Company Valuation: Munich Re

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 36,496 42,207 50,488 64,152 71,940 64,165 - -
Change - 15.65% 19.62% 27.06% 12.14% -10.81% - -
Enterprise Value (EV) 36,789 40,816 49,606 64,357 73,872 64,165 64,165 64,165
Change - 10.95% 21.54% 29.74% 14.78% -13.14% 0% 0%
P/E 12.4x 12.3x 11.1x 11.4x 11.9x 9.9x 9.99x 9.36x
PBR 1.18x 1.99x 1.7x 1.96x 2.16x 1.83x 1.75x 1.65x
PEG - 0.7x 0.3x 0.4x 1.2x 1.04x -11.26x 1.4x
Capitalization / Revenue 0.61x 0.63x 0.72x 0.88x 1x 0.92x 0.94x 0.9x
EV / Revenue 0x 0x 0x 0x 0x 0.92x 0.94x 0.9x
EV / EBITDA - - - - - - - -
EV / EBIT 0x 0x 0x 0x 0x 7.38x 7.65x 7.54x
EV / FCF 0x - 0x 0x 0x 8.02x 7.73x 7.73x
FCF Yield 4.26% - 4.74% 4.41% 6.4% 12.5% 12.9% 12.9%
Dividend per Share 2 11 11.6 15 20 24 25.72 27.57 29.64
Rate of return 4.22% 3.82% 4% 4.11% 4.27% 5.04% 5.4% 5.81%
EPS 2 20.93 24.63 33.88 42.78 47.1 51.57 51.11 54.54
Distribution rate 52.6% 47.1% 44.3% 46.8% 51% 49.9% 53.9% 54.4%
Net sales 1 59,567 67,133 69,814 72,807 71,631 70,034 68,302 71,308
EBITDA - - - - - - - -
EBIT 1 3,517 3,582 5,702 7,969 8,876 8,691 8,386 8,507
Net income 1 2,933 3,419 4,597 5,671 6,121 6,539 6,265 6,382
Net Debt 293 -1,391 -882 205 1,932 - - -
Reference price 2 260.50 304.00 375.10 487.10 562.20 510.40 510.40 510.40
Nbr of stocks (in thousands) 1,40,099 1,38,838 1,34,600 1,31,702 1,27,962 1,25,715 - -
Announcement Date 23/02/22 23/02/23 27/02/24 26/02/25 26/02/26 - - -
1EUR in Million2EUR
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
9.9x - - 5.04% 7.31TCr
11.23x1.47x - 5.04% 3.54TCr
7.13x - - 2.23% 1.42TCr
8.55x - - 0.5% 1.35TCr
9.94x - - - 294.83Cr
14.37x - - - 123.61Cr
8.04x - - 3.4% 97Cr
6.52x - - 5.89% 91Cr
Average 9.46x 1.47x 3.68% 1.78TCr
Weighted average by Cap. 9.83x 1.47x 4.3%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA



Year-on-year evolution of the Yield