Munchener Ruckversicherungs-Gesellschaft AG

MUV2: XETR (DEU)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Munich Re: Raising Our Fair Value Estimate for Munich, but Shares Still Look Overvalued to Us

Henry Heathfield

Dec 2, 2024

We are raising our fair value estimate for Munich Re to EUR 381 per share, though shares remain overvalued. We maintain our rating of no economic moat. Munich has had a very good year, but we see the end of a hardening reinsurance market in sight as reinsurance price rises have started to fall. Falling inflation and falling interest rates will also negatively affect Munich’s balance sheet but less so than under IFRS 4.

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Munchener Ruckversicherungs-Gesellschaft AG

Munich Re: Raising Our Fair Value Estimate for Munich, but Shares Still Look Overvalued to Us

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