# Münchener Rück AG (MUV2.XETRA)

Canonical: https://gigainvestors.com/s/MUV2.XETRA

Analysis as of: 2026-10-16T07:33:45.989Z. Financial observations: FY2015–FY2025.

Listing currency: EUR. Reporting currency: EUR.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: EUR 544.80 per share; close as of 2026-10-15.

Estimated value: low EUR 207.26 per share, central EUR 254.11 per share, high EUR 328.34 per share. Buy at or below the central value EUR 254.11 per share. Valuation as of 2026-10-16T07:33:45.989Z; scenarios are not confidence intervals.

Expected annual return: 7.6% at the stated quote. About 7.6% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; DE 10-year bond 3.4% + 4 points).

## Checklist

### understandable: pass

- Financial history: 10 years

- Profitable years in the last ten: 10

- Required profitable years: 8

- Return on common equity variation (informational): 0.51×

Chart: Net income; fiscal year observations.

- FY2016: EUR 2.6B

- FY2017: EUR 375M

- FY2018: EUR 2.3B

- FY2019: EUR 2.7B

- FY2020: EUR 1.2B

- FY2021: EUR 2.9B

- FY2022: EUR 3.4B

- FY2023: EUR 4.6B

- FY2024: EUR 5.7B

- FY2025: EUR 6.1B

### moat: fail

- Common book per share

- Parent-total proxy for preferred equity

- Underwriting economics assessed through return on tangible common equity

- median return on common equity below threshold

- Bank / P&C ROTE, median of available years: 10.7%

- Required median return: 12.0%

- Return uses tangible common equity: Yes

- Bank ROTE, second-lowest year: 4.7%

- Years with reported combined ratio: 0

Chart: Return on tangible common equity; fiscal year observations.

- FY2016: 9.4%

- FY2017: 1.5%

- FY2018: 10.4%

- FY2019: 10.4%

- FY2020: 4.7%

- FY2021: 11.1%

- FY2022: 20.8%

- FY2023: 18.1%

- FY2024: 20.1%

- FY2025: 22.4%

### economics: pass

- Common book per share

- Parent-total proxy for preferred equity

- Book value per share + reinvested dividends, annualized return: 7.1%

- Book return interval: 10 years

- Starting book value per share: EUR 218.62

- Ending book value per share: EUR 256.26

Chart: Annual book + dividend return; fiscal year observations.

- FY2016: 7.1%

- FY2017: -6.9%

- FY2018: -1.3%

- FY2019: 20.6%

- FY2020: 2.7%

- FY2021: 7.9%

- FY2022: -26.3%

- FY2023: 52.0%

- FY2024: 19.6%

- FY2025: 12.5%

### management: fail

- Common book per share

- Parent-total proxy for preferred equity

- book per share gain below retained common earnings per share

- Diluted shares, 10-year annual growth: -0.8%

- Diluted shares, 5-year annual growth: -1.5%

- Share growth excluding flagged crisis recapitalisations: -0.8%

- Five-year share growth excluding flagged crisis recapitalisations: -1.5%

- Flagged crisis recapitalisations: 0

- Book created / earnings retained after dividends and buybacks: 0.73×

- Book value created per share: EUR 37.64

- Earnings retained per share after dividends and buybacks: EUR 51.30

Chart: Shares (first year = 100); fiscal year observations.

- FY2015: 100

- FY2016: 100

- FY2017: 100

- FY2018: 100

- FY2019: 100

- FY2020: 100

- FY2021: 100

- FY2022: 99

- FY2023: 97

- FY2024: 95

- FY2025: 92

### accounting: pass

- Financial accounting warning count: 0

- Known restatement years: 0

## Holders

## Price story

The price assumes profits grow 7.9% a year forever · net income +7.6%

Story as of 2026-10-16T09:59:57.670Z; price observation 2026-10-15.

The price assumes profits grow 7.9% a year forever

### Net income · FY2025

net income +7.6%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: EUR 2.6B 

- FY2017: EUR 375M 

- FY2018: EUR 2.3B 

- FY2019: EUR 2.7B 

- FY2020: EUR 1.2B 

- FY2021: EUR 2.9B 

- FY2022: EUR 3.4B 

- FY2023: EUR 4.6B 

- FY2024: EUR 5.7B 

- FY2025: EUR 6.1B 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in insurance reinsurance; annual sales are EUR 69.3 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:45.989Z); FY2025: revenue 69302000000.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); MUV2.XETRA: 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.

### Why customers stay

It earns 10.7% on shareholders’ money, excluding intangible assets.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:45.989Z); 10-year return on tangible equity observations [[2016,0.09417776966599745],[2017,0.015418139955595756],[2018,0.10356886657101864],[2019,0.10366085699063855],[2020,0.04677662327629495],[2021,0.11088427658689652],[2022,0.20766019241241604],[2023,0.1810676940011007],[2024,0.20084790673025968],[2025,0.22406152719282182]]; median 0.10727256678876754. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back EUR 1.9 billion of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:45.989Z); Dividend observations: [[2016,1330000000],[2017,1338000000],[2018,1287000000],[2019,1336000000],[2020,1388000000],[2021,1378000000],[2022,1549000000],[2023,1583000000],[2024,2006000000],[2025,2613000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:45.989Z); FY2025: cash repurchases 1878000000 EUR.

### Are managers owners

Insiders own 0% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); MUV2.XETRA SharesStats.PercentInsiders = 0 percentage points; cache date 2026-10-16.

### What the price says

The price assumes profits grow 7.9% a year forever.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:45.989Z); Price 544.8; FX 1; original perpetual distributable cash 11.240345575016716; discount 0.1; growth 0.07936794130870647. Same book-value model and 4× ceiling; no ten-year operating fade applies. Closing-price date 2026-10-15.

## Monthly share-price history (EUR per share)

- 2016-10: EUR 176.60 per share

- 2016-11: EUR 171.85 per share

- 2016-12: EUR 179.65 per share

- 2017-01: EUR 173.80 per share

- 2017-02: EUR 178.40 per share

- 2017-03: EUR 183.40 per share

- 2017-04: EUR 175.95 per share

- 2017-05: EUR 175.75 per share

- 2017-06: EUR 176.55 per share

- 2017-07: EUR 181.50 per share

- 2017-08: EUR 173.40 per share

- 2017-09: EUR 180.90 per share

- 2017-10: EUR 192.05 per share

- 2017-11: EUR 186.95 per share

- 2017-12: EUR 180.75 per share

- 2018-01: EUR 189.55 per share

- 2018-02: EUR 184.10 per share

- 2018-03: EUR 188.85 per share

- 2018-04: EUR 189.95 per share

- 2018-05: EUR 176.30 per share

- 2018-06: EUR 181.05 per share

- 2018-07: EUR 189.75 per share

- 2018-08: EUR 185.80 per share

- 2018-09: EUR 190.75 per share

- 2018-10: EUR 189.95 per share

- 2018-11: EUR 191.90 per share

- 2018-12: EUR 190.55 per share

- 2019-01: EUR 194.50 per share

- 2019-02: EUR 207.10 per share

- 2019-03: EUR 211.00 per share

- 2019-04: EUR 223.00 per share

- 2019-05: EUR 216.10 per share

- 2019-06: EUR 220.70 per share

- 2019-07: EUR 217.80 per share

- 2019-08: EUR 217.90 per share

- 2019-09: EUR 237.40 per share

- 2019-10: EUR 249.00 per share

- 2019-11: EUR 260.60 per share

- 2019-12: EUR 263.00 per share

- 2020-01: EUR 266.30 per share

- 2020-02: EUR 230.70 per share

- 2020-03: EUR 184.10 per share

- 2020-04: EUR 200.80 per share

- 2020-05: EUR 204.60 per share

- 2020-06: EUR 231.40 per share

- 2020-07: EUR 224.80 per share

- 2020-08: EUR 241.70 per share

- 2020-09: EUR 216.60 per share

- 2020-10: EUR 200.80 per share

- 2020-11: EUR 233.60 per share

- 2020-12: EUR 242.80 per share

- 2021-01: EUR 218.80 per share

- 2021-02: EUR 243.00 per share

- 2021-03: EUR 262.60 per share

- 2021-04: EUR 240.65 per share

- 2021-05: EUR 236.15 per share

- 2021-06: EUR 230.95 per share

- 2021-07: EUR 227.90 per share

- 2021-08: EUR 247.45 per share

- 2021-09: EUR 236.90 per share

- 2021-10: EUR 256.20 per share

- 2021-11: EUR 238.35 per share

- 2021-12: EUR 260.50 per share

- 2022-01: EUR 279.05 per share

- 2022-02: EUR 247.15 per share

- 2022-03: EUR 243.00 per share

- 2022-04: EUR 227.30 per share

- 2022-05: EUR 227.70 per share

- 2022-06: EUR 224.20 per share

- 2022-07: EUR 221.10 per share

- 2022-08: EUR 238.20 per share

- 2022-09: EUR 247.50 per share

- 2022-10: EUR 267.40 per share

- 2022-11: EUR 301.20 per share

- 2022-12: EUR 304.00 per share

- 2023-01: EUR 331.00 per share

- 2023-02: EUR 326.10 per share

- 2023-03: EUR 322.50 per share

- 2023-04: EUR 340.50 per share

- 2023-05: EUR 334.00 per share

- 2023-06: EUR 343.60 per share

- 2023-07: EUR 342.60 per share

- 2023-08: EUR 358.20 per share

- 2023-09: EUR 369.10 per share

- 2023-10: EUR 378.50 per share

- 2023-11: EUR 390.80 per share

- 2023-12: EUR 375.10 per share

- 2024-01: EUR 394.20 per share

- 2024-02: EUR 430.40 per share

- 2024-03: EUR 452.30 per share

- 2024-04: EUR 412.20 per share

- 2024-05: EUR 457.90 per share

- 2024-06: EUR 467.00 per share

- 2024-07: EUR 455.60 per share

- 2024-08: EUR 489.30 per share

- 2024-09: EUR 494.30 per share

- 2024-10: EUR 470.20 per share

- 2024-11: EUR 494.30 per share

- 2024-12: EUR 487.10 per share

- 2025-01: EUR 522.40 per share

- 2025-02: EUR 546.60 per share

- 2025-03: EUR 582.40 per share

- 2025-04: EUR 601.60 per share

- 2025-05: EUR 571.40 per share

- 2025-06: EUR 550.60 per share

- 2025-07: EUR 575.60 per share

- 2025-08: EUR 544.60 per share

- 2025-09: EUR 543.40 per share

- 2025-10: EUR 536.40 per share

- 2025-11: EUR 544.00 per share

- 2025-12: EUR 562.20 per share

- 2026-01: EUR 512.40 per share

- 2026-02: EUR 555.60 per share

- 2026-03: EUR 539.40 per share

- 2026-04: EUR 510.80 per share

- 2026-05: EUR 452.30 per share

- 2026-06: EUR 488.50 per share

- 2026-07: EUR 522.20 per share

- 2026-08: EUR 518.80 per share

- 2026-09: EUR 502.40 per share

- 2026-10: EUR 529.40 per share

## Annual estimated value (EUR per share)

- FY2016: low EUR 230.55 per share, central EUR 253.60 per share, high EUR 281.78 per share

- FY2017: low EUR 188.16 per share, central EUR 206.98 per share, high EUR 229.97 per share

- FY2018: low EUR 172.55 per share, central EUR 189.80 per share, high EUR 210.89 per share

- FY2019: low EUR 187.33 per share, central EUR 232.66 per share, high EUR 306.92 per share

- FY2020: low EUR 164.41 per share, central EUR 198.31 per share, high EUR 249.82 per share

- FY2021: low EUR 179.31 per share, central EUR 219.84 per share, high EUR 284.06 per share

- FY2022: low EUR 112.62 per share, central EUR 138.09 per share, high EUR 178.42 per share

- FY2023: low EUR 177.67 per share, central EUR 217.83 per share, high EUR 281.47 per share

- FY2024: low EUR 202.29 per share, central EUR 248.02 per share, high EUR 320.47 per share

- FY2025: low EUR 199.87 per share, central EUR 245.05 per share, high EUR 316.63 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:39:32.249Z where newer inputs omit a numeric field or fiscal period.

## Sources

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.

Münchener Rück AG

MUV2 · XETRA

Euro Stoxx 50 · STOXX Europe 600 · DAX 40

Not a wonderful business

2 quality tests fail. A lower price would not fix the business.

Share price: EUR 544.80
Buy up to: EUR 254.11
Expected / yr: 7.6% at today's price (10.0% at central value)

The business

How it makes money
Why customers stay
Where the cash goes
Are managers owners
What the price says

1. Is this a good business?

Evidence only; not required for Buy

Profits were positive in 10 years (at least 8 needed).

Net income

10y median: EUR 2.8B
Worst year: EUR 375M
Latest · 2025: EUR 6.1B

Earned a median 10.7% on tangible equity (minimum 12%).

Return on tangible common equity

10y median: 10.7%
Worst year: 1.5%
Latest · 2025: 22.4%

Book value plus dividends grew 7.1% a year (minimum 7%).

Annual book + dividend return

10y median: 7.5%
Worst year: -26.3%
Latest · 2025: 12.5%

Book value gained 37.64 per share against 51.3 kept (must cover the amount kept).

Shares (first year = 100)

11y median: 100
Worst year: 100
Latest · 2025: 92

0 accounting warnings were found (none allowed).

accounting warnings: 0
Passing bar: ≤ 0

Profit record · pass 0 loss years in 10 (at most 2), three-year average earnings per share 41.27 EUR.

2. Is the price low enough?

PriceEstimated rangeBuy price

2016-10 · Price EUR 176.60 · Value 253.60 · Buy at or below 253.60; 2016-11 · Price EUR 171.85 · Value 253.60 · Buy at or below 253.60; 2016-12 · Price EUR 179.65 · Value 253.60 · Buy at or below 253.60; 2017-01 · Price EUR 173.80 · Value 253.60 · Buy at or below 253.60; 2017-02 · Price EUR 178.40 · Value 206.98 · Buy at or below 206.98; 2017-03 · Price EUR 183.40 · Value 206.98 · Buy at or below 206.98; 2017-04 · Price EUR 175.95 · Value 206.98 · Buy at or below 206.98; 2017-05 · Price EUR 175.75 · Value 206.98 · Buy at or below 206.98; 2017-06 · Price EUR 176.55 · Value 206.98 · Buy at or below 206.98; 2017-07 · Price EUR 181.50 · Value 206.98 · Buy at or below 206.98; 2017-08 · Price EUR 173.40 · Value 206.98 · Buy at or below 206.98; 2017-09 · Price EUR 180.90 · Value 206.98 · Buy at or below 206.98; 2017-10 · Price EUR 192.05 · Value 206.98 · Buy at or below 206.98; 2017-11 · Price EUR 186.95 · Value 206.98 · Buy at or below 206.98; 2017-12 · Price EUR 180.75 · Value 206.98 · Buy at or below 206.98; 2018-01 · Price EUR 189.55 · Value 206.98 · Buy at or below 206.98; 2018-02 · Price EUR 184.10 · Value 189.80 · Buy at or below 189.80; 2018-03 · Price EUR 188.85 · Value 189.80 · Buy at or below 189.80; 2018-04 · Price EUR 189.95 · Value 189.80 · Buy at or below 189.80; 2018-05 · Price EUR 176.30 · Value 189.80 · Buy at or below 189.80; 2018-06 · Price EUR 181.05 · Value 189.80 · Buy at or below 189.80; 2018-07 · Price EUR 189.75 · Value 189.80 · Buy at or below 189.80; 2018-08 · Price EUR 185.80 · Value 189.80 · Buy at or below 189.80; 2018-09 · Price EUR 190.75 · Value 189.80 · Buy at or below 189.80; 2018-10 · Price EUR 189.95 · Value 189.80 · Buy at or below 189.80; 2018-11 · Price EUR 191.90 · Value 189.80 · Buy at or below 189.80; 2018-12 · Price EUR 190.55 · Value 189.80 · Buy at or below 189.80; 2019-01 · Price EUR 194.50 · Value 189.80 · Buy at or below 189.80; 2019-02 · Price EUR 207.10 · Value 232.66 · Buy at or below 232.66; 2019-03 · Price EUR 211.00 · Value 232.66 · Buy at or below 232.66; 2019-04 · Price EUR 223.00 · Value 232.66 · Buy at or below 232.66; 2019-05 · Price EUR 216.10 · Value 232.66 · Buy at or below 232.66; 2019-06 · Price EUR 220.70 · Value 232.66 · Buy at or below 232.66; 2019-07 · Price EUR 217.80 · Value 232.66 · Buy at or below 232.66; 2019-08 · Price EUR 217.90 · Value 232.66 · Buy at or below 232.66; 2019-09 · Price EUR 237.40 · Value 232.66 · Buy at or below 232.66; 2019-10 · Price EUR 249.00 · Value 232.66 · Buy at or below 232.66; 2019-11 · Price EUR 260.60 · Value 232.66 · Buy at or below 232.66; 2019-12 · Price EUR 263.00 · Value 232.66 · Buy at or below 232.66; 2020-01 · Price EUR 266.30 · Value 232.66 · Buy at or below 232.66; 2020-02 · Price EUR 230.70 · Value 198.31 · Buy at or below 198.31; 2020-03 · Price EUR 184.10 · Value 198.31 · Buy at or below 198.31; 2020-04 · Price EUR 200.80 · Value 198.31 · Buy at or below 198.31; 2020-05 · Price EUR 204.60 · Value 198.31 · Buy at or below 198.31; 2020-06 · Price EUR 231.40 · Value 198.31 · Buy at or below 198.31; 2020-07 · Price EUR 224.80 · Value 198.31 · Buy at or below 198.31; 2020-08 · Price EUR 241.70 · Value 198.31 · Buy at or below 198.31; 2020-09 · Price EUR 216.60 · Value 198.31 · Buy at or below 198.31; 2020-10 · Price EUR 200.80 · Value 198.31 · Buy at or below 198.31; 2020-11 · Price EUR 233.60 · Value 198.31 · Buy at or below 198.31; 2020-12 · Price EUR 242.80 · Value 198.31 · Buy at or below 198.31; 2021-01 · Price EUR 218.80 · Value 198.31 · Buy at or below 198.31; 2021-02 · Price EUR 243.00 · Value 219.84 · Buy at or below 219.84; 2021-03 · Price EUR 262.60 · Value 219.84 · Buy at or below 219.84; 2021-04 · Price EUR 240.65 · Value 219.84 · Buy at or below 219.84; 2021-05 · Price EUR 236.15 · Value 219.84 · Buy at or below 219.84; 2021-06 · Price EUR 230.95 · Value 219.84 · Buy at or below 219.84; 2021-07 · Price EUR 227.90 · Value 219.84 · Buy at or below 219.84; 2021-08 · Price EUR 247.45 · Value 219.84 · Buy at or below 219.84; 2021-09 · Price EUR 236.90 · Value 219.84 · Buy at or below 219.84; 2021-10 · Price EUR 256.20 · Value 219.84 · Buy at or below 219.84; 2021-11 · Price EUR 238.35 · Value 219.84 · Buy at or below 219.84; 2021-12 · Price EUR 260.50 · Value 219.84 · Buy at or below 219.84; 2022-01 · Price EUR 279.05 · Value 219.84 · Buy at or below 219.84; 2022-02 · Price EUR 247.15 · Value 138.09 · Buy at or below 138.09; 2022-03 · Price EUR 243.00 · Value 138.09 · Buy at or below 138.09; 2022-04 · Price EUR 227.30 · Value 138.09 · Buy at or below 138.09; 2022-05 · Price EUR 227.70 · Value 138.09 · Buy at or below 138.09; 2022-06 · Price EUR 224.20 · Value 138.09 · Buy at or below 138.09; 2022-07 · Price EUR 221.10 · Value 138.09 · Buy at or below 138.09; 2022-08 · Price EUR 238.20 · Value 138.09 · Buy at or below 138.09; 2022-09 · Price EUR 247.50 · Value 138.09 · Buy at or below 138.09; 2022-10 · Price EUR 267.40 · Value 138.09 · Buy at or below 138.09; 2022-11 · Price EUR 301.20 · Value 138.09 · Buy at or below 138.09; 2022-12 · Price EUR 304.00 · Value 138.09 · Buy at or below 138.09; 2023-01 · Price EUR 331.00 · Value 138.09 · Buy at or below 138.09; 2023-02 · Price EUR 326.10 · Value 217.83 · Buy at or below 217.83; 2023-03 · Price EUR 322.50 · Value 217.83 · Buy at or below 217.83; 2023-04 · Price EUR 340.50 · Value 217.83 · Buy at or below 217.83; 2023-05 · Price EUR 334.00 · Value 217.83 · Buy at or below 217.83; 2023-06 · Price EUR 343.60 · Value 217.83 · Buy at or below 217.83; 2023-07 · Price EUR 342.60 · Value 217.83 · Buy at or below 217.83; 2023-08 · Price EUR 358.20 · Value 217.83 · Buy at or below 217.83; 2023-09 · Price EUR 369.10 · Value 217.83 · Buy at or below 217.83; 2023-10 · Price EUR 378.50 · Value 217.83 · Buy at or below 217.83; 2023-11 · Price EUR 390.80 · Value 217.83 · Buy at or below 217.83; 2023-12 · Price EUR 375.10 · Value 217.83 · Buy at or below 217.83; 2024-01 · Price EUR 394.20 · Value 217.83 · Buy at or below 217.83; 2024-02 · Price EUR 430.40 · Value 248.02 · Buy at or below 248.02; 2024-03 · Price EUR 452.30 · Value 248.02 · Buy at or below 248.02; 2024-04 · Price EUR 412.20 · Value 248.02 · Buy at or below 248.02; 2024-05 · Price EUR 457.90 · Value 248.02 · Buy at or below 248.02; 2024-06 · Price EUR 467.00 · Value 248.02 · Buy at or below 248.02; 2024-07 · Price EUR 455.60 · Value 248.02 · Buy at or below 248.02; 2024-08 · Price EUR 489.30 · Value 248.02 · Buy at or below 248.02; 2024-09 · Price EUR 494.30 · Value 248.02 · Buy at or below 248.02; 2024-10 · Price EUR 470.20 · Value 248.02 · Buy at or below 248.02; 2024-11 · Price EUR 494.30 · Value 248.02 · Buy at or below 248.02; 2024-12 · Price EUR 487.10 · Value 248.02 · Buy at or below 248.02; 2025-01 · Price EUR 522.40 · Value 248.02 · Buy at or below 248.02; 2025-02 · Price EUR 546.60 · Value 245.05 · Buy at or below 245.05; 2025-03 · Price EUR 582.40 · Value 245.05 · Buy at or below 245.05; 2025-04 · Price EUR 601.60 · Value 245.05 · Buy at or below 245.05; 2025-05 · Price EUR 571.40 · Value 245.05 · Buy at or below 245.05; 2025-06 · Price EUR 550.60 · Value 245.05 · Buy at or below 245.05; 2025-07 · Price EUR 575.60 · Value 245.05 · Buy at or below 245.05; 2025-08 · Price EUR 544.60 · Value 245.05 · Buy at or below 245.05; 2025-09 · Price EUR 543.40 · Value 245.05 · Buy at or below 245.05; 2025-10 · Price EUR 536.40 · Value 245.05 · Buy at or below 245.05; 2025-11 · Price EUR 544.00 · Value 245.05 · Buy at or below 245.05; 2025-12 · Price EUR 562.20 · Value 245.05 · Buy at or below 245.05; 2026-01 · Price EUR 512.40 · Value 245.05 · Buy at or below 245.05; 2026-02 · Price EUR 555.60 · Value 254.11 · Buy at or below 254.11; 2026-03 · Price EUR 539.40 · Value 254.11 · Buy at or below 254.11; 2026-04 · Price EUR 510.80 · Value 254.11 · Buy at or below 254.11; 2026-05 · Price EUR 452.30 · Value 254.11 · Buy at or below 254.11; 2026-06 · Price EUR 488.50 · Value 254.11 · Buy at or below 254.11; 2026-07 · Price EUR 522.20 · Value 254.11 · Buy at or below 254.11; 2026-08 · Price EUR 518.80 · Value 254.11 · Buy at or below 254.11; 2026-09 · Price EUR 502.40 · Value 254.11 · Buy at or below 254.11; 2026-10 · Price EUR 529.40 · Value 254.11 · Buy at or below 254.11; 2026-10 · Price EUR 544.80 · Value 254.11 · Buy at or below 254.11

EUR per share · annual estimates

Price & return math
Value range	EUR 207.26 – EUR 328.34
Buy at or below	Central value EUR 254.11
Discount to value	1 − 544.80 / 254.11 = -114.4%
Return / year	About 7.6% a year at today's price (required return 10.0%)
Cash-flow inputs	Book EUR 218.23/share; ROE 10.7%; first payout EUR 11.24/share, growing 5.6% perpetually (4× book payout cap applied).
Required return	10.0% / year, earned by construction at the central value

Net incomeEUR 6.1B

Net income

Book / shareEUR 256.26

Book / share

Dividend / shareEUR 20.14

Dividend / share

Return on tangible equity22.4%

Return on tangible equity

Diluted shares130M

Diluted shares

Prices 15 Oct 2026 · FY2025