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MUENCHENER RUECKVER AG-REG (MUV2.DE) Stock Fundamental Analysis

FRA:MUV2 - Deutsche Boerse Ag - DE0008430026 - Common Stock - Currency: EUR

561.2  +0.2 (+0.04%)

Fundamental Rating

4

Overall MUV2 gets a fundamental rating of 4 out of 10. We evaluated MUV2 against 33 industry peers in the Insurance industry. While MUV2 is still in line with the averages on profitability rating, there are concerns on its financial health. MUV2 has a valuation in line with the averages, but it does not seem to be growing.


Dividend Valuation Growth Profitability Health

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6

1. Profitability

1.1 Basic Checks

In the past year MUV2 was profitable.
In the past year MUV2 had a positive cash flow from operations.
Of the past 5 years MUV2 4 years were profitable.
Of the past 5 years MUV2 4 years had a positive operating cash flow.
MUV2.DE Yearly Net Income VS EBIT VS OCF VS FCFMUV2.DE Yearly Net Income VS EBIT VS OCF VS FCFYearly Net Income VS EBIT VS OCF VS FCF 2015 2016 2017 2018 2019 2020 2021 2022 2023 2B 4B 6B 8B

1.2 Ratios

The Return On Assets of MUV2 (2.15%) is better than 77.78% of its industry peers.
Looking at the Return On Equity, with a value of 19.44%, MUV2 is in the better half of the industry, outperforming 77.78% of the companies in the same industry.
Looking at the Return On Invested Capital, with a value of 2.34%, MUV2 is in the better half of the industry, outperforming 72.22% of the companies in the same industry.
Measured over the past 3 years, the Average Return On Invested Capital for MUV2 is in line with the industry average of 2.25%.
The 3 year average ROIC (1.55%) for MUV2 is below the current ROIC(2.34%), indicating increased profibility in the last year.
Industry RankSector Rank
ROA 2.15%
ROE 19.44%
ROIC 2.34%
ROA(3y)1.53%
ROA(5y)1.23%
ROE(3y)14.89%
ROE(5y)11.91%
ROIC(3y)1.55%
ROIC(5y)1.29%
MUV2.DE Yearly ROA, ROE, ROICMUV2.DE Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2015 2016 2017 2018 2019 2020 2021 2022 2023 5 10 15

1.3 Margins

MUV2's Profit Margin of 9.58% is fine compared to the rest of the industry. MUV2 outperforms 66.67% of its industry peers.
MUV2's Profit Margin has improved in the last couple of years.
MUV2 has a better Operating Margin (12.65%) than 63.89% of its industry peers.
In the last couple of years the Operating Margin of MUV2 has grown nicely.
Industry RankSector Rank
OM 12.65%
PM (TTM) 9.58%
GM N/A
OM growth 3Y51.15%
OM growth 5Y9.16%
PM growth 3Y60.43%
PM growth 5Y13.73%
GM growth 3YN/A
GM growth 5YN/A
MUV2.DE Yearly Profit, Operating, Gross MarginsMUV2.DE Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2015 2016 2017 2018 2019 2020 2021 2022 2023 2 4 6 8 10

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2

2. Health

2.1 Basic Checks

MUV2 has a Return on Invested Capital (ROIC), which is below the Cost of Capital (WACC), which means it is destroying value.
There is no outstanding debt for MUV2. This means it has a Debt/Equity and Debt/FCF ratio of 0 and it is amongst the best of the sector and industry.
MUV2.DE Yearly Shares OutstandingMUV2.DE Yearly Shares OutstandingYearly Shares Outstanding 2015 2016 2017 2018 2019 2020 2021 2022 2023 50M 100M 150M
MUV2.DE Yearly Total Debt VS Total AssetsMUV2.DE Yearly Total Debt VS Total AssetsYearly Total Debt VS Total Assets 2015 2016 2017 2018 2019 2020 2021 2022 2023 100B 200B 300B

2.2 Solvency

MUV2 has a debt to FCF ratio of 6.49. This is a slightly negative value and a sign of low solvency as MUV2 would need 6.49 years to pay back of all of its debts.
With a Debt to FCF ratio value of 6.49, MUV2 perfoms like the industry average, outperforming 41.67% of the companies in the same industry.
MUV2 has a Debt/Equity ratio of 0.27. This is a healthy value indicating a solid balance between debt and equity.
Looking at the Debt to Equity ratio, with a value of 0.27, MUV2 belongs to the top of the industry, outperforming 80.56% of the companies in the same industry.
Industry RankSector Rank
Debt/Equity 0.27
Debt/FCF 6.49
Altman-Z N/A
ROIC/WACC0.34
WACC6.93%
MUV2.DE Yearly LT Debt VS Equity VS FCFMUV2.DE Yearly LT Debt VS Equity VS FCFYearly LT Debt VS Equity VS FCF 2015 2016 2017 2018 2019 2020 2021 2022 2023 10B 20B 30B

2.3 Liquidity

Industry RankSector Rank
Current Ratio N/A
Quick Ratio N/A
MUV2.DE Yearly Current Assets VS Current LiabilitesMUV2.DE Yearly Current Assets VS Current LiabilitesYearly Current Assets VS Current Liabilites 2015 2016 2017 2018 2019 2020 2021 2022 2023 5B 10B 15B

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3

3. Growth

3.1 Past

The Earnings Per Share has been growing slightly by 4.23% over the past year.
MUV2 shows quite a strong growth in Earnings Per Share. Measured over the last years, the EPS has been growing by 13.29% yearly.
EPS 1Y (TTM)4.23%
EPS 3Y19.04%
EPS 5Y13.29%
EPS Q2Q%-97.97%
Revenue 1Y (TTM)N/A
Revenue growth 3YN/A
Revenue growth 5YN/A
Sales Q2Q%3.96%

3.2 Future

The Earnings Per Share is expected to grow by 9.18% on average over the next years. This is quite good.
Based on estimates for the next years, MUV2 will show a small growth in Revenue. The Revenue will grow by 7.93% on average per year.
EPS Next Y34.52%
EPS Next 2Y19.5%
EPS Next 3Y12.72%
EPS Next 5Y9.18%
Revenue Next Year4.51%
Revenue Next 2Y4.8%
Revenue Next 3Y5.19%
Revenue Next 5Y7.93%

3.3 Evolution

The EPS growth rate is decreasing: in the next years the growth will be less than in the last years.
MUV2.DE Yearly Revenue VS EstimatesMUV2.DE Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2014 2016 2018 2020 2022 2024 2026 2028 2030 2032 20B 40B 60B 80B 100B
MUV2.DE Yearly EPS VS EstimatesMUV2.DE Yearly EPS VS EstimatesYearly EPS VS Estimates 2014 2016 2018 2020 2022 2024 2026 2028 2030 2032 10 20 30 40 50

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4

4. Valuation

4.1 Price/Earnings Ratio

With a Price/Earnings ratio of 15.90, MUV2 is valued correctly.
Compared to the rest of the industry, the Price/Earnings ratio of MUV2 indicates a slightly more expensive valuation: MUV2 is more expensive than 63.89% of the companies listed in the same industry.
MUV2's Price/Earnings ratio indicates a valuation a bit cheaper than the S&P500 average which is at 29.35.
A Price/Forward Earnings ratio of 11.82 indicates a reasonable valuation of MUV2.
66.67% of the companies in the same industry are cheaper than MUV2, based on the Price/Forward Earnings ratio.
Compared to an average S&P500 Price/Forward Earnings ratio of 22.10, MUV2 is valued a bit cheaper.
Industry RankSector Rank
PE 15.9
Fwd PE 11.82
MUV2.DE Price Earnings VS Forward Price EarningsMUV2.DE Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 5 10 15 20 25

4.2 Price Multiples

Compared to the rest of the industry, the Enterprise Value to EBITDA ratio of MUV2 indicates a somewhat cheap valuation: MUV2 is cheaper than 69.44% of the companies listed in the same industry.
Based on the Price/Free Cash Flow ratio, MUV2 is valued a bit more expensive than 75.00% of the companies in the same industry.
Industry RankSector Rank
P/FCF 59.96
EV/EBITDA 9.42
MUV2.DE Per share dataMUV2.DE EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 100 200 300 400

4.3 Compensation for Growth

MUV2's low PEG Ratio(NY), which compensates the Price/Earnings for growth, indicates a rather cheap valuation of the company.
MUV2 has a very decent profitability rating, which may justify a higher PE ratio.
MUV2's earnings are expected to grow with 12.72% in the coming years. This may justify a more expensive valuation.
PEG (NY)0.46
PEG (5Y)1.2
EPS Next 2Y19.5%
EPS Next 3Y12.72%

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6

5. Dividend

5.1 Amount

MUV2 has a Yearly Dividend Yield of 3.57%. Purely for dividend investing, there may be better candidates out there.
MUV2's Dividend Yield is slightly below the industry average, which is at 4.64.
Compared to an average S&P500 Dividend Yield of 2.33, MUV2 pays a better dividend.
Industry RankSector Rank
Dividend Yield 3.57%

5.2 History

The dividend of MUV2 is nicely growing with an annual growth rate of 6.06%!
Dividend Growth(5Y)6.06%
Div Incr Years2
Div Non Decr Years5
MUV2.DE Yearly Dividends per shareMUV2.DE Yearly Dividends per shareYearly Dividends per share 2019 2020 2021 2022 2023 2024 2025 5 10

5.3 Sustainability

MUV2 pays out 33.75% of its income as dividend. This is a sustainable payout ratio.
The dividend of MUV2 is growing, but earnings are growing more, so the dividend growth is sustainable.
DP33.75%
EPS Next 2Y19.5%
EPS Next 3Y12.72%
MUV2.DE Yearly Income VS Free CF VS DividendMUV2.DE Yearly Income VS Free CF VS DividendYearly Income VS Free CF VS Dividend 2015 2016 2017 2018 2019 2020 2021 2022 2023 2B 4B 6B 8B
MUV2.DE Dividend Payout.MUV2.DE Dividend Payout, showing the Payout Ratio.MUV2.DE Dividend Payout.PayoutRetained Earnings

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MUENCHENER RUECKVER AG-REG

FRA:MUV2 (3/7/2025, 7:00:00 PM)

561.2

+0.2 (+0.04%)

Chartmill FA Rating
GICS SectorFinancials
GICS IndustryGroupInsurance
GICS IndustryInsurance
Earnings (Last)02-26 2025-02-26/bmo
Earnings (Next)05-13 2025-05-13
Inst Owners47.07%
Inst Owner ChangeN/A
Ins OwnersN/A
Ins Owner ChangeN/A
Market Cap75.07B
Analysts71.11
Price Target562.41 (0.22%)
Short Float %N/A
Short RatioN/A
Dividend
Industry RankSector Rank
Dividend Yield 3.57%
Yearly Dividend11.63
Dividend Growth(5Y)6.06%
DP33.75%
Div Incr Years2
Div Non Decr Years5
Ex-DateN/A
Surprises & Revisions
EPS beat(2)2
Avg EPS beat(2)15.18%
Min EPS beat(2)6.27%
Max EPS beat(2)24.09%
EPS beat(4)3
Avg EPS beat(4)7.49%
Min EPS beat(4)-2.01%
Max EPS beat(4)24.09%
EPS beat(8)5
Avg EPS beat(8)49.6%
EPS beat(12)7
Avg EPS beat(12)36.94%
EPS beat(16)9
Avg EPS beat(16)34.24%
Revenue beat(2)0
Avg Revenue beat(2)-12.59%
Min Revenue beat(2)-16.12%
Max Revenue beat(2)-9.06%
Revenue beat(4)0
Avg Revenue beat(4)-11.15%
Min Revenue beat(4)-16.12%
Max Revenue beat(4)-7.8%
Revenue beat(8)2
Avg Revenue beat(8)-3.85%
Revenue beat(12)5
Avg Revenue beat(12)0.41%
Revenue beat(16)9
Avg Revenue beat(16)5.29%
PT rev (1m)3.28%
PT rev (3m)7.04%
EPS NQ rev (1m)0%
EPS NQ rev (3m)0%
EPS NY rev (1m)0%
EPS NY rev (3m)-3.36%
Revenue NQ rev (1m)0%
Revenue NQ rev (3m)0%
Revenue NY rev (1m)0.1%
Revenue NY rev (3m)2.42%
Valuation
Industry RankSector Rank
PE 15.9
Fwd PE 11.82
P/S 1.21
P/FCF 59.96
P/OCF 46.77
P/B 2.45
P/tB 2.86
EV/EBITDA 9.42
EPS(TTM)35.3
EY6.29%
EPS(NY)47.49
Fwd EY8.46%
FCF(TTM)9.36
FCFY1.67%
OCF(TTM)12
OCFY2.14%
SpS463.94
BVpS228.6
TBVpS196.02
PEG (NY)0.46
PEG (5Y)1.2
Profitability
Industry RankSector Rank
ROA 2.15%
ROE 19.44%
ROCE 2.87%
ROIC 2.34%
ROICexc 2.39%
ROICexgc 2.63%
OM 12.65%
PM (TTM) 9.58%
GM N/A
FCFM 2.02%
ROA(3y)1.53%
ROA(5y)1.23%
ROE(3y)14.89%
ROE(5y)11.91%
ROIC(3y)1.55%
ROIC(5y)1.29%
ROICexc(3y)1.58%
ROICexc(5y)1.32%
ROICexgc(3y)1.74%
ROICexgc(5y)1.45%
ROCE(3y)1.89%
ROCE(5y)1.59%
ROICexcg growth 3Y50.65%
ROICexcg growth 5Y9.76%
ROICexc growth 3Y51.17%
ROICexc growth 5Y9.86%
OM growth 3Y51.15%
OM growth 5Y9.16%
PM growth 3Y60.43%
PM growth 5Y13.73%
GM growth 3YN/A
GM growth 5YN/A
F-Score6
Asset Turnover0.22
Health
Industry RankSector Rank
Debt/Equity 0.27
Debt/FCF 6.49
Debt/EBITDA 0.99
Cap/Depr 89.59%
Cap/Sales 0.57%
Interest Coverage 250
Cash Conversion 19.47%
Profit Quality 21.07%
Current Ratio N/A
Quick Ratio N/A
Altman-Z N/A
F-Score6
WACC6.93%
ROIC/WACC0.34
Cap/Depr(3y)N/A
Cap/Depr(5y)N/A
Cap/Sales(3y)N/A
Cap/Sales(5y)N/A
Profit Quality(3y)98.02%
Profit Quality(5y)235.43%
High Growth Momentum
Growth
EPS 1Y (TTM)4.23%
EPS 3Y19.04%
EPS 5Y13.29%
EPS Q2Q%-97.97%
EPS Next Y34.52%
EPS Next 2Y19.5%
EPS Next 3Y12.72%
EPS Next 5Y9.18%
Revenue 1Y (TTM)N/A
Revenue growth 3YN/A
Revenue growth 5YN/A
Sales Q2Q%3.96%
Revenue Next Year4.51%
Revenue Next 2Y4.8%
Revenue Next 3Y5.19%
Revenue Next 5Y7.93%
EBIT growth 1Y48.72%
EBIT growth 3Y47.07%
EBIT growth 5Y10.19%
EBIT Next Year26.34%
EBIT Next 3Y12.2%
EBIT Next 5YN/A
FCF growth 1Y-77.37%
FCF growth 3Y-32.74%
FCF growth 5Y-6.03%
OCF growth 1Y-71.3%
OCF growth 3Y-29.38%
OCF growth 5Y-3.24%