Munich Re was founded in 1880 by Carl von Thieme amid a flurry of other reinsurance companies set up independent of primaries. In those days, most reinsurers typically focussed on a few customers with strong reputations. Thieme focused on a broader set of cedents in order to drive stronger growth in premiums. This coincided with a strategy of risk diversification and a preference to partner rather than take on a one-sided transfer of risk. In the 1890s, Munich introduced the first machinery insurance. After von Thieme and Wilhelm von Finck founded Allianz, this was the main channel to sell insurance on machinery. We think the approach of partnering with insurers and preferring to avoid one-sided risk, in conjunction with combining inspection services, remains at the heart of the firm.

Financial Strength

7/10

Name	Current	Vs Industry
Cash-To-Debt	1.82
Equity-to-Asset	0.11
Debt-to-Equity	0.16
Debt-to-EBITDA	0.81
Interest Coverage	19.69
Piotroski F-Score	6/9	0 1 2 3 4 5 6 7 8 9
Beneish M-Score	-2.22	Manipulator Not Manipulator
WACC vs ROIC		WACC ROIC

Growth Rank

7/10

	Name	Current	Vs Industry		Vs History
	3-Year Revenue Growth Rate	1.9
	3-Year EBITDA Growth Rate	51.6
	3-Year EPS without NRI Growth Rate	59.7
	3-Year FCF Growth Rate	-32
	3-Year Book Growth Rate	1.1
	Future 3-5Y EPS without NRI Growth Rate	10.38
	Future 3-5Y Total Revenue Growth Rate	5.61

Momentum Rank

9/10

	Name	Current	Vs Industry		Vs History
	5-Day RSI	34.24
	9-Day RSI	38.37
	14-Day RSI	40.71
	6-1 Month Momentum %	19.63
	12-1 Month Momentum %	32.55

Liquidity Ratio

	Name	Current	Vs Industry		Vs History

Dividend & Buy Back

	Name	Current	Vs Industry		Vs History
	Dividend Yield %	2.74
	Dividend Payout Ratio	0.34
	3-Year Dividend Growth Rate	5.8
	Forward Dividend Yield %	3.54
	5-Year Yield-on-Cost %	3.65
	3-Year Average Share Buyback Ratio	1.3
	Shareholder Yield %	3.45

Profitability Rank

5/10

	Name	Current	Vs Industry		Vs History
	Net Margin %	7.65
	FCF Margin %	3.65
	ROE %	16.5
	ROA %	1.73
	ROIC %	1.87
	Years of Profitability over Past 10-Year	10

GF Value Rank

1/10

	Name	Current	Vs Industry		Vs History
	PE Ratio	11.72
	Forward PE Ratio	10.87
	PE Ratio without NRI	11.72
	Shiller PE Ratio	19.09
	PEG Ratio	0.48
	PS Ratio	0.91
	PB Ratio	1.8
	Price-to-Tangible-Book	2.19
	Price-to-Free-Cash-Flow	24.57
	Price-to-Operating-Cash-Flow	21.24
	EV-to-EBIT	8.89
	EV-to-Forward-EBIT	8.07
	EV-to-EBITDA	8.89
	EV-to-Revenue	0.86
	EV-to-Forward-Revenue	0.77
	EV-to-FCF	23.67
	Price-to-Projected-FCF	0.61
	Price-to-Median-PS-Value	1.73
	Price-to-Peter-Lynch-Fair-Value	0.52
	Price-to-Graham-Number	1.09
	Earnings Yield (Greenblatt) %	11.26
	FCF Yield %	3.95
	Forward Rate of Return (Yacktman) %	28.78

GF Value: €284.75

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