Independent equity research
Is Muenchener Rueckversicherungs-Gesellschaft AG (MUV2) a Buy, Hold or Sell?
Muenchener Rueckversicherungs-Gesellschaft AG — our independent, AI-built valuation and rating, in brief.
HOLD
12-mo fair value
€514.00
To fair value
+2%
By · report dated 2026-09-03 · fair value derived independently of the market price.
The thesis, in brief
At 1.99x book the shares already price Munich Re delivering Ambition 2030 in full, so the return comes from a 7.9% payout not a re-rating; we are wrong if January 2027 renewals arrest the price decline and the normalised P&C combined ratio holds below 83% through 2027
How we value it
We value Muenchener Rueckversicherungs-Gesellschaft AG using Residual income on IFRS 17 equity with a disclosed fade; cross-checked on P/B vs ROE and 2027E P/E. The 12-month fair value is set from that intrinsic estimate first, then compared to the market to read the upside or downside — never anchored to the current price.
What the full report covers
- Business & moat + industry cycle
- Earnings quality & normalization
- ROTCE vs cost of equity
- Balance-sheet safety & capital (CET1)
- P/TBV + excess-return / residual-income
- Bear / base / bull fair values
- Earnings-call analysis
- Insider activity & positioning
- Technicals (RSI / ADX)
- A falsifiable thesis
Read the full Muenchener Rueckversicherungs-Gesellschaft AG report
The complete model, the scenarios, and every number behind the call — plus other names across the coverage. One subscription, cancel anytime.