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STOCK COMPARISON

IRB-Brasil Resseguros S.A. vs Münchener Rück: Fair Value & Quality

Both stocks run through our valuation models. Here is how IRB-Brasil Resseguros S.A. (IRBR3) and Münchener Rück (MUV2) compare, as of Sep 24, 2026.

As of Sep 24, 2026, Fair Value Calculator sees Münchener Rück as the less overvalued of the two: IRB-Brasil Resseguros S.A. trades at BRL 59.46 versus a fair value of BRL 46.10 (-22%), while Münchener Rück trades at €503 versus €434 (-14%).
IRB-Brasil Resseguros S.A.
IRBR3.SA · BRL · Financials
-22%
upside to fair value
overvalued
PriceBRL 59.46
Fair ValueBRL 46.10
Quality55/100
Münchener Rück
MUV2.XETRA · EUR · Financials
-14%
upside to fair value
overvalued
Price€503
Fair Value€434
Quality52/100
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Head-to-head numbers

Green is the better side of a row, red the weaker one (for valuation multiples: lower = cheaper). Grey rows are for reference only and are not scored.

betterweakerfor reference, not scored

IRB-Brasil Resseguros S.A.Münchener Rück
Valuation
13.9×P/E (TTM)9.6×
0.18×P/S (TTM)1.21×
0.18×P/B2.23×
2.0×EV/EBITDA10.4×
n/aPEG2.03×
−22.5%Fair value upside−13.7%
1.0%Dividend yield4.8%
BRL 0.62Dividend per share€24.00
Profitability
-4%Operating margin15%
n/aEBIT margin trend (5Y)4.77×
7%Return on equity20%
2%Return on assets2%
Growth
-7%Revenue growth (YoY)-6%
-26.1%Avg. growth/yr (5Y)n/a
−30.8%Value creation/yr+24.8%
Balance & size
0.4×Interest coverage (EBIT/interest)23.4×
0.05×Debt / equity0.22×
$945MMarket cap$74B
weakGrowth qualityexpensive

Münchener Rück leads: 4 to 7 metric wins.

n/a = not meaningfully computable, for example with negative equity.

Quality in detail

The quality score, broken down into the same factor families as on the stock page, 0 to 100 per family.

IRB-Brasil Resseguros S.A.of which business quality 54 · market factors 65 Münchener Rückof which business quality 45 · market factors 60
ProfitabilityMargins and returns on capital today
37
39
Quality GrowthAre margins and returns improving?
84
54
CashflowEarnings quality: real cash, not paper profit
59
32
Fin. StrengthBalance sheet, leverage, solvency risk
39
7
InvestmentDisciplined investing over empire-building
86
73
Low VolatilityCalm price path (market factor)
73
94
MomentumPrice trend over the last 3–12 months (market factor)
54
45
52W MomentumDistance to the 52-week high (market factor)
73
47
Net IssuanceShare count: buybacks or dilution?
40
100

What the models say

How far the median fair value (base case) per model family sits from the current price, in percent. The amount in the currency of the trading venue is shown underneath.

above the price, more than 15% above close to the price, 85% to 115% of the price below the price, more than 15% below

Model familyIRB-Brasil Resseguros S.A.Price BRL 59.46Münchener RückPrice €503
Dividend Discountn/a-45%below the price€275
Multiples+22%above the priceBRL 72.25-2%close to the price€493
Asset-Based-27%below the priceBRL 43.61-65%below the price€174
Economic Profit-14%close to the priceBRL 50.87-21%below the price€398
Minimum-27%below the priceBRL 43.61-65%below the price€174
Maximum+22%above the priceBRL 72.25-2%close to the price€493
Median-14%close to the priceBRL 50.87-33%below the price€336
Geometric mean-9%close to the priceBRL 54.32-38%below the price€311

Minimum, maximum, median and geometric mean refer to the family values in this table. Geometric because deviations are ratios: half the price and twice the price average to 100%, not 125%.

IRB-Brasil Resseguros S.A.: 2 of 4 models see the stock below the current price.

Münchener Rück: 5 of 6 models see the stock below the current price.

Scenario ranges

From our cautious bear scenario to the optimistic bull scenario. The white tick is the current price (value above it), the green tick the fair value (value below it): if the price sits left of the fair value, there is room to rise.

Münchener Rück
Price €503
Fair Value €434
Bear €338Bull €575

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Ranked within their sector

Where each stock sits within its sector peer group. Band = middle 50% of peers, tick = median, dot = this stock.

IRB-Brasil Resseguros S.A. · Financials

Quality score55 · above median
Fair value upside-22% · below median

Münchener Rück · Financials

Quality score52 · below median
Fair value upside-14% · below median

Bottom line

As of Sep 24, 2026, Fair Value Calculator sees Münchener Rück as the less overvalued of the two: IRB-Brasil Resseguros S.A. trades at BRL 59.46 versus a fair value of BRL 46.10 (-22%), while Münchener Rück trades at €503 versus €434 (-14%).

IRB-Brasil Resseguros S.A. has the higher quality score (55/100).

Open Münchener Rück live analysis →

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A model-based valuation snapshot from 26 models. Values change with price and fundamentals; the date shown above applies.