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Münchener Rück AG (MUV2) fair value: what the stock is really worth

We calculate from audited financials what Münchener Rück AG is really worth. The fair value tells you whether the price is too high or too low, the quality score (0 to 100) how solid the business behind it is. 26 models, 37 quality factors, updated daily.

  1. Fair value above price? No
  2. Good quality? Yes
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Financial Services · DE · ISIN DE0008430026

MR Broad data Sep 18, 2026

Münchener Rück AG

MUV2 · XETRA

Overvalued / MonitorQuality is not strong enough to offset the price risk.

!Fair value €433.82 · Overvalued (−15%)
!Quality 58/100
!Expensive Growth (revenue YoY +63.8 %/yr)
Solidly profitable · 11.0% net margin (TTM)
Low debt · generates free cash flow
·4.72% dividend yield
!Trails peers (5/15)
Wide moat 66/100
!Insider activity 45/100
!Weak on valuation: 14 out of 100

What runs behind every stock

69 individual criteria per stock, every one traceable See the method →

Price vs Fair Value

€580.10 €171.33 Fair Value €433.82 Jul 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 18, 2026.

How to read this chart

60‑month range €171.33 – €580.10 · fair‑value band €338.04 – €575.18 · the €508.80 price screens above the €433.82 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 18, 2026.

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Company profile

Münchener Rückversicherungs-Gesellschaft Aktiengesellschaft in München engages in the insurance and reinsurance businesses worldwide. The company operates through six segments: Life and Health Reinsurance, Property-Casualty Reinsurance, Global Specialty Insurance, ERGO Life and Health Germany, ERGO Property-Casualty Germany, and ERGO International.

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Münchener Rückversicherungs-Gesellschaft Aktiengesellschaft in München engages in the insurance and reinsurance businesses worldwide. The company operates through six segments: Life and Health Reinsurance, Property-Casualty Reinsurance, Global Specialty Insurance, ERGO Life and Health Germany, ERGO Property-Casualty Germany, and ERGO International. The company offers life and health reinsurance solutions, such as digital underwriting and advanced analytics solutions, health insurance management system, financial market risks, financing, portfolio risk management, digitalized investment-linked solution, data analytics, underwriting and claims, medical research, capital management, and health market, as well as MIRA digital suite that includes MIRA PoS, MIRApply insured and physician, claims risk assessment, and CLARA plus. It also provides property and casualty reinsurance solutions, including agricultural reinsurance; business advisory, personal lines, portfolio management, insurance consulting, commercial motor consulting; infrastructure risk; property insurance, location risk, insurance linked securities, and NatCatSERVICE for natural catastrophe loss database; prospective structured and retroactive reinsurance; risk transfer; cyber; and data analytics, REALYTIX ZERO, and cert2go. In addition, the company offers solutions for industry clients, such as corporate risk, new tech, green tech, parametric, and aviation and space solutions, as well as risk services. Further, it provides specialty property casualty insurance, such as professional liability, marine, cyber, aviation, and space for commercial and private customers. Additionally, the company offers life, property-casualty, health, legal protection, and travel insurance products under the ERGO brand; and insurance solutions for agriculture, captive, epidemic, cyber, and renewable energy sectors. The company was founded in 1880 and is based in Munich, Germany.

Stock analysis

Münchener Rück AG (MUV2) currently trades at €508.80, while our model-based Fair Value estimate is €433.82, implying the stock looks roughly 17.3% overvalued today.

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Valuation

Bull case: the Economic Profit group reads highest at a median of €397.86 per share, and 1 of the 6 models we run sit above the €508.80 price.

Bear case: the Asset-Based group reads lowest at €174.08, and 5 of the 6 models stay below the price. Evidence for this calculation is high.

Scenario range: €338.04 (bear) to €575.18 (bull), the price of €508.80 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.

Quality & growth

The Quality Score stands at 58/100 (solid quality), in the Financial Services sector.

Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.

Münchener Rück AG reported revenue of €69.3B in FY2025 versus €63.9B in FY2021, a compound +2.1%/yr. Reported net income was €6.1B in FY2025, compounding +20.2%/yr from FY2021.

Key figures

Market cap €66.0B · P/E ratio 9.7 · P/S ratio 0.86 · EPS (TTM) €52.21 · Dividend yield 4.7% · Net margin 8.8% · Return on equity 19.9% · Return on assets (EBIT) 2.3%.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 62 out of 100 (medium confidence).

What moves the price

The share trades about 13% below its 52-week high and 13% above its 52-week low, currently below its 200-day average.

For context, the median of 10 Financial Services peers we cover trades at 34% fair-value upside, at −15%, MUV2 screens richer than that median.

Fair Value models

Bear €338.04 Fair Value €433.82 Bull €575.18
Model Each model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2025 figures (about 9 months old). Earnings retained since then (€20.41 per share) are deliberately not added. Bear Bear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull Bull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence Evidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Highest evidence
Gordon GGM €187.49 €281.64 €381.67 68
DDM Multi-Stage €187.49 €267.54 €359.00 67
Residual Income €309.53 €397.86 €1,220 65
All 6 models by family
Dividend Discount
Gordon GGM €187.49 €281.64 €381.67 68
DDM Multi-Stage €187.49 €267.54 €359.00 67
Multiples
P/E Multiple €466.16 €621.54 €776.93 63
P/B Multiple €272.82 €363.76 €454.70 55
Asset-Based
NCAV (Graham) €129.91 €174.08 €259.83 54
Economic Profit
Residual Income €309.53 €397.86 €1,220 65

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Quality Score breakdown

Overall quality 58/100

Of which business quality 45 · Market factors (momentum, volatility) 59

Profitability 39
Margins and returns on capital today
Quality Growth 54
Are margins and returns improving?
Cashflow 32
Earnings quality: real cash, not paper profit
Fin. Strength 7
Balance sheet, leverage, solvency risk
Investment 73
Disciplined investing over empire-building
Low Volatility 95
Calm price path (market factor)
Momentum 45
Price trend over the last 3–12 months (market factor)
52W Momentum 42
Distance to the 52-week high (market factor)
Net Issuance 100
Share count: buybacks or dilution?

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Revenue & earnings trend

Growth Quality Growth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card. 62/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
What shareholders gained per year (last 5 years) What the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate.
+24.7%
Earnings growth per share plus dividend.
Earnings per share, growth per year+20.0%
Dividend (yield on the price)4.7%
Pace: 5 vs 10 years Two data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.20% vs 10%, picking up
Profit margin 2020 to 2025 Operating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.3% → 12%

Growth Forecast

A lot of optimism in the price
The price assumes more growth than the company has delivered so far and more than analysts expect.
What the price assumes This turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+25.7%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect Analysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+2.0%
Yearly sales growth analysts expect, extended to five years.
Forecast 2026 (sales)−0.7%
Forecast 2027 (sales)+2.9%
Projected 2028 (sales)+2.7%
Projected 2029 (sales)+2.6%
Projected 2030 (sales)+2.5%

MUV2 screens 17% overvalued. Compare with Swiss Re AG →

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Peer GroupHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Insurance - Reinsurance · 29 stocks

Beats the industry median on 5/15 measures
Overall it trails its industry peers.
Valuation
Quality Score 52 · Above median
Fair Value upside −13% · Below median
Profitability
Return on equity (TTM) 20% · Above median
Return on assets 2% · Below median
Net margin (TTM) 11% · Below median
Operating margin (TTM) 15% · Above median
Growth and dividend
Revenue growth −6% · Below median
Dividend yield (TTM) 4.7% · Above median
Balance sheet
Debt / equity 0.22× · Below median

Valuation Multiplesvs Insurance - Reinsurance median · lower = cheaper

P/E (TTM) 9.7× · Pricier than median
P/B 2.25× · Priciest 25%
P/S (TTM) 1.22× · Pricier than median
P/FCF 67.7× · Priciest 25%
EV/EBITDA 10.5× · Priciest 25%
PEG 2.03× · Pricier than median

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)14 · sector 47
FUTURE (revenue growth)0 · sector 0
PAST (return on equity)79 · sector 55
HEALTH (low debt)89 · sector 89
DIVIDEND (yield)94 · sector 93

Context: sector, industry, market

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more Insurance - Reinsurance stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value
Swiss Re AG SREN CHF 139.50 CHF 124.14 −11%
Hannover Rück SE HNR1 €255.80 €207.39 −19%
Reinsurance Group RGA $248.09 $198.02 −20%
Everest Group EG $377.77 $410.85 +9%
RenaissanceRe Holdings RNR $328.43 $563.91 +72%
SCOR SE SDRC €32.68 €42.12 +29%
General Insurance Corporation GICRE ₹339.80 ₹455.31 +34%
China Reinsurance (Group) Corporation 1508 HK$1.21 HK$2.42 +100%
Hamilton Insurance Group HG $35.15 $52.40 +49%
SiriusPoint Ltd SPNT $24.75 $37.12 +50%

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Cite: Fair Value Calculator (2026). "Münchener Rück AG Fair Value". https://www.fairvalue-calculator.com/stock/MUV2

Frequently asked questions

Is Münchener Rück AG (MUV2) overvalued or undervalued?
As of Sep 18, 2026, our model estimates a fair value of €433.82 versus a price of €508.80, about −15% upside (overvalued).
What is the fair value of MUV2?
Our model-based fair value for Münchener Rück AG is €433.82 (as of Sep 18, 2026), built from audited fundamentals. The current price: €508.80.
What is the quality score of MUV2?
Münchener Rück AG has a Quality Score of 58/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Münchener Rück AG (MUV2)?
Our model-based price target is the fair value of €433.82 (as of Sep 18, 2026) from 6 valuation models. Cautious scenario €338.04, optimistic scenario €575.18. It is a calculation from audited fundamentals, not an analyst target.
What is the Münchener Rück AG stock forecast for 2026?
Our models put fair value at €433.82, about −15% upside versus a price of €508.80 (overvalued). Cautious scenario €338.04, optimistic scenario €575.18. The calculation is refreshed regularly with new filings.
What is the revenue of Münchener Rück AG (MUV2)?
Münchener Rück AG reported trailing-twelve-month revenue of about €61.4B (latest available figure, as of Sep 18, 2026).
Does Münchener Rück AG pay a dividend?
Münchener Rück AG currently shows a dividend yield of about 4.72% relative to its recent price (as of Sep 18, 2026).
What growth is priced into Münchener Rück AG (MUV2)?
For today's price to be fair in a discounted-cash-flow model, Münchener Rück AG would have to grow free cash flow by +25.7 % per year for five years (discount rate 7.9 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +3.4 % per year. As of Sep 18, 2026.
What discount rate (WACC) does the fair value of MUV2 use?
Our models discount Münchener Rück AG at 7.9 %: a base by market capitalisation (large), damped by beta 0.35, country premium for Germany. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Münchener Rück AG that is +25.7 % per year a year over ten years, using the same discount rate (7.9 %) and the same formula as our fair value.
How much growth has Münchener Rück AG (MUV2) delivered so far?
Over the past 5 years revenue at Münchener Rück AG grew +3.4 % a year. The price currently implies +25.7 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Münchener Rück AG (MUV2) growing?
The median revenue growth in the sector is +8.1 % a year. That is the yardstick for the growth priced into Münchener Rück AG (+25.7 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Münchener Rück AG (MUV2)?
The free-cash-flow yield on the price is 1.68 %: that much free cash flow Münchener Rück AG produces per unit of market value. When it exceeds the discount rate of our models (7.9 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Münchener Rück AG (MUV2)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Münchener Rück AG it is €433.82 per share (as of Sep 18, 2026), against a price of €508.80. It is the blended result of 6 valuation models (cash flow, earnings, asset, dividend).
Is Münchener Rück AG stock overvalued or undervalued in 2026?
As of Sep 18, 2026, MUV2 trades above its calculated fair value: price €508.80, fair value €433.82, a gap of about −15% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of MUV2?
No. The price is what the market pays today (€508.80); the fair value is what the company's own numbers justify (€433.82). For Münchener Rück AG the two are €74.98 per share apart. That gap is exactly why we show both numbers side by side.
How much is Münchener Rück AG worth?
The market values Münchener Rück AG at about €66.0B (market capitalisation, as of Sep 18, 2026). Per share that is €508.80; our models calculate a fair value of €433.82 per share.
What do the bullish and bearish scenarios say about MUV2?
Our models span a range for Münchener Rück AG: cautious scenario €338.04, base €433.82, optimistic €575.18 per share (as of Sep 18, 2026, price €508.80). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of MUV2?
Münchener Rück AG trades at a price-to-earnings ratio of 9.7 (as of Sep 18, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of €433.82 is built from several models across several years. Other multiples: PEG 2.0, P/B 2.3, P/S 1.2, EV/EBITDA 10.5.
What is the PEG ratio of MUV2?
The PEG ratio of Münchener Rück AG is 2.03 (P/E divided by earnings growth, as of Sep 18, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of Münchener Rück AG (MUV2)?
Balance-sheet figures for Münchener Rück AG (as of Sep 18, 2026): return on equity 19.9%, debt of 0.22 per unit of equity. They feed the Quality Score of 58/100, which measures business quality independently of the share price.
How far is MUV2 from its 52-week high?
Münchener Rück AG trades at €508.80, about 13% below its 52-week high of €583.92 and 13% above the low of €450.60 (as of Sep 18, 2026). Distance from the high says nothing about value: that is what the fair value of €433.82 is for.
Which stocks are comparable to Münchener Rück AG?
From the same area (Financial Services) we also value Swiss Re AG, Hannover Rück SE, Reinsurance Group, Everest Group, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Münchener Rück AG stock attractive at the current price?
The data as of Sep 18, 2026: price €508.80, calculated fair value €433.82 (−15%), Quality Score 58/100, from 6 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of MUV2 calculated?
We run Münchener Rück AG through 6 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of €433.82, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 16.1 % above its aggregate fair value. Münchener Rück AG itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Münchener Rück AG (MUV2)?
The closing price on Sep 21, 2026 was €508.80. Our model-based fair value is €433.82, about −15% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Münchener Rück AG right now?
Solid but not exceptional quality (58/100) and above fair value, neither a clear bargain nor a standout compounder. For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.
Where does the earnings growth of Münchener Rück AG (MUV2) come from?
Earnings per share at Münchener Rück AG grew +8.4 % a year from 2014 to 2025. Broken into its drivers: revenue per share +3.4 %, EBIT margin +6.2 %, tax rate −2.4 %, residual (interest, one-offs) +1.2 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.

Key figures of Münchener Rück AG

How large is the market capitalisation of Münchener Rück AG (MUV2)?
The market capitalisation of Münchener Rück AG is €66.0B. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Münchener Rück AG (MUV2)?
The price-to-sales ratio of Münchener Rück AG is 0.86 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Münchener Rück AG (MUV2)?
Earnings per share at Münchener Rück AG are €52.21 (price ÷ EPS = P/E 9.7). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Münchener Rück AG (MUV2)?
The dividend yield of Münchener Rück AG is 4.7% (payout 46.0%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Münchener Rück AG (MUV2)?
The net margin of Münchener Rück AG is 8.8% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Münchener Rück AG (MUV2)?
The return on equity (ROE) of Münchener Rück AG is 19.9% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Münchener Rück AG (MUV2)?
On an EBIT basis the return on assets of Münchener Rück AG is 2.3% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Münchener Rück AG (MUV2)?
The operating margin of Münchener Rück AG is 15.5% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Münchener Rück AG (MUV2)?
Revenue at Münchener Rück AG is growing −6.0% versus a year earlier (3y avg +20.4%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Münchener Rück AG (MUV2)?
Earnings per share at Münchener Rück AG are growing +60.8% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Münchener Rück AG (MUV2) carry?
The net debt of Münchener Rück AG is €1.9B (fiscal year 2025, ≈ 1.7 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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