XETRA: MUV2 - Munich Re Group

Yield per half year: +8.93%
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
Выручка, млрд €		55.87	55.86	55.16	55.33	51.58	57.31	58.64	63.86	68.45	70.46
Чистая прибыль, млрд €		3.15	3.11	2.58	0.375	2.31	2.72	1.21	2.93	3.43	2.86
EV, млрд €	148.59	168.11	167.48	172.97	169.22	165.19	179.02			31.73	45.95
EBIT, млрд €		4.03	4.82	4.03	0.096	2.85	2.98	1.54	2.41	4	3.63
EBITDA, млрд €		3.2	3.92	3.65	0.419	3.17	2.98	1.54	2.41	4.3	0.659
Баланс стоимость, млрд €		30.03	30.67	31.52	28.01	26.37	30.46	29.89	30.83	21.06	29.65
FCF, млрд €		7.53	4.33	3.13	1.83	3	9.49	7.22	5.23	-7.64	5.48
Операционный денежный поток, млрд €		7.53	4.33	3.13	1.83	3	9.49	7.22	5.23	-7.64	5.83
Операционная прибыль, млрд €		4.03	4.82	4.03	0.419	3.17	2.98	1.54	2.41	4.3	3.63
Операционные расходы, млрд €		2.24	2.46	2.51	-55.41	-48.88	-54.33	-57.1	-61.45	-64.15	17.14
CAPEX, млрд €							6.19			10.67	0.346

	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
Выручка, млрд €																				16.38	16.96	15.37	16.22	18.03	18.91	15.73	14.48	15.33	16.13
Чистая прибыль, млрд €																				0.365	0.869	0.607	0.77	0.527	1.53	1.28	1.15	1.17	1.01
EV, млрд €									168.71	165.52	174.55	180.61	186.04	183.15	180.33	178.8	186.9												47.45
EBIT, млрд €																				0.205	1.2	0.785	1.27	0.494	1.78	1.78	2.85	2.79	2.16
EBITDA, млрд €																				0.428	1.2	0.784	1.27	0.495	1.78	1.77	1.49	1.42	1.05
Баланс стоимость, млрд €																				29.96	30.83	27.67	23.39	21.32	21.06	30.3	27.3	27.52	29.65
FCF, млрд €	2	0.311	2.4	0.57	0.324	1.03	0.043	-0.088	0.859	-0.091
Операционный денежный поток, млрд €									0.859	-0.091				9.49		4.37		7.22	2.47		5.23		-8.44		-7.64		2.2
Операционная прибыль, млрд €																				0.428	1.2	0.785	1.27	0.494	1.78	1.78	1.49	1.42	1.05
Операционные расходы, млрд €																				-16.27	-15.61	-14.58	-14.96	-17.54	-17.13	-13.96	-12.99	-13.9	-15.08
CAPEX, млрд €																							0.059				0.141

	5 quarters average	CAGR 5

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
Short Term Investments €			143.84	141.54	147.84	143.85	139.27	151.56	155.39	162.47	140.39	2.98
Long term investments €			149.11	147.12	165.67	161.74	157.36	167.72	174.08	182.78	162.66	214.51
Total Receivables €		5.03	5.11	4.08	5.77	13.47	10.38	12.87	16.05	17.59	18.12
Total Current Assets €			150.3	148.98	154.48	147.47	144.26	160.17	164.45	171.24	149.71	38.74
Чистые активы, млрд €		2.67	2.7	2.7	2.66	2.53	2.4	2.36	2.26	2.14	9.41
Активы, млрд €			272.98	276.52	267.81	265.72	270.17	287.55	297.95	312.41	298.57	269.78
Short Term Debt €	133.2	125.9	143.84	141.54	147.84	143.85	139.27	151.56			0.135	0.144
Long Term Debt €			5.14	5.16	4.94	3.67	4.66	4.69	6.34	6.36	6.1	4.71
Задолженность, млрд €			242.68	245.56	236.02	237.52	243.67	256.98	267.95	281.46	277.37	240.01
Чистый долг, млрд €			2.23	1.2	1.59	0.044	-0.331	-3.55	-2.31	-1.98	-2.87	-0.882
Долг, млрд €		130.99	148.98	146.7	152.78	147.51	143.93	156.25			6.23	4.86
Interest income €					0.485	0.294	0.039	14.5	11.86	0.262	0.676	5.03
Расходы на обслуживание долга €			0.359	0.335	0.31	0.342	0.282	0.363	0.339	0.336	0.286	0.275
Чист. проц. доходы, млрд €					-6.73	-6.61	-4.89	-6.98	-5.53	-6.12	-0.286	-0.168
Goodwill €			3.06	2.79	2.82	2.58	2.9	2.94	2.78	3.09	3.24	3.18
Амортизация, млрд €	-0.763	-0.545	-0.828	-0.901	-0.375			0.3	0.289	0.298	0.299	0.294
Себестоимость, млрд €	-0.491	-0.47	-0.483	-0.533	-0.527	-0.497	-0.473	39.69

	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
Short Term Investments €												155.57	157.42	159.99	162.47	154.19	145.86	144.49	140.39	10.58			2.98
Long term investments €														183.13	182.78	178.99	168.44	168.74	162.66	208.48	208.15	207.39	214.51
Total Receivables €											16.05	28.31	28.76	31.06	17.59	33.99	33.2	35.57	18.12		6.03
Total Current Assets €														166.24	37.56	159.54	152.17	150.82	149.71	-4.76	5.85	5.51	8.57
Чистые активы, млрд €													6.56	6.55	2.14	6.94	7.03	7.49	7.34	0.537	0.53	0.518
Активы, млрд €														310.72	312.41	309.71	300	304.74	298.57	0.133	263.78	264.7	273.79
Short Term Debt €		142.21	139.27	145.99	149.3	154.82	151.56	147.68	151.77	154.18													0.144
Long Term Debt €														5.29	5.35	5.39	5.05	5.19	5.05	4.76	5.93	4.76	4.71
Задолженность, млрд €														280.67	281.46	281.92	276.51	283.32	277.37	7.21	6.61	6.77	6.95
Чистый долг, млрд €														-0.967	-1.98	0.049	-1.26	-1.14	-2.87	9.52	-1.15	-0.751	-3.86
Долг, млрд €		144.95	143.93	150.14	153.3	158.9	156.25	151.85	155.78	159.46													4.86
Interest income €													0.117	0.242	0.16	0.565	1.43	0.846	0.672	0.145	0.044	0.309
Расходы на обслуживание долга €														0.045	0.179	0.047	0.075	0.044	0.149	0.042	0.042	0.042	0.042
Чист. проц. доходы, млрд €														-1.4	-1.47	-0.612	-0.892	-0.044	-0.149	-0.042	-0.042	-0.042	-0.042
Goodwill €														3.06	3.09	3.14	3.29	3.42	3.24	3.22	3.22	3.28	3.18
Амортизация, млрд €	-0.25														-0.001	-0.001	0.001	0.001	-0.002	-0.004	-1.36	-1.37	-1.11
Себестоимость, млрд €						-0.219	-0.073	-0.227	-0.196	-0.314	0.156	-0.241	-0.161	-0.311	0.152

	5 quarters average	CAGR 5

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
Цена акции ао			179.65	180.75	190.55	263	242.8	260.5	304	375.1	488	488
Число акций ао, млн	140.28	140.28	140.28	140.28	140.28	140.28	140.28	140.1	139.05	134.6
FCF/акцию	53.66	30.85	22.33	13.07	21.37	67.67	51.46	37.3	-54.97	40.74

	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
Цена акции ао											238.53	250.16	256.53	227.82	235.45	281.88	323.18	332.06	352.41	380.1
Число акций ао, млн											139.85	140.1	139.86	140.1	139.05	139.05	137.24	136.42	135.66	134.6
FCF/акцию	11.66	2.22	14.31	3.42	1.96	7.36	0.2802	-0.6273	5.8	-0.6487

	5 quarters average	CAGR 5

Efficiency

IFRS

Reporting Annual Quarterly

	2013	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	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
ROA, %		1.16	1.12	0.9634	0.1411	0.855	0.9473	0.4064	0.9388	1.15	1.06
ROIC, %	2.91	2.46	2.48	2.12	0.9759	2.11	2.17			18.25	12.88
ROS, %				4.68	0.6777	4.48	4.75	2.07	4.59	5.01	4.06	0	0
ROCE, %		13.29	15.56	12.66	0.3404	10.77	9.74	5.13	7.78	18.86	12.18
Рентаб EBITDA, %		5.73	7.01	6.62	0.7572	6.14	5.19	2.62	3.77	6.28	0.9353
Чистая рентаб, %		5.64	5.56	4.68	0.6777	4.48	4.75	2.07	4.59	5.01	4.06
Operation Margin, %				7.3	0.7572	6.14	5.19	2.62	3.77	6.29	5.15	0	0
Доходность FCF, %		34.15	17.49	13.31	7.24	11.42	30.25	22.55	15.27	-21.95	11.74

	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
ROA, %												0.1175	0.2782	0.196	0.2567	0.1729	0.5114	958.65	0.4371	0.4413	0.3693
ROIC, %							-0.8276	0.3025			0.8312
ROS, %												2.23	5.12	3.95	4.75	2.92	8.08	8.1	7.96	7.62	6.27
ROCE, %												0.6821	3.87	2.83	5.39	2.31	8.4	-25.11	1.11	1.08	0.8099
Рентаб EBITDA, %												2.61	7.06	5.1	7.81	2.74	9.41	11.26	10.27	9.29	6.51
Чистая рентаб, %												2.23	5.12	3.95	4.75	2.92	8.08	8.1	7.96	7.62	6.27
Operation Margin, %												2.61	7.07	5.11	7.8	2.74	9.42	11.29	10.27	9.29	6.51
Доходность FCF, %	7.48	1.41	7.85	1.93	1.17	4.1	0.1573	-0.334	3.12	-0.3424

	Industry average	5 quarters average	CAGR 5

Coefficients

IFRS

Reporting Annual Quarterly

	2013	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	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
P/BV		0.7338	0.8066	0.7469	0.9041	0.9954	1.03	1.07	1.11	1.65	1.57
P/S		0.3945	0.4428	0.4268	0.4577	0.5089	0.5477	0.5458	0.5358	0.5086	0.6626
P/FCF				7.52	13.82	8.76	3.31	4.43	6.55	-4.55	8.51	0	0
E/P				0.1096	0.0148	0.088	0.0868	0.0378	0.0857	0.0986	0.0613	0	0
EV/EBITDA	38.46	52.53	42.75	47.39	403.85	52.14	60.14			7.38	69.72
EV/Ebit												0	0
EV/S		3.01	3	3.14	3.06	3.2	3.12			0.4635	0.6521	0	0
EV/FCF		22.33	38.71	55.23	92.32	55.1	18.86			-4.15	8.38	0	0
Debt/EBITDA		46.56	37.44	41.86	352.06	45.43	52.49			1.45	7.37	0	0
Netdebt/Ebitda				0.4342	0.105	-0.1045	-1.19	-1.5	-0.8218	-0.6671	-1.34	0	0
Debt/Ratio		0.5458	0.5305	0.5705	0.5551	0.5327	0.5434			0.0209	0.018	0	0
Debt/Equity		4.96	4.78	4.85	5.27	5.46	5.13			0.2958	0.1638	0	0
Debt/Net Income		47.25	47.22	59.22	393.37	62.31	57.36			1.82	1.7	0	0
Бета									0	0	0	0.3382	0.3382
Индекс Альтмана				1.38	34.79	-3.99	-0.0217	-0.2375	-0.2756	-1.54	0	0	0

	2014Q3	2014Q4	2015Q1	2015Q2	2015Q3	2015Q4	2017Q3	2017Q4	2018Q3	2018Q4	2019Q1	2019Q2	2019Q3	2019Q4	2020Q1	2020Q2	2020Q3	2021Q2	2021Q3	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	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
P/BV																			1.11	1.14	1.3	1.36	1.54	1.86	1.46	1.66	1.74	1.73
P/S																			2.04	2.07	2.33	1.97	1.82	2.07	2.82	3.13	3.12	3.17
P/FCF	13.37	70.8	12.74	51.77	85.29	24.41	635.61	-299.36	32.03	-292.05
E/P																			0.0109	0.0248	0.0169	0.0241	0.0161	0.039	0.0287	0.0255	0.0244	0.0198
EV/EBITDA									214.91	364.58	215.49	126.04	171.94	635.94	338.97	221.56	834.39											45.19
EV/S									13	12.65	12.52	12.96	12.56	12.47	13.31	12.03	12.84											2.94
EV/FCF							3943.61	-1934.46	196.4	-1818.87
Debt/EBITDA									184.65	317.02	185.36	106.98	146.86	542.54	285.44	193.03	711.86											4.63
Netdebt/Ebitda																			-2.26	-1.65	0.0625	-0.9929	-2.3	-1.61	5.37	-0.7766	-0.5274	-3.67
Debt/Ratio									0.5381	0.5327	0.536	0.5425	0.5447	0.5434	0.5191	0.5292	0.5388											0.0177
Debt/Equity									5.38	5.46	5.2	5.21	5.05	5.13	5.24	5.25	5.4											0.1638
Debt/Net Income									287.03	562.21	237.56	154.38	179.75	723.38	684.03	268.58	789.39											4.8
Индекс Альтмана																		-2.71	-3.88	-0.4446	85.13	-3.15	-3.75	-1.29	575.9	0.0101	-0.1153

	Industry average	5 quarters average	CAGR 5

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
Дивиденд	7.25	7.75	8.25	8.6	8.6	9.25	9.8	9.8	11	11.6
Див доход, ао, %	4.61	4.39	4.92	4.76	4.6	4.13	4.3	4.01	4.39	3.34
Дивиденды / прибыль, %	39.87	41.68	51.55	356.8	55.71	49.05	114.62	46.98	45.13	55.29

	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
Дивиденд	7.25		7.75	8.25	8.6			8.6	9.25		9.8		9.8		11		11.6
Див доход, ао, %	4.51		4.38	5.01	4.83			4.59	4.24		4.76		4.01		4.83		3.49
Дивиденды / прибыль, %		0.2721	121.03			-0.2086	0.1887			618.52		670.53		158.57	201.04	101.44	137.29

	Industry average	5 quarters average	CAGR 5

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