0.3044	-309.38
Goodwill €																3.06	3.09	3.14	3.29	3.42	3.24	3.22	3.22	3.28	3.18				3.23	-0.37
Амортизация, млрд €																		-0.001	0.001	0.001	-0.002	-0.004	-1.36	-1.37	-1.11	-2.7	-2.03		-1.7140	8.34
Себестоимость, млрд €										-0.227	-0.196	-0.314	0.156	-0.241	-0.161	-0.311	0.152									2.01	-2.43		-0.1480	72.09

Share

IFRS

Reporting Annual Quarterly

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	LTM	5 year average	CAGR 5
EPS	18.66	16.07	2.33	18.62	22.41	8.63	20.93	24.63	33.87			33.87	22.09	8.61
Цена акции ао			217.71	219	293.45	300.56	288.75	322.08	412	500.34	623.19	623.19	429.27	16.63
Число акций ао, млн	162.26	156.06	150.46	145.29	141.4	140.09	139.86	139.36	135.98			135.98	139.34	-0.78
FCF/акцию	26.67	20.07	12.18	20.63	67.14	51.53	37.37	-54.85	16.16			40.32	23.47	-24.79

	2014Q3	2014Q4	2015Q1	2015Q2	2015Q3	2015Q4	2017Q3	2017Q4	2018Q3	2018Q4	2021Q3	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2025Q1	5 quarters average	CAGR 5
EPS														5.5	3.79	11.05	9.98	8.45	8.61	7.51	15.96	12.16	6.96		10.24	-4.17
Цена акции ао												285.24	287.21	242.17	236.16	286.11	347.87	362.08	385.39	407.68				623.19	425.24	12.37
Число акций ао, млн											139.85	139.86	139.86	140.1	139.05	139.05	137.24	136.42	135.66	134.6					136.59	-0.65
FCF/акцию	11.66	1.85	14.31	3.42	1.96	6.37	0.2802	-0.5849	5.8	-0.6263															2.25	-162.88

Efficiency

IFRS

Reporting Annual Quarterly

	2013	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	LTM	Industry average	5 year average	CAGR 5
ROE, %			10.13	8.19	1.34	8.76	8.94	4.05	9.51	14.25	18.17			15.53	17.45	10.98	15.24
ROA, %			1.12	0.9634	0.1411	0.855	0.9473	0.4064	0.9388	1.2	1.61			1.71	4.76	1.02	11.19
ROIC, %	12.63	10.94	10.74	9.45	4.85		11.25	7.33	12.48	18.23	8.76				7.36	11.61	-4.88
ROS, %					0.6777	4.48	4.75	2.07	4.59	5.01	7.86	7.12	7.12	7.12	25.00	6.34	9.18
ROCE, %				12.66	1.49	11.95	9.74	5.13	7.78	1.41	0.1953		1.23	1.23	6.26	3.15	-24.85
Ebit margin, %							5.19	2.62	3.77	5.84	0.6227		0.5639	0.5639		2.68	-26.45
Рентаб EBITDA, %				6.62	0.7572	6.14	5.19	2.62	3.77	6.28	1.12		1.02	1.02	20.23	2.96	-17.19
Чистая рентаб, %			5.56	4.68	0.6777	4.48	4.75	2.07	4.59	5.01	7.86			7.12	25.00	4.86	10.60
Operation Margin, %					0.7572	6.14	5.19	2.62	3.77	6.29	0.6227	0.5639	0.5639	0.5639	11.42	2.36	-31.61
Доходность FCF, %		21.53	13.62	10.8	5.98	9.32	26.7	19.99	12.92	-20.94	10.83					9.90	-16.51

	2014Q3	2014Q4	2015Q1	2015Q2	2015Q3	2015Q4	2017Q3	2017Q4	2018Q3	2018Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	Industry average	5 quarters average	CAGR 5
ROE, %												3.29	2.47	7.25	4.55	4.22	4.62	3.74	7.51	5.54	3.08	17.45	4.90	-7.79
ROA, %												0.2567	0.1729	0.5114	0.4837	0.4371	0.442	0.3755	0.7789	0.5887	0.3345	4.76	0.5039	-5.42
ROIC, %							-4.25	1.5														7.36	-1.3750	-159.41
ROS, %												4.75	2.92	8.08	8.1	7.96	7.62	6.27	12.29	10.85	5.56	25.00	8.52	-6.11
ROCE, %											2.83	5.39	2.31	8.4	0.6927	1.11	1.23	1.06	1.26	0.8816		6.26	1.11	-4.50
Ebit margin, %																	18.21	13.4	16.58	14.78			15.74	-5.08
Рентаб EBITDA, %											5.1	7.81	2.74	9.41	11.26	10.27	9.29	6.51	1.09	1.23		20.23	5.68	-34.59
Чистая рентаб, %												4.75	2.92	8.08	8.1	7.96	7.62	6.27	12.29	10.85	5.56	25.00	8.52	-6.11
Operation Margin, %											5.11	7.8	2.74	9.42	11.29	10.27	9.29	6.51	15.49	14.78		11.42	11.27	7.55
Доходность FCF, %	5.64	0.9452	6.98	1.74	1.05	3.25	0.1338	-0.264	2.67	-0.2899													1.10	-161.67

Coefficients

IFRS

Reporting Annual Quarterly

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	LTM	Industry average	5 year average	CAGR 5
P/E	10.23	11.24	81.8	13.92	13.05	29.82	13.79	12.29	11.19			11.33	48.33	16.03	-3.03
P/BV	1.04	0.9204	1.1	1.22	1.17	1.21	1.31	1.99	1.73			1.75	7.81	1.48	8.14
P/S	0.5687	0.5259	0.5543	0.6234	0.6204	0.6159	0.6332	0.6162	0.8797			0.8062	16.50	0.6731	7.23
P/FCF			16.73	10.72	3.75	5	7.74	-4.77	9.23	9.09	9.09	9.09	2.35	6.08	3.27
E/P			0.0122	0.0718	0.0766	0.0335	0.0725	0.094	0.091	0.0924	0.0924	0.0924	87.23	0.0885	4.97
EV/EBIT					12.95	25.64	16.07	9.83	130.69	140.56	140.56	140.56		87.54	54.30
EV/EBITDA	9.74	9.73	82.07	10	10.52	21.7	10.41	9.15	72.39			77.85	-222.08	24.83	47.07
EV/S		0.6442	0.6214		0.6726	0.673	0.6059	0.5743	0.8139	0.7926	0.7926	0.7926	16.20	0.7159	5.52
EV/FCF		11.34	18.76		4.06	5.47	7.4	-5.14	21.71	9.36	9.36	9.36	21.08	8.54	4.81
Debt/EBITDA			17.51	1.47	1.42	3.71	1.78	1.5	7.15	7.37	7.37	7.37	-305.31	5.03	32.86
Netdebt/Ebitda			0.105	-0.1045	-1.19	-1.5	-0.8218	-0.6671	-5.85	-1.34	-1.34	-1.34	-294.77	-2.0038	10.27
Debt/Ratio		0.0369	0.0276		0.0176	0.0226	0.0218	0.0216	0.0172	0.018	0.018	0.018	0.13	0.0193	-3.76
Debt/Equity		0.3134	0.262		0.1664	0.2256	0.2205	0.3063	0.159	0.0296	0.0296	0.0296	2.63	0.1490	-33.08
Debt/Net Income		3.83	19.57		1.86	5.57	2.32	1.88	1.02	1.05	1.05	1.05	30.84	1.46	-14.66
PEG											-1.75	-1.75		-1.7500	0.00
Бета									0.9067	-0.277	-2.09	-2.09	-1.29	-0.4868	-232.10
Индекс Альтмана			34.81	-3.97	-0.0043	-0.221	-0.2517	-0.0667	-31.33	-111.22	-111.22	-111.22	50.18	-50.8177	238.11

	2014Q3	2014Q4	2015Q1	2015Q2	2015Q3	2015Q4	2016Q4	2017Q3	2017Q4	2018Q1	2018Q2	2018Q3	2018Q4	2019Q4	2020Q4	2021Q3	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2025Q1	2025Q2	Industry average	5 quarters average	CAGR 5
P/E																			44.06	62.31	26.05	37.45	10.47	9.8	11.2	10.8	10.42	11.58			48.33	10.76	3.39
P/BV																			1.45	1.54	1.89	1.7	0.181	0.1925	0.1913	0.2166	2.01	2.1			7.81	0.9421	61.27
P/S																			2.09	1.82	2.1	3.03	0.6977	0.7792	0.836	0.9336	0.9714	1.01			16.50	0.9060	5.33
P/FCF	17.74	105.79	14.32	57.6	94.84	30.79		747.12	-378.8			37.39	-344.97																		2.35	18.31	-262.13
E/P																0.0093	0.0218	0.0151	0.0227	0.016	0.0384	0.0267	0.0233	0.0223	0.0184						87.23	0.0258	-13.68
EV/EBIT																								17.52	21.83	19.89	28.84					22.02	13.27
EV/EBITDA																		9.35	9.04	9.25	9.34	8.25	30.55	7.57	8.23	13.84	22.4				-222.08	16.52	-6.02
EV/S								2.59	2.63	2.83	2.75												3.14	3.19	2.92	3.3	4.26	3.92			16.20	3.52	4.21
EV/FCF								807.56	-420.99																						21.08	193.28	-172.20
Debt/EBITDA																		6.88	3.99	10.49	3.62	2.69	3.16	3.34	4.49	25.26	41.86				-305.31	15.62	67.66
Netdebt/Ebitda																		0.0625	-0.9929	-2.3	-1.61	-0.5948	-0.7766	-0.5274	-3.67	-6.76	11.75				-294.77	0.0032	-272.17
Debt/Ratio								0.0231	0.0276	0.023	0.0204												0.0178	0.018	0.0172	0.0173	0.0279	0.0222			0.13	0.0205	4.28
Debt/Equity								0.2231	0.262	0.2275	0.2054												0.1718	0.1731	0.159	0.1535	0.2519	0.1984			2.63	0.1872	2.77
Debt/Net Income								-4.28	13.85	7.44	7.58												4.07	4.08	4.66	2.23	4.74	6.68			30.84	4.48	10.36
Бета																													-2.22	-2.09	-1.29	-2.1550	-2.97
Индекс Альтмана							1.2		34.67				-4.16	-0.1794	-0.3761		-0.4259				-0.2562		-0.3945						-111.22	-111.22	50.18	-44.7033	204.35

Dividends

IFRS

Reporting Annual Quarterly

	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	LTM	Industry average	5 year average	CAGR 5
Див.выплата, млрд	1.26	1.3	1.33	1.34	1.29	1.34	1.39	1.38	1.58	-1.58				0.8220	-203.35
Дивиденд			9.34	9.38	10.46	10.36	10.84	11.89	0.0707	11.66	33.49	33.49		13.59	25.31
Див доход, ао, %			5.03	4.6	4.73	4.12	4.21	4.11	4.86	3.06	2.58	3.09	7.90	3.76	-9.33
Дивиденды / прибыль, %		41.68	51.55	356.8	55.71	49.05	114.62	46.98	45.13	34.37		34.37	516.47	58.03	-6.87

	2012Q1	2012Q2	2013Q1	2013Q2	2013Q3	2014Q2	2014Q3	2015Q2	2016Q2	2017Q2	2017Q3	2017Q4	2018Q2	2019Q2	2020Q2	2021Q2	2022Q2	2023Q2	Industry average	5 quarters average	CAGR 5
Див.выплата, млрд	0.001	1.11	0.001	1.26	0.002	1.26	0.002	1.3			0.003	0.001								0.5132	-76.02
Дивиденд						10.05		8.39	9.34	9.38			10.46	10.36	10.84	11.89	11.55	12.78		11.48	4.29
Див доход, ао, %						4.58		4.26	5.06	4.77			4.69	4.21	4.75	4.01	4.77	3.53	7.90	4.25	-3.46
Дивиденды / прибыль, %	0.1279	136.95	0.1029	237.62	0.314	164.05	0.2721	121.03			-0.2086	0.1887							516.47	57.07	-74.17

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Other

IFRS

Reporting Annual

	2023	2024	CAGR 5
Персонал, чел	41727	42812	1.29

	CAGR 5

	CAGR 5