Munich Re Group

XETRA

MUV2

Stock

Yield per half year: +8.93%
Dividend yield: 0%
Sector: Financials

Reporting Munich Re Group

Capitalization

IFRS

Reporting Annual Quarterly

	2013	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	5 year average	CAGR 5
Капитализация, млрд €		22.04	24.74	23.54	25.33	26.25	31.39	32.01	34.22	34.82	46.69	35.83	8.26
Выручка, млрд €		55.87	55.86	55.16	55.33	51.58	57.31	58.64	63.86	68.45	70.46	63.74	4.22
Чистая прибыль, млрд €		3.15	3.11	2.58	0.375	2.31	2.72	1.21	2.93	3.43	2.86	2.63	1.01
EV, млрд €	148.59	168.11	167.48	172.97	169.22	165.19	179.02			31.73	45.95	118.22	-22.95
EBIT, млрд €		4.03	4.82	4.03	0.096	2.85	2.98	1.54	2.41	4	3.63	2.91	4.03
EBITDA, млрд €		3.2	3.92	3.65	0.419	3.17	2.98	1.54	2.41	4.3	0.659	2.38	-26.05
Баланс стоимость, млрд €		30.03	30.67	31.52	28.01	26.37	30.46	29.89	30.83	21.06	29.65	28.38	-0.54
FCF, млрд €		7.53	4.33	3.13	1.83	3	9.49	7.22	5.23	-7.64	5.48	3.96	-10.40
Операционный денежный поток, млрд €		7.53	4.33	3.13	1.83	3	9.49	7.22	5.23	-7.64	5.83	4.03	-9.28
Операционная прибыль, млрд €		4.03	4.82	4.03	0.419	3.17	2.98	1.54	2.41	4.3	3.63	2.97	4.03
Операционные расходы, млрд €		2.24	2.46	2.51	-55.41	-48.88	-54.33	-57.1	-61.45	-64.15	17.14	-43.9780	-179.40
CAPEX, млрд €							6.19			10.67	0.346	5.74	-61.76

	2014Q3	2014Q4	2015Q1	2015Q2	2015Q3	2015Q4	2017Q3	2017Q4	2018Q3	2018Q4	2019Q1	2019Q2	2019Q3	2019Q4	2020Q1	2020Q2	2020Q3	2020Q4	2021Q2	2021Q3	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	5 quarters average	CAGR 5
Капитализация, млрд €																				33.36	35.05	35.88	31.92	32.74	39.2	44.35	45.3	47.81	51.16	45.56	5.47
Выручка, млрд €																				16.38	16.96	15.37	16.22	18.03	18.91	15.73	14.48	15.33	16.13	16.12	-3.13
Чистая прибыль, млрд €																				0.365	0.869	0.607	0.77	0.527	1.53	1.28	1.15	1.17	1.01	1.23	-7.97
EV, млрд €									168.71	165.52	174.55	180.61	186.04	183.15	180.33	178.8	186.9												47.45	155.33	-23.67
EBIT, млрд €																				0.205	1.2	0.785	1.27	0.494	1.78	1.78	2.85	2.79	2.16	2.27	3.95
EBITDA, млрд €																				0.428	1.2	0.784	1.27	0.495	1.78	1.77	1.49	1.42	1.05	1.50	-10.02
Баланс стоимость, млрд €																				29.96	30.83	27.67	23.39	21.32	21.06	30.3	27.3	27.52	29.65	27.17	7.08
FCF, млрд €	2	0.311	2.4	0.57	0.324	1.03	0.043	-0.088	0.859	-0.091																				0.3506	-161.55
Операционный денежный поток, млрд €									0.859	-0.091				9.49		4.37		7.22	2.47		5.23		-8.44		-7.64		2.2			-1.2360	-2.29
Операционная прибыль, млрд €																				0.428	1.2	0.785	1.27	0.494	1.78	1.78	1.49	1.42	1.05	1.50	-10.02
Операционные расходы, млрд €																				-16.27	-15.61	-14.58	-14.96	-17.54	-17.13	-13.96	-12.99	-13.9	-15.08	-14.6120	-2.52
CAPEX, млрд €																							0.059				0.141			0.1000	54.59

Cash flow Cash flow quarterly Assets

Balance sheet

IFRS

Reporting Annual Quarterly

	2012	2013	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	5 year average	CAGR 5
Наличность, млрд €			2.91	3.96	3.35	3.63	4.99	8.61	9.06	8.78	9.32	5.6	8.27	-8.24
Short Term Investments €			143.84	141.54	147.84	143.85	139.27	151.56	155.39	162.47	140.39	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 €			150.3	148.98	154.48	147.47	144.26	160.17	164.45	171.24	149.71	38.74	136.86	-24.71
Чистые активы, млрд €		2.67	2.7	2.7	2.66	2.53	2.4	2.36	2.26	2.14	9.41		3.71	31.42
Активы, млрд €			272.98	276.52	267.81	265.72	270.17	287.55	297.95	312.41	298.57	269.78	293.25	-1.27
Short Term Debt €	133.2	125.9	143.84	141.54	147.84	143.85	139.27	151.56			0.135	0.144	86.99	-74.88
Long Term Debt €			5.14	5.16	4.94	3.67	4.66	4.69	6.34	6.36	6.1	4.71	5.64	0.09
Задолженность, млрд €			242.68	245.56	236.02	237.52	243.67	256.98	267.95	281.46	277.37	240.01	264.75	-1.36
Чистый долг, млрд €			2.23	1.2	1.59	0.044	-0.331	-3.55	-2.31	-1.98	-2.87	-0.882	-2.3184	-24.31
Долг, млрд €		130.99	148.98	146.7	152.78	147.51	143.93	156.25			6.23	4.86	91.76	-49.47
Interest income €					0.485	0.294	0.039	14.5	11.86	0.262	0.676	5.03	6.47	-19.08
Расходы на обслуживание долга €			0.359	0.335	0.31	0.342	0.282	0.363	0.339	0.336	0.286	0.275	0.3198	-5.40
Чист. проц. доходы, млрд €					-6.73	-6.61	-4.89	-6.98	-5.53	-6.12	-0.286	-0.168	-3.8168	-52.54
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 €	-0.763	-0.545	-0.828	-0.901	-0.375			0.3	0.289	0.298	0.299	0.294	0.2960	-0.40
Себестоимость, млрд €	-0.491	-0.47	-0.483	-0.533	-0.527	-0.497	-0.473	39.69					7.53	-336.80

	2017Q3	2018Q3	2018Q4	2019Q1	2019Q2	2019Q3	2019Q4	2020Q1	2020Q2	2020Q3	2020Q4	2021Q1	2021Q2	2021Q3	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	5 quarters average	CAGR 5
Наличность, млрд €														6.26	8.78	5.34	6.31	6.33	9.32	-4.76	5.85	5.51	8.57	4.90	-1.66
Short Term Investments €												155.57	157.42	159.99	162.47	154.19	145.86	144.49	140.39	10.58			2.98	88.86	-54.07
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 €														166.24	37.56	159.54	152.17	150.82	149.71	-4.76	5.85	5.51	8.57	32.98	-43.57
Чистые активы, млрд €													6.56	6.55	2.14	6.94	7.03	7.49	7.34	0.537	0.53	0.518		3.28	-41.39
Активы, млрд €														310.72	312.41	309.71	300	304.74	298.57	0.133	263.78	264.7	273.79	220.19	-1.72
Short Term Debt €		142.21	139.27	145.99	149.3	154.82	151.56	147.68	151.77	154.18													0.144	121.07	-75.14
Long Term Debt €														5.29	5.35	5.39	5.05	5.19	5.05	4.76	5.93	4.76	4.71	5.04	-1.38
Задолженность, млрд €														280.67	281.46	281.92	276.51	283.32	277.37	7.21	6.61	6.77	6.95	60.98	-52.16
Чистый долг, млрд €														-0.967	-1.98	0.049	-1.26	-1.14	-2.87	9.52	-1.15	-0.751	-3.86	0.1778	6.11
Долг, млрд €		144.95	143.93	150.14	153.3	158.9	156.25	151.85	155.78	159.46													4.86	125.64	-50.05
Interest income €													0.117	0.242	0.16	0.565	1.43	0.846	0.672	0.145	0.044	0.309		0.4032	-18.24
Расходы на обслуживание долга €														0.045	0.179	0.047	0.075	0.044	0.149	0.042	0.042	0.042	0.042	0.0634	-22.37
Чист. проц. доходы, млрд €														-1.4	-1.47	-0.612	-0.892	-0.044	-0.149	-0.042	-0.042	-0.042	-0.042	-0.0634	-22.37
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 €	-0.25														-0.001	-0.001	0.001	0.001	-0.002	-0.004	-1.36	-1.37	-1.11	-0.7692	253.88
Себестоимость, млрд €						-0.219	-0.073	-0.227	-0.196	-0.314	0.156	-0.241	-0.161	-0.311	0.152									-0.0810	-0.52

Share

IFRS

Reporting Annual Quarterly

	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	LTM	5 year average	CAGR 5
EPS	18.1	20.37	16.12	2.38	15.48	18.92	8.58	20.94	25.15	33.87			21.49	12.35
Цена акции ао			179.65	180.75	190.55	263	242.8	260.5	304	375.1	488	488	334.08	14.98
Число акций ао, млн	140.28	140.28	140.28	140.28	140.28	140.28	140.28	140.1	139.05	134.6			138.86	-0.82
FCF/акцию	53.66	30.85	22.33	13.07	21.37	67.67	51.46	37.3	-54.97	40.74			28.44	-9.65

	2014Q3	2014Q4	2015Q1	2015Q2	2015Q3	2015Q4	2017Q3	2017Q4	2018Q3	2018Q4	2021Q3	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	5 quarters average	CAGR 5
EPS											2.61	6.2	4.81	5.5	3.79	11.05	9.29	8.46	8.61	7.51	8.98	-7.43
Цена акции ао											238.53	250.16	256.53	227.82	235.45	281.88	323.18	332.06	352.41	380.1	333.93	6.16
Число акций ао, млн											139.85	140.1	139.86	140.1	139.05	139.05	137.24	136.42	135.66	134.6	136.59	-0.65
FCF/акцию	11.66	2.22	14.31	3.42	1.96	7.36	0.2802	-0.6273	5.8	-0.6487											2.43	-161.52

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, %		10.5	10.13	8.19	1.34	8.76	8.94	4.05	9.51	16.29	9.66					9.69	1.56
ROA, %		1.16	1.12	0.9634	0.1411	0.855	0.9473	0.4064	0.9388	1.15	1.06					0.9005	2.27
ROIC, %	2.91	2.46	2.48	2.12	0.9759	2.11	2.17			18.25	12.88					7.28	67.53
ROS, %					0.6777	4.48	4.75	2.07	4.59	5.01	4.06	0	0	0		4.10	-3.09
ROCE, %				12.66	0.3404	10.77	9.74	5.13	7.78	18.86	12.18		0	0		10.74	4.57
Ebit margin, %													0	0
Рентаб EBITDA, %				6.62	0.7572	6.14	5.19	2.62	3.77	6.28	0.9353		0	0		3.76	-29.02
Чистая рентаб, %		5.64	5.56	4.68	0.6777	4.48	4.75	2.07	4.59	5.01	4.06					4.10	-3.09
Operation Margin, %					0.7572	6.14	5.19	2.62	3.77	6.29	5.15	0	0	0		4.60	-0.15
Доходность FCF, %		34.15	17.49	13.31	7.24	11.42	30.25	22.55	15.27	-21.95	11.74					11.57	-17.25

	2014Q3	2014Q4	2015Q1	2015Q2	2015Q3	2015Q4	2017Q3	2017Q4	2018Q3	2018Q4	2019Q4	2021Q3	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	Industry average	5 quarters average	CAGR 5
ROE, %												1.22	2.82	2.19	3.29	2.47	7.25	4.21	4.22	4.24	3.41		4.67	-14.00
ROA, %												0.1175	0.2782	0.196	0.2567	0.1729	0.5114	958.65	0.4371	0.4413	0.3693		192.08	-6.30
ROIC, %							-0.8276	0.3025			0.8312												0.1020	-200.14
ROS, %												2.23	5.12	3.95	4.75	2.92	8.08	8.1	7.96	7.62	6.27		7.61	-4.95
ROCE, %												0.6821	3.87	2.83	5.39	2.31	8.4	-25.11	1.11	1.08	0.8099		-2.7420	-37.36
Рентаб EBITDA, %												2.61	7.06	5.1	7.81	2.74	9.41	11.26	10.27	9.29	6.51		9.35	-7.10
Чистая рентаб, %												2.23	5.12	3.95	4.75	2.92	8.08	8.1	7.96	7.62	6.27		7.61	-4.95
Operation Margin, %												2.61	7.07	5.11	7.8	2.74	9.42	11.29	10.27	9.29	6.51		9.36	-7.12
Доходность FCF, %	7.48	1.41	7.85	1.93	1.17	4.1	0.1573	-0.334	3.12	-0.3424													1.34	-160.86

Coefficients

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
P/E		6.99	7.96	9.12	67.54	11.36	11.52	26.43	11.67	10.14	16.31					15.21	7.20
P/BV		0.7338	0.8066	0.7469	0.9041	0.9954	1.03	1.07	1.11	1.65	1.57					1.29	8.80
P/S		0.3945	0.4428	0.4268	0.4577	0.5089	0.5477	0.5458	0.5358	0.5086	0.6626					0.5601	3.88
P/FCF					13.82	8.76	3.31	4.43	6.55	-4.55	8.51	0	0	0		3.65	20.79
E/P					0.0148	0.088	0.0868	0.0378	0.0857	0.0986	0.0613	0	0	0		0.0740	-6.72
EV/EBIT												0	0	0
EV/EBITDA	38.46	52.53	42.75	47.39	403.85	52.14	60.14			7.38	69.72					118.65	-29.62
EV/S			3	3.14	3.06	3.2	3.12			0.4635	0.6521	0	0	0		2.10	-26.60
EV/FCF			38.71	55.23	92.32	55.1	18.86			-4.15	8.38	0	0	0		34.10	-38.11
Debt/EBITDA			37.44	41.86	352.06	45.43	52.49			1.45	7.37	0	0	0		91.76	-53.85
Netdebt/Ebitda					0.105	-0.1045	-1.19	-1.5	-0.8218	-0.6671	-1.34	0	0	0		-1.1038	2.40
Debt/Ratio			0.5305	0.5705	0.5551	0.5327	0.5434			0.0209	0.018	0	0	0		0.3340	-49.63
Debt/Equity			4.78	4.85	5.27	5.46	5.13			0.2958	0.1638	0	0	0		3.26	-50.05
Debt/Net Income			47.22	59.22	393.37	62.31	57.36			1.82	1.7	0	0	0		103.31	-66.34
PEG													0	0
Бета									0	0	0	0.1592	0	0		0.1592	0.00
Индекс Альтмана					34.79	-3.99	-0.0217	-0.2375	-0.2756	-1.54	0	0	0	0		-1.2130	-17.34

	2014Q3	2014Q4	2015Q1	2015Q2	2015Q3	2015Q4	2017Q3	2017Q4	2018Q3	2018Q4	2019Q1	2019Q2	2019Q3	2019Q4	2020Q1	2020Q2	2020Q3	2021Q3	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2025Q1	2025Q2	Industry average	5 quarters average	CAGR 5
P/E																		91.39	40.33	59.11	41.45	62.12	25.67	34.79	39.29	40.93	50.61				38.26	14.54
P/BV																		1.11	1.14	1.3	1.36	1.54	1.86	1.46	1.66	1.74	1.73				1.69	-1.44
P/S																		2.04	2.07	2.33	1.97	1.82	2.07	2.82	3.13	3.12	3.17				2.86	8.90
P/FCF	13.37	70.8	12.74	51.77	85.29	24.41	635.61	-299.36	32.03	-292.05																					20.13	-264.28
E/P																		0.0109	0.0248	0.0169	0.0241	0.0161	0.039	0.0287	0.0255	0.0244	0.0198				0.0275	-12.68
EV/EBITDA									214.91	364.58	215.49	126.04	171.94	635.94	338.97	221.56	834.39										45.19				415.21	-41.07
EV/S									13	12.65	12.52	12.96	12.56	12.47	13.31	12.03	12.84										2.94				10.72	-25.10
EV/FCF							3943.61	-1934.46	196.4	-1818.87																					96.67	-182.41
Debt/EBITDA									184.65	317.02	185.36	106.98	146.86	542.54	285.44	193.03	711.86										4.63				347.50	-61.43
Netdebt/Ebitda																		-2.26	-1.65	0.0625	-0.9929	-2.3	-1.61	5.37	-0.7766	-0.5274	-3.67				-0.2428	17.91
Debt/Ratio									0.5381	0.5327	0.536	0.5425	0.5447	0.5434	0.5191	0.5292	0.5388										0.0177				0.4296	-49.58
Debt/Equity									5.38	5.46	5.2	5.21	5.05	5.13	5.24	5.25	5.4										0.1638				4.24	-49.78
Debt/Net Income									287.03	562.21	237.56	154.38	179.75	723.38	684.03	268.58	789.39										4.8				494.04	-63.32
Бета																												0	0
Индекс Альтмана																			-0.4446	85.13	-3.15	-3.75	-1.29	575.9	0.0101	-0.1153		0	0		114.15	-50.16

Dividends

IFRS

Reporting Annual Quarterly

	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	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	1.55	1.58		1.45	3.35
Дивиденд	7.25	7.75	8.25	8.6	8.6	9.25	9.8	9.8	11	11.6		10.29	4.63
Див доход, ао, %	4.61	4.39	4.92	4.76	4.6	4.13	4.3	4.01	4.39	3.34		4.03	-4.16
Дивиденды / прибыль, %	39.87	41.68	51.55	356.8	55.71	49.05	114.62	46.98	45.13	55.29		62.21	2.42

	2014Q2	2014Q3	2015Q2	2016Q2	2017Q2	2017Q3	2017Q4	2018Q2	2019Q2	2019Q4	2020Q2	2020Q4	2021Q2	2021Q4	2022Q2	2022Q4	2023Q2	Industry average	5 quarters average	CAGR 5
Див.выплата, млрд		0.002	1.3			0.003	0.001			1.34		1.39		1.38	1.55	1.55	1.58		1.49	2.60
Дивиденд	7.25		7.75	8.25	8.6			8.6	9.25		9.8		9.8		11		11.6		10.29	4.63
Див доход, ао, %	4.51		4.38	5.01	4.83			4.59	4.24		4.76		4.01		4.83		3.49		4.27	-3.82
Дивиденды / прибыль, %		0.2721	121.03			-0.2086	0.1887			618.52		670.53		158.57	201.04	101.44	137.29		253.77	-27.18

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