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

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

553.4  -0.8 (-0.14%)

Fundamental Rating

4

We assign a fundamental rating of 4 out of 10 to MUV2. MUV2 was compared to 38 industry peers in the Insurance industry. There are concerns on the financial health of MUV2 while its profitability can be described as average. MUV2 is valued correctly, 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.
MUV2 had a positive operating cash flow in the past year.
Each year in the past 5 years MUV2 has been profitable.
In the past 5 years MUV2 always reported a positive cash flow from operatings.
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 2024 2B 4B 6B 8B

1.2 Ratios

The Return On Assets of MUV2 (1.98%) is better than 76.32% of its industry peers.
MUV2 has a Return On Equity of 17.42%. This is in the better half of the industry: MUV2 outperforms 78.95% of its industry peers.
Looking at the Return On Invested Capital, with a value of 2.18%, MUV2 is in the better half of the industry, outperforming 71.05% of the companies in the same industry.
The Average Return On Invested Capital over the past 3 years for MUV2 is in line with the industry average of 2.30%.
The 3 year average ROIC (1.93%) for MUV2 is below the current ROIC(2.18%), indicating increased profibility in the last year.
Industry RankSector Rank
ROA 1.98%
ROE 17.42%
ROIC 2.18%
ROA(3y)1.88%
ROA(5y)1.4%
ROE(3y)17.52%
ROE(5y)13.23%
ROIC(3y)1.93%
ROIC(5y)1.43%
MUV2.DE Yearly ROA, ROE, ROICMUV2.DE Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 5 10 15

1.3 Margins

MUV2 has a Profit Margin (9.03%) which is comparable to the rest of the industry.
MUV2's Profit Margin has improved in the last couple of years.
With a decent Operating Margin value of 12.57%, MUV2 is doing good in the industry, outperforming 63.16% of the companies in the same industry.
In the last couple of years the Operating Margin of MUV2 has grown nicely.
Industry RankSector Rank
OM 12.57%
PM (TTM) 9.03%
GM N/A
OM growth 3Y37.9%
OM growth 5Y19.51%
PM growth 3Y29.8%
PM growth 5Y16.55%
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 2024 2 4 6 8 10

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3

2. Health

2.1 Basic Checks

With a Return on Invested Capital (ROIC) below the Cost of Capital (WACC), MUV2 is destroying value.
MUV2 has less shares outstanding than it did 1 year ago.
Compared to 5 years ago, MUV2 has less shares outstanding
Compared to 1 year ago, MUV2 has a worse debt to assets ratio.
MUV2.DE Yearly Shares OutstandingMUV2.DE Yearly Shares OutstandingYearly Shares Outstanding 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 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 2024 100B 200B 300B

2.2 Solvency

The Debt to FCF ratio of MUV2 is 2.61, which is a good value as it means it would take MUV2, 2.61 years of fcf income to pay off all of its debts.
Looking at the Debt to FCF ratio, with a value of 2.61, MUV2 is in the better half of the industry, outperforming 60.53% of the companies in the same industry.
MUV2 has a Debt/Equity ratio of 0.21. This is a healthy value indicating a solid balance between debt and equity.
MUV2 has a Debt to Equity ratio of 0.21. This is amongst the best in the industry. MUV2 outperforms 89.47% of its industry peers.
Industry RankSector Rank
Debt/Equity 0.21
Debt/FCF 2.61
Altman-Z N/A
ROIC/WACC0.32
WACC6.82%
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 2024 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 2024 5B 10B 15B

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3

3. Growth

3.1 Past

The earnings per share for MUV2 have decreased strongly by -13.49% in the last year.
The Earnings Per Share has been growing by 17.67% on average over the past years. This is quite good.
MUV2 shows a small growth in Revenue. In the last year, the Revenue has grown by 5.38%.
MUV2 shows a decrease in Revenue. Measured over the last years, the Revenue has been decreasing by -0.60% yearly.
EPS 1Y (TTM)-13.49%
EPS 3Y26.82%
EPS 5Y17.67%
EPS Q2Q%-47.74%
Revenue 1Y (TTM)5.38%
Revenue growth 3Y-3.95%
Revenue growth 5Y-0.6%
Sales Q2Q%4.98%

3.2 Future

Based on estimates for the next years, MUV2 will show a small growth in Earnings Per Share. The EPS will grow by 5.07% on average per year.
Based on estimates for the next years, MUV2 will show a small growth in Revenue. The Revenue will grow by 7.45% on average per year.
EPS Next Y10.82%
EPS Next 2Y9.3%
EPS Next 3Y8.16%
EPS Next 5Y5.07%
Revenue Next Year4.31%
Revenue Next 2Y4.39%
Revenue Next 3Y4.63%
Revenue Next 5Y7.45%

3.3 Evolution

When comparing the EPS growth rate of the last years to the growth rate of the upcoming years, we see that the growth is decreasing.
When comparing the Revenue growth rate of the last years to the growth rate of the upcoming years, we see that the growth is accelerating.
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

The Price/Earnings ratio is 15.78, which indicates a correct valuation of MUV2.
The rest of the industry has a similar Price/Earnings ratio as MUV2.
When comparing the Price/Earnings ratio of MUV2 to the average of the S&P500 Index (26.32), we can say MUV2 is valued slightly cheaper.
Based on the Price/Forward Earnings ratio of 10.85, the valuation of MUV2 can be described as reasonable.
The rest of the industry has a similar Price/Forward Earnings ratio as MUV2.
The average S&P500 Price/Forward Earnings ratio is at 22.19. MUV2 is valued rather cheaply when compared to this.
Industry RankSector Rank
PE 15.78
Fwd PE 10.85
MUV2.DE Price Earnings VS Forward Price EarningsMUV2.DE Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 10 20 30 40

4.2 Price Multiples

MUV2's Enterprise Value to EBITDA ratio is a bit cheaper when compared to the industry. MUV2 is cheaper than 71.05% of the companies in the same industry.
73.68% of the companies in the same industry are cheaper than MUV2, based on the Price/Free Cash Flow ratio.
Industry RankSector Rank
P/FCF 25.58
EV/EBITDA 8.89
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

The PEG Ratio(NY), which compensates the Price/Earnings for growth, indicates a correct valuation of the company.
The decent profitability rating of MUV2 may justify a higher PE ratio.
PEG (NY)1.46
PEG (5Y)0.89
EPS Next 2Y9.3%
EPS Next 3Y8.16%

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4

5. Dividend

5.1 Amount

MUV2 has a Yearly Dividend Yield of 3.58%.
MUV2's Dividend Yield is slightly below the industry average, which is at 4.47.
Compared to an average S&P500 Dividend Yield of 2.40, MUV2 pays a bit more dividend than the S&P500 average.
Industry RankSector Rank
Dividend Yield 3.58%

5.2 History

The dividend of MUV2 is nicely growing with an annual growth rate of 10.15%!
Dividend Growth(5Y)10.15%
Div Incr Years1
Div Non Decr Years6
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

35.29% of the earnings are spent on dividend by MUV2. This is a low number and sustainable payout ratio.
The dividend of MUV2 is growing, but the earnings are growing slower. This means the dividend growth is not sustainable.
DP35.29%
EPS Next 2Y9.3%
EPS Next 3Y8.16%
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 2024 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 (6/18/2025, 5:36:15 PM)

553.4

-0.8 (-0.14%)

Chartmill FA Rating
GICS SectorFinancials
GICS IndustryGroupInsurance
GICS IndustryInsurance
Earnings (Last)05-13 2025-05-13/bmo
Earnings (Next)08-08 2025-08-08
Inst Owners42.33%
Inst Owner ChangeN/A
Ins OwnersN/A
Ins Owner ChangeN/A
Market Cap72.30B
Analysts70.4
Price Target590.16 (6.64%)
Short Float %N/A
Short RatioN/A
Dividend
Industry RankSector Rank
Dividend Yield 3.58%
Yearly Dividend15.08
Dividend Growth(5Y)10.15%
DP35.29%
Div Incr Years1
Div Non Decr Years6
Ex-DateN/A
Surprises & Revisions
EPS beat(2)1
Avg EPS beat(2)-9.85%
Min EPS beat(2)-19.89%
Max EPS beat(2)0.18%
EPS beat(4)3
Avg EPS beat(4)2.66%
Min EPS beat(4)-19.89%
Max EPS beat(4)24.09%
EPS beat(8)4
Avg EPS beat(8)-0.87%
EPS beat(12)7
Avg EPS beat(12)31.96%
EPS beat(16)10
Avg EPS beat(16)33.08%
Revenue beat(2)1
Avg Revenue beat(2)2.2%
Min Revenue beat(2)-12.05%
Max Revenue beat(2)16.46%
Revenue beat(4)1
Avg Revenue beat(4)-5.19%
Min Revenue beat(4)-16.12%
Max Revenue beat(4)16.46%
Revenue beat(8)1
Avg Revenue beat(8)-7.21%
Revenue beat(12)4
Avg Revenue beat(12)-1.87%
Revenue beat(16)8
Avg Revenue beat(16)3.07%
PT rev (1m)0.19%
PT rev (3m)4.93%
EPS NQ rev (1m)-2.91%
EPS NQ rev (3m)-36.67%
EPS NY rev (1m)0%
EPS NY rev (3m)-0.38%
Revenue NQ rev (1m)-6.72%
Revenue NQ rev (3m)-7.49%
Revenue NY rev (1m)0%
Revenue NY rev (3m)-0.2%
Valuation
Industry RankSector Rank
PE 15.78
Fwd PE 10.85
P/S 1.15
P/FCF 25.58
P/OCF 23
P/B 2.21
P/tB 2.55
EV/EBITDA 8.89
EPS(TTM)35.07
EY6.34%
EPS(NY)51
Fwd EY9.21%
FCF(TTM)21.64
FCFY3.91%
OCF(TTM)24.06
OCFY4.35%
SpS481.79
BVpS249.84
TBVpS216.66
PEG (NY)1.46
PEG (5Y)0.89
Profitability
Industry RankSector Rank
ROA 1.98%
ROE 17.42%
ROCE 2.79%
ROIC 2.18%
ROICexc 2.22%
ROICexgc 2.43%
OM 12.57%
PM (TTM) 9.03%
GM N/A
FCFM 4.49%
ROA(3y)1.88%
ROA(5y)1.4%
ROE(3y)17.52%
ROE(5y)13.23%
ROIC(3y)1.93%
ROIC(5y)1.43%
ROICexc(3y)1.97%
ROICexc(5y)1.47%
ROICexgc(3y)2.15%
ROICexgc(5y)1.61%
ROCE(3y)2.47%
ROCE(5y)1.84%
ROICexcg growth 3Y35.26%
ROICexcg growth 5Y18.43%
ROICexc growth 3Y36.23%
ROICexc growth 5Y18.77%
OM growth 3Y37.9%
OM growth 5Y19.51%
PM growth 3Y29.8%
PM growth 5Y16.55%
GM growth 3YN/A
GM growth 5YN/A
F-Score7
Asset Turnover0.22
Health
Industry RankSector Rank
Debt/Equity 0.21
Debt/FCF 2.61
Debt/EBITDA 0.84
Cap/Depr 84.27%
Cap/Sales 0.5%
Interest Coverage 27.66
Cash Conversion 37.94%
Profit Quality 49.73%
Current Ratio N/A
Quick Ratio N/A
Altman-Z N/A
F-Score7
WACC6.82%
ROIC/WACC0.32
Cap/Depr(3y)68.52%
Cap/Depr(5y)N/A
Cap/Sales(3y)0.57%
Cap/Sales(5y)N/A
Profit Quality(3y)55.2%
Profit Quality(5y)187.98%
High Growth Momentum
Growth
EPS 1Y (TTM)-13.49%
EPS 3Y26.82%
EPS 5Y17.67%
EPS Q2Q%-47.74%
EPS Next Y10.82%
EPS Next 2Y9.3%
EPS Next 3Y8.16%
EPS Next 5Y5.07%
Revenue 1Y (TTM)5.38%
Revenue growth 3Y-3.95%
Revenue growth 5Y-0.6%
Sales Q2Q%4.98%
Revenue Next Year4.31%
Revenue Next 2Y4.39%
Revenue Next 3Y4.63%
Revenue Next 5Y7.45%
EBIT growth 1Y27.83%
EBIT growth 3Y32.46%
EBIT growth 5Y18.79%
EBIT Next Year11.84%
EBIT Next 3Y7.02%
EBIT Next 5YN/A
FCF growth 1Y28.68%
FCF growth 3Y-18.52%
FCF growth 5Y-21.52%
OCF growth 1Y23.59%
OCF growth 3Y-15.59%
OCF growth 5Y-19.83%